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109

Bank Indonesia to Bar Fintech Companies From Using Digital Currency on Platforms in 2018

Bank Indonesia announced on Thursday it has issued new regulations that bar fintech companies from using cryptocurrencies on their platforms. This news comes less than two months after the bank announced it has drawn up rules to monitor fintechs in the country. (more…)

Banks, Cryptocurrencies, Government activities

December 8, 2017

South Korea’s Financial Services Commission Plans To Reverse ICO Ban

South Korea’s Financial Services Commission (FSC) is planning to introduce regulations for Bitcoin and other digital currencies, as well as to lift the blanket ban on initial coin offerings (ICO) in the country. The plans were revealed by a senior agency official on Dec. 6, 2017. (more…)

Cryptocurrencies, Fintech news, Global trends, Government activities, InspirAsia

December 8, 2017

154

Singapore October bank lending up 1.4%: MAS

SINGAPORE’S total bank lending in October climbed 1.4 per cent from September, on the back of higher loans to financial institutions. (more…)

Banks, Government activities, Hotnews

November 30, 2017

325

UK Open Banking expanded to cover all PSD2 products

The UK’s Open Banking project is being expanded to embrace all payment account types – including credit cards, prepaid cards and e-wallets – covered by PSD2. (more…)

Government activities

November 23, 2017

378

Bermuda bids to become cryptocurrency haven

By BDA,

The Bermuda Business Development Agency (BDA) will take a lead role in an initiative launched by the Bermuda government today to accelerate the establishment and growth of digital currency business on the island. (more…)

Cryptocurrencies, Fintech news, Government activities

November 23, 2017

167

MAS to run second consultation on new regulatory framework for payments

By MAS

The Monetary Authority of Singapore (MAS) today launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill (the “Bill”) (more…)

Government activities

November 22, 2017

172

Singapore and Philippines ink fintech agreement

By MAS

The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) today signed a FinTech Co-operation Agreement (CA) to promote innovation in financial services in their respective markets. (more…)

Fintech news, Global trends, Government activities

November 18, 2017

235

Monetary Authority of Singapore Publishes Guidance on Initial Coin Offerings

The Monetary Authority of Singapore (MAS) has published a document providing guidance on Initial Coin Offerings (ICOs). Entitled “a Guide to Digital Token Offerings,” the document seeks to clarify when an ICO is in fact a security, and thus regulated and the application of securities laws.  MAS published a statement in August warning issuers and offering platforms that ICOs may be regulated in an approach similar to the US SEC. The statement was followed with a warning to investors to be cautious in backing tokenized offerings. (more…)

Banks, Global trends, Government activities, InspirAsia

November 16, 2017

172

Singapore’s central bank to pour $20m into AI and data as it pushes fintech growth

The Monetary Authority of Singapore (MAS) continues bringing finance and technology closer together, making sure that Singapore’s financial industry doesn’t miss the fintech train. (more…)

Banks, Deals, Fintech news, Government activities, InspirAsia

November 14, 2017

Just How Disruptive Are ICOs To The Classic VC Model?

By Tomasz Tunguz from Redpoint Ventures for his blog

Initial Coin Offerings, a fundraising mechanism for companies using cryptocurrencies as a mechanism to buy their service, seem to be upending the world of venture capital. Filecoin raised $250M through an ICO. Tezos raised $232M. Bancor raised $153M. These are massive amounts of money. Recently, I’ve been wondering how prevalent ICOs are and whether they could potentially be a substitute for venture capital. (more…)

Blockchain, Cryptocurrencies, Global trends, Government activities

November 7, 2017

187

Gibraltar: Does Statement on Initial Coin Offerings Include New Regulatory Framework?

On September 22, 2017, the Gibraltar Financial Services Commission (GFSC) issued a Statement on Initial Coin Offerings (ICO).   With the GFSC Statement, Gibraltar joined a growing number of jurisdictions that have provided token sale guidance, including, among others, the United States, Canada,  Singapore,  Hong Kong and China. (more…)

Government activities, Hotnews

October 16, 2017

169

Monetary Authority of Singapore: DLT is a Natural Platform for Collaboration

Ravi Menon, Managing Director of the  Monetary Authority of Singapore (MAS), spoke about the intrinsic potential of Blockchain or Distributed Ledger Technology (DLT) at the Global Blockchain Business Conference last week in India. Singapore is the leading Fintech hub in southeast Asia and is keen to maintain the title. Blockchain is a key element for the future of financial services. (more…)

Blockchain, Cryptocurrencies, Government activities

October 16, 2017

278

Malaysian Central Bank Close to Deciding On Digital Currency Regulations

By Lisa Froelings

The Malaysian central bank, Bank Negara Malaysia, has yet to make a decision on how to effectively regulate the use of digital currencies in the country, according to local reports. One of the options being considered by the bank is the possible ban of virtual currencies. (more…)

Government activities

October 6, 2017

303

Berlin Group launches Public Market Consultation on NextGenPSD2 Standard

On 2 October 2017, The Berlin Group will launch a 6-weeks public market consultation on its NextGenPSD2 Access to Accounts (XS2A) Standard that enables Third Party Providers (TPPs) to access bank accounts under the revised Payment Services Directive (PSD2). (more…)

Fintech news, Global trends, Government activities

September 28, 2017

257

Monetary Authority of Singapore sets up international advisory panel for cybersecurity

By MAS

The Monetary Authority of Singapore (MAS) announced today that it has established a Cyber Security Advisory Panel (CSAP), comprising cyber security thought leaders from around the world. (more…)

Government activities

September 21, 2017

251

Dubai and Malaysia ink fintech cooperation agreement

The Dubai Financial Services Authority (DFSA) and Securities Commission Malaysia (SC) last week entered into an agreement to cooperate in the development of financial technology (FinTech) innovation. (more…)

Government activities, Hong Kong, Hotnews

September 13, 2017

Estonia Can’t Make Its Own Digital Currency

The news that Estonia was considering its own digital currency has reached the ears of Mario Draghi, the president of the ECB. Draghi was quick to point out that a state currency does not work within the Euro zone. He said:

“No member state can introduce its own currency; the currency of the euro zone is the euro.”

(more…)

Global trends, Government activities, Hotnews

September 11, 2017

178

India Keeps Quiet on ICOs So Far, Focuses on Cryptocurrency Misuse

India has not yet responded to China’s sudden ICO ban, with lawmakers continuing to focus on “misuse” of cryptocurrencies in general. (more…)

Government activities

September 6, 2017

783

PSD2 & Open Banking: The perfect marriage of technology and regulation

By Maikki Frisk for Finextra

There’s no doubt that PSD2 is a big deal, but when considered alongside the terrific advances being made in open banking, Maikki Frisk, Executive Director, Mobey Forum, wonders whether the industry truly appreciates the extent of the changes that lie ahead. (more…)

Fintech news, Government activities, RegTech

September 4, 2017

290

Brief: Singapore lags behind in online payments

The news (extracted from Today):

  • Ninety percent of Singaporeans surveyed by online payments giant PayPal say they prefer to use cash as their primary mode of payment, with only a small percentage using online payments regularly.
  • The preference for cash in Singapore was followed in popularity by other traditional payment methods such as bank transfers or internet banking at 74 percent, with 61 percent saying they prefer credit cards.
  • Despite these preferences, only 43 percent use cash regularly, citing problems such as having insufficient cash on hand and long queues at ATMs.

(more…)

Fintech news, Global trends, Government activities, Mobile payments/banking

August 31, 2017

341

Singapore to develop common QR code for payments

Singapore is planning to develop a common QR code that will facilitate payments among different schemes, e-wallets and banks. (more…)

Banks, Government activities, Hotnews

August 30, 2017

525

363

Report: Peoples Bank of China Expected to Regulate P2P Lenders, Payment Firms

The People’s Bank of China (PBOC) is expected to strengthen the regulation of internet finance firms including peer to peer lenders and payment platforms. (more…)

Government activities, InspirAsia, p2p/online lending

August 9, 2017

475

PSD2: demystifying the beast

By Sundeep Tengur – SAS Institute

The revised EU Payment Services Directive (PSD2) has been a focal point for the financial services industry over the last couple of years and its adoption is set to revolutionise the payment ecosystem in Europe. (more…)

Government activities, Hotnews

August 9, 2017

755

How Switzerland Reinvented Itself As Cryptocurrency Haven

Switzerland is enticing financial technology companies and startups to its already booming Crypto Valley by stripping down its regulations for services surrounding digital currencies and other financial services. (more…)

Blockchain, Cryptocurrencies, Government activities

July 6, 2017

315

UK Finance opens for business

UK Finance, a new mega-trade body representing over 300 firms in the UK, opens for business today, taking on the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and The UK Cards Association. (more…)

Government activities, Hotnews

July 3, 2017

Deutsche Börse Launches Fintech Hub

Deutsche Börse‘s Venture Network is seeking to help German startups by making the financing stage easier for both founders and investors. Their focus is on companies in the pre-IPO phase. This allows Deutsche Börse to support new companies with a true potential for a substantial impact on growth in both Germany and Europe. By focusing on companies in this stage rather than earlier, they can assure that the money invested is more likely to have a significant impact on the German market. (more…)

Accelerators/Incubators/Labs, Fintech news, Global trends, Government activities

June 29, 2017

392

Cambodia, Soramitsu Planning Distributed Ledger System

Soramitsu Co., the Japanese Blockchain identity company, has indicated that they are partnering with the National Bank of Cambodia to test distributed ledger technology in creating new and innovative payment methodologies. (more…)

Fintech news, Government activities, Hotnews

June 26, 2017

521

PSD2 and Instant Payments to drive a 37% decline in online card volumes

A new study from Ovum, has attempted for the first time to quantify the detrimental effect Instant Payments and PSD2 will have on traditional credit and debit card payments. Instant Payments, PSD2, frictionless payment,e-commerce, (more…)

Government activities, Hotnews

June 26, 2017

432

China’s cloud industry moving to new era with emergence of unicorns

By Anna Lee for Technode

Just a few years ago, billion-level funding would be beyond the imagination of Chinese cloud computing companies. But now it is becoming more and more tangible as the market matures. (more…)

Government activities

June 12, 2017