2020 Global Bank Review: #disruption

We are excited to launch the 2020 edition of our Global Bank Review#disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Read more

Fintech 2021: from crisis to consolidation

For most people, life and work have changed fundamentally since the Covid-19 crisis began – and there are concerns that the crisis could still worsen again . Most areas of the world’s economy have been profoundly affected too, and the Fintech sector is no exception. Fintech has been both an epicentre of the crisis – … Read more

HKMA publishes supervisory expectations and sound practices relating to algo trading following thematic examinations

On 6 March 2020, the HKMA issued a circular setting out its expectations on risk management for algorithmic (algo) trading, as well as sound practices observed from thematic on-site examinations of seven authorised institutions (AIs) in 2019. The on-site examinations of the seven AIs, mainly international banks using algorithms for making investment decisions, were conducted following a survey by the HKMA which found (among other things) that around 40% of the AIs surveyed were engaging in algo trading and that a majority of such AIs were intending to expand the scale of their algo trading. Read more

Hong Kong data protection reform: what you need to know

On 20 January 2020, the Constitutional and Mainland Affairs Bureau (CMAB) together with the Privacy Commissioner for Personal Data (Privacy Commissioner), published a consultation paper raising important data protection issues and proposing possible amendments to the Personal Data (Privacy) Ordinance (Cap. 486) (PDPO), after having reviewed the existing data protection regime in Hong Kong. These include possibly introducing a mandatory data breach notification mechanism, requiring data users to specify a retention period for personal data collected, raising the sanctioning powers of the Privacy Commissioner as well as potentially making data processors more accountable. Read more

Malaysia joins digital banking revolution – Bank Negara Malaysia issues Exposure Draft on Licensing Framework for Digital Banks

On 27 December 2019, Bank Negara Malaysia (BNM) issued an exposure draft on the Licensing Framework for Digital Banks (Exposure Draft). According to BNM, up to five licences may be issued to applicants to establish digital banks that conduct either conventional or Islamic banking business in Malaysia. BNM’s move to promote the development of digital banks is in line with the direction taken by regulators in Singapore and Hong Kong, which have each issued similar licensing frameworks in the past two years. Read more