[Hong
Kong] Secure Tertiary Data Backup
HKMA Circulars, 18 May
2021
The HKMA requested all authorized
institutions to critically assess the need for setting up a secure tertiary
data backup (STDB) to counter the risk of destructive cyber attacks. In light
of recent international developments such as the US Sheltered Harbor initiative
to address this type of cyber threats, the HKMA has invited the Hong Kong
Association of Banks (HKAB) to develop guidelines on STDB that are appropriate
for the banking landscape in Hong Kong. The HKMA considers STDB an effective
measure to enhance cyber resilience and data security of AIs in Hong Kong. It
expects all AIs to critically assess the need for implementing an STDB having
regard to their risk exposure and taking into account the principles stipulated
in the HKAB’s STDB Guideline issued on 30 April 2021. All
retail banks and foreign bank branches with significant operations in Hong Kong
are expected to submit a report containing the result of their assessment to
the HKMA by 30 November 2021.
Full text: click here
[Singapore] Accelerating
Green Finance
MAS News, 19 May 2021
The Green Finance Industry Taskforce (GFIT),
convened by MAS, launched several initiatives to accelerate green finance in
Singapore through improving disclosures and fostering green solutions. The
framework for green trade finance and working capital provides a
principles-based approach for banks to assess eligible green trade finance
transactions, and specific guidance on recommended industry certifications for
trade finance activities to qualify as green.
Full text: click here
