[Hong Kong] Hong Kong’s asset and wealth management
business maintained strong growth in 2020
SFC News, 22 Jul 2021
A survey published by the Securities and Futures Commission found that
the asset and wealth management business in Hong Kong recorded a 21%
year-on-year increase in assets under management to $34,931 billion as at the
end of 2020. The AUM of the asset management and fund advisory business
conducted by licensed corporations and registered institutions increased 20% to
$24,038 billion and the AUM of the private banking and private wealth
management business grew 25% to $11,316 billion.
Full text: click here
[Singapore] Three
individuals charged in relation to insider trading
MAS
News, 22 Jul 2021
Three
individuals were charged for offences under the Securities and Futures Act and
the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of
Benefits) Act. In July and August 2016, two of the individuals had purchased
shares of Broadway Industrial Group Limited (BIGL), a company listed on the
Mainboard of the Singapore Exchange, ahead of the company’s announcement on 22
August 2016 that it had entered into a conditional sale and purchase agreement
to sell two of its businesses. During the material period, one of the
individuals, Mr Tan Chee Keong, was the Chief Financial Officer of BIGL. Mr Tan
is accused of communicating non-public and material information concerning
BIGL’s sale of its businesses to two of the individuals, Mr Tay Yew Khem and Ms
Hui Choy Leng, who are accused of purchasing BIGL shares while in possession of
the insider information. In addition, Mr Tan allegedly received monies
amounting to $30,000 from Mr Tay as benefits for communicating the insider
information to the latter.
Full
text: click here
[Hong Kong] Regtech
Adoption Practice Guide
HKMA Circular, 26 Jul
2021
The HKMA published the second issued of the
Regtech Adoption Practice Guide, which focuses on Regtech solutions assisting
Anti-Money Laundering/Counter-Financing of Terrorism efforts in the area of
ongoing monitoring of customers. The application of advanced technologies such
as machine learning and cognitive solutions is nascent in the space of ongoing
AML/CFT monitoring. These are prime growth areas that can benefit significantly
from increased Regtech adoption. The guide will help banks assess whether they
have the appropriate governance, controls, skills, infrastructure and underlying
data to enable them to apply Regtech solutions in this area.
Full text: click here;
Guide: click here
[Singapore] Reply to
Parliamentary Question on Digital Payment Token Service Provider Applicants
MAS News, 26 Jul 2021
Since the commencement of the new Payment
Services Act on 28 January 2020, MAS has received over 480 licence
applications. Of these, around 170 applicants have applied to provide digital
payment token (DPT) services. 30 DPT applications have been withdrawn after
engagement with MAS and two have been rejected. Thus far, MAS has not issued
any licence to DPT service providers, but several applications are in the final
stages of review.
Full text: click here
