News Headlines
[Mainland China & Hong Kong] China Banking and
Insurance Regulatory Commission further extends preferential treatment for the
Hong Kong insurance industry
IA News, 5 Aug 2021
The
CBIRC announced an extension of the preferential treatment accorded to Hong
Kong under the “China Risk Oriented Solvency System” (C-ROSS) for another year
to 30 June 2022, thus allowing the capital requirement of Mainland insurers
ceding businesses to qualified Hong Kong professional reinsurers to be lowered
continuously.
Full
text: click here
[Singapore] Keynote Speech by Ms Loo Siew Yee, Assistant Managing
Director (Policy, Payments & Financial Crime), Monetary Authority of
Singapore, at the Wealth Management Institute Industry Forum on the Future of
Anti-Money Laundering with Artificial Intelligence and Machine Learning
MAS News, 5 Aug 2021
In
the Wealth Management Institute Industry Forum, Assistant Managing Director for
Policy, Payments & Financial Crime Ms Loo Siew Yee said that financial
institutions can adopt data analytics in a manner that is commensurate with the
risk profile of the business at three levels – the customer level, the network
level, and the system level. The
MAS is developing a technology enabled platform for participants in close
collaboration with CAD and a number of major banks to share information on
customers exhibiting significant risk red flags and warn each other of
potential criminal activity.
Full text: click here
[Mainland China]
Fidelity gets regulatory approval to set up China mutual fund unit
The Standard, 6
Aug 2021
Fidelity International has obtained
Chinese regulatory approval to set up a wholly-owned mutual fund unit in the
country, the China Securities Regulatory Commission (CSRC) said. The new
company can conduct mutual fund and private fund management business.
Full text: click here
Articles/ Publications
BNP Paribas gets China
nod for cross-border custodian services
Asia Asset Management
News, 9 Aug 2021
France’s BNP Paribas Securities Services has
been approved to provide custody services for China’s Qualified Foreign
Investor (QFI) programme, which allows international investment in Chinese
stocks and bonds. The custodian bank can now “directly support foreign
institutional investors across the full scope of schemes allowing access to
China’s equities and bond markets, in addition to providing a full range of
foreign exchange services”, it says in a statement.
Full text: click here
