Daily News Headlines

  • Daily News Headlines – 6 Jul 2020

    HKEX kicks off trading of first tranche of 10 MSCI futures contracts tracking stock markets from Australia to Japan

    SCMP, 6 Jul 2020

    Hong Kong stock exchange launched the trading of the futures contracts denominated in US dollars as part of a licensing deal for 37 such derivatives. The contracts cover stock markets in China, Australia, India, Indonesia, Japan, Malaysia, Taiwan and Thailand.

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    Investigation into Citadelle and Senjo Following Review of Developments Relating to Wirecard

    MAS, 3 Jul 2020

    The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into Citadelle Corporate Services Pte Ltd (“Citadelle”), Senjo Group Pte Ltd and its subsidiaries (“Senjo”) for suspected falsification of accounts under the Penal Code (Cap 224), as well as carrying on a trust business without a licence under the Trust Companies Act (Cap 336).

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    New regulation allows equity financing of STAR-listed firms

    China Daily, 3 Jul 2020

    The China Securities Regulatory Commission, the country's top securities watchdog, released a regulation that allows STAR-listed firms to issue securities on Friday to facilitate the financing of high-quality technology public firms.

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    Revolut aims for higher compliance standards as it seeks expansion in Asia

    Business Times, 3 Jul 2020

    Fintech Revolut has amped up efforts in boosting compliance standards, which it sees as necessary for regional expansion. Revolut has built an in-house fraud detection system that can flag a possible fraudulent transaction "within milliseconds". The affected user is then notified automatically via the Revolut app to verify the transaction. "Developing this system in-house gives our customers the ability to, very quickly, verify the transaction on their smartphones and reduce fraud losses on our end," said Mr Rayson Tan, without specifying the fintech's current fraud-loss rate.

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    Spain fines staff of China's ICBC for money laundering

    Business Times, 3 Jul 2020

    Spain's top criminal court fined four former employees of Chinese mega-bank ICBC 22.7 million euros (S$35.6 million) Thursday and handed them brief jail terms for laundering millions of euros for Chinese criminal groups.

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    FCA publishes Decision Notice against former Worldspreads CEO for market misconduct

    FCA, 3 Jul 2020

    The Financial Conduct Authority (FCA) has today published a Decision Notice in respect of Conor Foley, the former Chief Executive Officer of Worldspreads, fining him £658,900 for market abuse and banning him from performing any roles linked to regulated activity.

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