Daily News Headlines

  • News Headlines – 06-07 Jan 2021

    [Singapore] Notice SFA 02-N02 Supervision of Market Participants

    MAS Regulation, 5 Jan 2021

    This Notice sets out the requirements for Recognised Market Operators in terms of participant compliance with business rules and Part XII of Securities Futures Act, participant access to markets, and notifications in relation to disciplinary actions taken against a participant.

    Full text: click here

    [Mainland China] China sentences former Huarong chairman Lai Xiaomin to death over bribery

    Straits Times, 5 Jan 2021

    Lai Xiaomin, former chairman of China Huarong Asset Management Co, was sentenced to death for taking bribes, corruption and bigamy, in one of the China's biggest financial crime cases. Lai was found guilty of receiving a total of 1.79 billion yuan in bribes between 2008 and 2018, according to the local court of Tianjin City. All his personal assets will be confiscated, the rulings said.

    Full text: click here

    [Mainland China] Tenpay fined $8.7m yuan over irregularities

    The Standard, 6 Jan 2021

    Tencent's fintech arm Tenpay was fined 8.77 million yuan by the People's Bank of China's Shenzhen sub-branch for eight irregularities. The PBOC also fined Zhou Zhiming, director of Tenpay's risk control department, 550,000 yuan. The eight breaches include offering payment services for illegal and fake transactions, failure to save accurate transaction details, illegal payment business cooperation and failing to bring filings about its QR Code payment business.

    Full text: click here

    [Singapore] Veritas Initiative Addresses Implementation Challenges in the Responsible Use of Artificial Intelligence and Data Analytics

    MAS News, 6 Jan 2021

    The MAS announced the successful conclusion of the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing. These are the first two use cases to help financial institutions validate the fairness of their Artificial Intelligence and Data Analytics (AIDA) solutions according to the Fairness, Ethics, Accountability and Transparency (FEAT) principles. The Veritas Consortium also published whitepapers on the fairness assessment methodology and the open source code of these two use cases.

    Full text: click here