The UK government announced that UK and BOT signed a Memorandum of Understanding on August 07, 2020, forming a strategic partnership on financial services to support inclusive economic recovery and green growth of Thailand, in line with the Sustainable Development Goals. Under the Memorandum, UK and BOT agreed to collaborate to strengthen accounting standards, enhance corporate governance and transparency, support development of fintech, and promote sustainable finance. The collaboration is enabled by the UK’s ASEAN Economic Reform and ASEAN Low Carbon Energy Programs.
The collaboration will share strategic knowledge and expertise on new financing trends, regulatory practices,and products and services. While speaking at the signing ceremony, Mr. Veerathai Santiprabhob, the BOT Governor highlighted that the worsening effects of climate change have impacted business operations and their credit quality, to which financial institutions need to pay close attention. This cooperation will play an important role in supporting BOT "to foster a regulatory framework that promotes agility and innovation while preserving financial stability." He added that this will "facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organizational culture and business conduct."
Related Link: News Release
Keywords: Europe, Asia Pacific, UK, Thailand, Banking, Insurance, Securities, Sustainable Development Goals, Fintech, Sustainable Finance, Climate Change Risk, BOT
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EBA updated the list of other systemically important institutions (O-SIIs) in EU.
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MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.