FSC published an update on the recent progress with respect to the regulatory sandbox. FSC has designated a total of 53 financial services as "innovative financial services" since adopting the financial regulatory sandbox on April 01 this year. Among them, 15 innovative financial services are operational. Including those 15 services, a total of 36 new innovative financial services will become operational within this year. The government has been closely working with fintech sectors and providing tailored support to facilitate their development. FSC highlighted that fintech firms have been able to test innovative ideas in the market. Overall, launch of the financial regulatory sandbox has had positive spillover effects related to fintech job growth, increased investment, and global expansion.
Related Link: Press Release
Keywords: Asia pacific, Korea, Banking, Regulatory Sandbox, Innovative Financial Services, Fintech, Regtech, FSC
Previous ArticleIMF Publishes Reports on 2019 Article IV Consultation with Mexico
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.