Regulatory Framework

The minister for the Monetary Authority of Singapore (MAS), the nation’s central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments. In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS “has been monitoring” cryptocurrencies such as bitcoin ... Read More »

Singapore Central Bank Reveals 3 New Blockchain Payments Prototypes The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and ... Read More »

On May 25, 2018, the European Union’s (EU) General Data Protection Regulation (GDPR) will take effect throughout all European Union member states. GDPR is a new regulation by which the European Commission intends to strengthen and unify data protection for individuals whose data is managed by organisations within the EU and for EU resident data worldwide. In short, every country ... Read More »

China’s new Cybersecurity Law will become effective on June 1, 2017. In addition to focusing on cybersecurity, the law also details how companies are to handle personal information and data. In determining what is allowed and not allowed for handling personal information in China, it is important to examine The Decision on Strengthening Information Protection on Networks (2012), The Guidelines ... Read More »

David Worlock is Chairman of BIIA and thus we follow closely his blogs.  With Brexit underway we found his recent discussion concerning Copy Right and Data Protection and Privacy in a post Brexit regulatory scenario highly relevant.  Here is what David Worlock wrote: “With friends and colleagues in the industry I have been looking at formulating a debate to be ... Read More »

BIIA attended a recent meeting organized by the IDB – Inter-American Development Bank on “Credit Reporting in the Americas: The current state of the industry and its regulations”.   At the IDB conference Neil Munroe, president of ACCIS and BIIA’s deputy managing director, provided an overview of the EU’s regulatory approaches to innovation.  Neil Munroe covered the following topics: EU policy ... Read More »

The ABR Gazette is a subscription-only commercial information service, collating public record information on companies and individuals such as insolvency, bankruptcy and court data relating to debt. The cover of the ABR Gazette includes the terms and conditions of use, restricting it to the assessment of credit risk Veda has agreed to amend the ABR Gazette in the next three ... Read More »

To help security and risk professionals navigate the complex landscape of privacy laws around the world, Forrester created a data privacy heat map that highlights the data protection guidelines and practices for 54 different countries. It also covers other relevant issues like government surveillance, cross-border data transfers, and regulatory enforcement.  Due to the dynamic nature of data protection legislation, we ... Read More »

According to an age old maxim credit and credit reporting are intertwined.  Economic growth is reliant on a well-functioning credit system providing access to credit to individuals and businesses.  Access to credit however hinges on the availability of accurate, reliable and timely information.  Without such information there will be no economic growth. Ömer Kayhan Seyhun, Senior Specialist at the Central ... Read More »

At the end of November 2016, China issued a high-profile policy statement on protection of property rights (http://www.gov.cn/zhengce/2016-11/27/content_5138533.htm) in the joint name of the all-powerful Central Committee of the Communist Party of China (“CCCPC”, which is the actually ruling body of China under the leadership of the Politburo) and the State Council (the cabinet). The statement includes a section devoted ... Read More »

The General Data Protection Regulation Will Change The Way You Do Business in the EU.  Forrester Report by Enza Iannopollo published October 14, 2016 The EU General Data Protection Regulation (GDPR) will go into force on May 25, 2018. Every organization — regardless of its location — doing business with EU customers will need to make changes to its oversight, ... Read More »

Ahead of the launch of payments banks, Indian credit bureaus (CICs) have urged the Reserve Bank of India (RBI) to ensure these new entrants in the banking space become members of credit bureaus and share data on performance of transactions. “Payments banks will not be into lending, but the transactions which they undertake will help understand borrowers. Therefore, we have ... Read More »

First five companies licensed to offer stored value facilities in Hong Kong The Monetary Authority of Hong Kong, which is the de facto central bank, granted on August 25th the first batch of licences to five stored-value service providers in a landmark move to regulate the city’s rapidly expanding electronic payment business. The five licence holders picked out of 20 ... Read More »

China issued a regulation on this week to toughen its control of peer-to-peer lending companies, thus cracking down on illegal fundraising activities through such platforms and preventing financial risks. Jointly issued by the China Banking Regulatory Commission (CBRC) and three other ministries, the regulation emphasizes the role of P2P lending companies as financial information service intermediaries providing assessment and exchange ... Read More »