Asia
‘Flash’ currency moves will continue to surprise markets – BoE’s Salmon
Bank of England executive director says there is “growing potential” for flash events to occur in core markets, despite markets now being able to identify risks
CLS signs MoU with Chinese think-tank
The forex utility will work with the National Institution for Financial Development to support the renminbi’s internationalisation
Bitcoin exchange halts service after PBoC clampdown
BTC123 becomes first exchange in China to halt services due to ongoing investigation by government agencies into virtual currency; cuts rates on wealth products
PBoC to investigate bitcoin firms
Bitcoin price falls by 33% in January; PBoC to investigate four largest bitcoin companies
BoE paper experiments with measuring vulnerabilities
The study finds the US had highest levels of vulnerability in the run-up to the 2008 financial crisis, with Asia and Europe appearing “robust”; the picture has now reversed, authors say
Bank of Japan to launch new website in time for 2017
New responsive design will include information from the old site displayed in new format; central bank has set second launch date in case of “delays”
Cambodia to increase number of financially educated, says director general
Around 29% of Cambodia’s adult population remain financially excluded from services; central bank to coordinate financial inclusion approach with various government ministries
Bank of Korea embarks on ‘coinless society’ project
Central bank wants to eradicate use of coins by 2020; first stage of the project to use electronic travel passes to pay for goods and services
Bank Negara Malaysia’s new site draws on award-winning designs
Responsive new site launched after in-house team conducts benchmarking exercise on award-winning central bank sites; head of electronic communications explains the evolutionary process
MAS warns of risks surrounding households
Prudent financial and debt management is crucial, the regulator says, to entrench the gains made through macro-prudential measures implemented earlier
MAS launches blockchain experiment
Central bank to build a proof-of-concept model to conduct interbank payments; second phase could include foreign currency transactions
MAS awards prizes for fintech innovation
Three fintech companies receive S$50,000 for ideas presented at inaugural fintech festival
Sri Lanka sets up enforcement unit after insolvency failures
Central Bank of Sri Lanka sets up new enforcement branch after unsuccessful attempt to restructure four failing financial institutions; legal action to be taken against Entrust Securities
Leaked document sparks action from Sri Lankan central bank
Report leaked on controversial bond trader Perpetual Treasuries causes stir; internal control mechanisms will be strengthened while investigation takes place
State Bank of Pakistan spends $1.2 million on department move
Banking subsidiary to move five of its operations to the northern and central provinces; move will help “streamline” operations, spokesperson says
Former Bank of Thailand governor cleared of Asian financial crisis charges
Governor cleared of wrongdoing related to central bank’s defence of baht in 1997, as Supreme Court brings 15-year court case to a close
Indonesia to launch new banknote and coin series with a ‘bang’
New banknote and coin series featuring Indonesian “national heroes” to launch later this year; smallest coin will not feature in new series
Changes to central bank law mooted in the Philippines
Proposed changes include oversight of more financial institutions as well as the capacity for the central bank to place harsher sanctions on illegal transactions
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
Nepalese central bank governors banned from retiring to financial sector
“Cooling-off” period adjusted for central bank employees under new legislation; former governors prohibited from working in the financial sector
IMF paper examines drivers of India’s disinflation
‘Backward-looking’ expectations and domestic institutional structures amplified shocks, paper says; only 15% of India’s deflation is attributed to a decline in oil price
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution
Sri Lanka releases trading stats as it seeks to develop market
First set of data shows 3.42 billion rupees traded, with transactions over 50 million rupees to be reported within 30-minute window
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services