The Bank of Japan (BOJ) returns talking about the adoption of financial technology in their system in a seminar hosted at their HQ in Tokyo July 29. This comes after the central bank announcement this year in April to have established an in-house section at the BOJ in charge of fintech to explore the opportunities and to offer guidance to financial institutions seeking to step into the fintech market.
Bank of Thailand (BoT) Governor Veerathai Santiprabhob at the C asean Forum's "Positioning Thailand's Fintech Ecosystem" event announced more regulation for the growing fintech sector in order to protect consumers, prevent systemic risk and help the development of the market. Following the path of Governments and regulators of the UK, France, Australia and Singapore the intention is to create a regulatory sandbox that can be used as a testing ground for fintech companies.
The Monetary Authority of Singapore (MAS) launched a consultation paper in February last year proposing measures to facilitate access capital for startups and SMEs. With the responses received, 8 June 2016 MAS announced new measures to simplify the use of securities crowdfunding (SCF) for companies that are looking to raise funds, as well as for crowdfunding platform operators.
Governments and regulators have been hard at work in recent months to get the most out of the revolution happening in the financial services industry with the nascent fintech sector. Creating a regulatory sandbox, to mitigate risk and let innovation flourish, is the path they have decided to follow.
The Securities Commission Malaysia (SC), recently announced the regulatory framework for peer-to-peer (P2P) financing, setting out requirements for the registration of platform operators. Those interested to start a P2P financing platform can submit their application to the SC starting yesterday, May 2 2016.
The Monetary Authority of Singapore (MAS) announced new initiatives earlier in April to boost the country’s position as a global hub for the burgeoning financial technology sector.
Rumors on possible regulations for the rapidly growing Chinese peer-to-peer lending sector have been periodically arising, drawing the attention of the entire industry. But until now, they remained unconfirmed news with no evidence of any serious intention. However at the end of 2015, the China Banking Regulatory Commission (CBRC), published a set of proposed rules asking the public to provide comments.
The online lending market, or peer-to-peer market, in China has been growing incredibly fast over the last decade, with hundreds of platforms entering the sector and many others closing operations due to fraudulent activities or bankruptcy. The local P2P market has reached a new milestone at the end of 2015, with one of the most established platforms going public on New York Stock Exchange, while at the same time another large portal being seized by Chinese police.
In 2014, India’s financial markets authority (SEBI) published a draft of regulations to allow online investing in the country and put them up for public comments. No action has been taken since then. However, according to official sources, the game may soon change.