Vietnam 

Sharing mechanism needed for fintech development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Israeli and Vietnamese firms discussing opportunities for co-operation at Thursday’s seminar. — VNS Photo HÀ NỘI — A “regulatory sandbox” and a sharing mechanism are needed for the development of Việt Nam’s fintech industry, experts said at a seminar on Thursday. According to Nguyễn Thanh Bình, acting discipline lead at the economics and finance department of RMIT University, the existing legal framework is unclear and does not cover the development and penetration of new technological products in Việt Nam. The Government needed to develop a regulatory sandbox – a…

Read More
China 

Chinese bank employee convicted of ‘leaking state secrets’ after sharing policy draft on WeChat

China has convicted a local bank employee of “leaking state secrets” after she shared a draft of a top secret financial policy document with people outside the government, according to a recently released verdict.The draft was widely circulated on social media and later reported by Bloomberg and “had a disastrous impact on China’s financial regulation,” the court’s written ruling said.The document, drafted by the central bank and titled “Guidance on Regulating the Asset Management Business of… Source link

Read More
Singapore 

Airbnb-style short-term home sharing still illegal: URA, Singapore News

SINGAPORE – The Urban Redevelopment Authority (URA) will not be going ahead with proposed changes to the rules for short-term stays in private homes after extensive consultations since 2015 with diverse groups of stakeholders. It announced on Wednesday morning (May 8) that the minimum stay duration of three months will continue to apply. This means short-term accommodation of less than three consecutive months remains illegal. The authority had considered a draft regulatory framework proposed last April to allow owners at strata-titled developments to accommodate short-term stays if they get 80…

Read More
Vietnam 

ICT giant CMC Corporation launches new open ecosystem, eyeing knowledge and data sharing to boost digital economy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Technicians at CMC Corporation’s data centre. Photo CMC   HÀ NỘI The telecoms and IT giant CMC Corporation on Tuesday (April 9) launched the open ecosystem for enterprise (C.OPE2N) – the first of its kind in Việt Nam – to help foster a digital economy and a “Vietnam 4.0”. The new open ecosystem will offer a wide range of services and benefits for Government agencies, enterprises and organisations in order to share and connect knowledge among Vietnamese people in the era of digital transformation. …

Read More
Home 

More prudent regulations to come for China’s sharing economy, says Premier Li Keqiang

Chinese Premier Li Keqiang says more prudent regulations will need to be adopted to help grow the country’s sharing economy, which has sparked public concern after years of being a magnet for major venture capital investments.“Like any new business, [the sharing economy] has its ups and downs,” said Li in a press conference on Friday to mark the conclusion of the annual gathering of China’s parliament. “But in general, it creates jobs, brings convenience to people and drives the development of… Source link

Read More
Vietnam 

VN to facilitate sharing economy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Việt Nam will create conditions for the development of a sharing economy, Deputy Prime Minister Vương Đình Huệ said at a recent conference about the compilation of a sharing economy model. “The approach is to facilitate the development of a sharing economy, not to let it develop freely or ban it,” Huệ said. According to the Ministry of Planning and Investment, a sharing economy is a new business model which takes advantage of technology to reduce costs and reach customers through…

Read More
Singapore 

Four hotels fined more than $1.5 million in total for sharing commercially sensitive information, Singapore News

SINGAPORE – Four hotels that colluded by sharing with each other the non-public room rates offered to companies have been fined more than $1.5 million in total for infringing the Competition Act. Singapore’s competition watchdog, the Competition and Consumer Commission of Singapore (CCCS), issued an infringement decision against the owners and operators of the four hotels on Wednesday (Jan 30). The four hotels are: Capri by Fraser Changi City Singapore, Village Hotel Changi and Village Hotel Katong, and Crowne Plaza Changi Airport Hotel. These hotels are between a five- and…

Read More
Home 

Hong Kong needs standardised privacy laws, improved data sharing protection to combat financial crime more effectively

Hong Kong, and other jurisdictions globally, need to standardise privacy laws and improve data sharing protection to combat financial crime in a more effective manner, said David Craig, chief executive of data and trading platform Refinitiv. Such crime costs the global economy US$2.4 trillion annually. But banks and financial institutions have been hesitant to share data with regulators for fear of breaching privacy laws, or handing in evidence that could be used to sue them, Craig said on the sidelines of the Refinitiv Pan Asian Regulatory Summit, held in Hong…

Read More