Each section of our guide starts with a summary of the position in each country and of recent regulatory developments/relevant areas to watch.
For example, attention should be drawn to the new rules for cybersecurity and data privacy in China, as well as the proposals of setting up a new alternative dispute settlement body for FinTech-related cases in Indonesia and a nation-wide pilot program for FinTech in the banking sector in Vietnam.
Significant amendments were also made to Japan's Payment Services Act which regulates transactions of virtual currencies, whereas Singapore's recently effected Payment Services Act regulates FinTech providers for the first time. On the other hand, eight virtual banks have been granted authorization to operate in Hong Kong.
Authored by Wataru Kamoto, Matthew Bousfield, Anthony Woolley, Katherine Tsang, Sherry Xiao, Kate Chen, Mai Phuong, Roland Sunardi, Yasuyuki Shirabe, George Williams, Rachel Wong, Shirley Guo, and Jia Zhan.
