Payments News

Regulation

Stung By Compliance Costs, Asia Banks Urge Watchdogs To Approve More Fintech

“The Asia Securities Industry and Financial Markets Association said it would like to see greater use of new technologies in “know your client” or KYC anti-money laundering checks, as they promise to drastically cut costs. “Fintech solutions, facial recognition for example, hold out great hope for the industry, but haven’t been embraced as quickly as some might like by regulators around the world,” said Mark Austen, chief executive of the association. The Hong Kong Monetary Authority and the Monetary Authority of Singapore said last year they were exploring whether KYC utilities, central repositories of data that banks can tap to save duplication when adding new clients, should be set up.”