Financial technology, or fintech, has been transforming a wide range of financial services, receiving warm- welcomes by a fast growing number of adopters and attracting hundreds of billions of USD in global investment value in recent years. As at 30 September 2019, from only 0.4% in 2018, Vietnam rose to rank second in ASEAN in terms of fintech funding, attracting 36% of the regional investment, second only to Singapore with 51%. However, the financial areas transformed by fintech are quite limited, with 98% of the funding concentrated in the payment sector and 1% in blockchain tech related, according to a joint report by United Overseas Bank (UOB), PricewaterhouseCoopers (PwC) and (Singapore FinTech Association) SFA. Vietnam is still considered as having limited fintech activities and remains an unlikely home base of choice for fintech firms. One of the factors largely impacting the local fintech growth include an unprepared regulatory framework where regulations mostly evolve around fintech in the payment industry.
The recent changes to continuous disclosure obligations under the Corporations Act have been welcomed by listed companies and their boards but don’t go as far as their stated purpose in the press release accompanying the legislative instrument implementing the changes, so companies will still need to be very careful in providing guidance or making other disclosures to the market.
Australia: Overview of the Australian Insolvent Trading Prohibition and the Safe Harbour Protections
Directors of Australian companies face significant personal monetary -- and potential criminal and adverse professional -- consequences if they allow the company to trade...
The Cabinet has acknowledged the necessity to postpone the effective date of the Personal Data Protection Act (PDPA).
On 1 June 2020, the corporate liability provision under Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (the Act) is set to come into force. As highlighted in our earlier client alert (see Link), a company may be held criminally liable for acts of corruption by its directors, employees or other associated persons.
Recent DevelopmentsThe Minister of Trade (MOT) has issued a regulation banning the export of certain products needed in the fight against COVID-19.The regulation temporarily bans the export of antiseptic, raw material for masks, personal protective equipment and mask products under several HS Codes.
Singapore: Keeping pace with the digital economy – Public consultation on Singapore’s Personal Data...
Singapore's Personal Data Protection Commission (PDPC) and the Ministry of Communications and Information (MCI) are conducting a public consultation on significant proposed amendments to the Personal Data Protection Act (PDPA) and the Spam Control Act (SCA), after taking into consideration the feedback received in 3 previous public consultations.
This is part of the Finance & Projects Group's new webcast series, "Indonesian Projects Webcast", a series of short videos you can watch or listen to and share, addressing topical legal issues in Indonesia.
Singapore: Health Sciences Authority of Singapore clamps down on products making false COVID-19-related claims
The Health Sciences Authority of Singapore (HSA) has been clamping down on the sale of products with false and misleading claims that purport to diagnose, prevent or treat COVID-19. Through intensified surveillance on online marketplaces and local retailers, the HSA has taken down more than 1700 listings of such products online, and issued more than 1600 warning letters to sellers and companies marketing such products.
In light of COVID-19, the PDPC issued an advisory to guide organizations in the proper collection of personal data for purposes of contact tracing.