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FinTech

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The Monetary Authority of Singapore (MAS) recently revised its Technology Risk Management Guidelines 2021 after feedback from a 2019 public consultation and engaging with cyber security experts. In this episode, Stephanie Magnus, Ken Chia, and Ying Yi Liew take a closer look at compliance, regulator expectations, cyber threats, and other important considerations — taking into account that financial institutions encompass large multinational banks, insurance companies and small fintech startups. https://soundcloud.com/user-879185301-820444966/ep12-singapore-mas-revises-technology-risk-management-guidelines

In this special edition, Sue McLean, partner and global tech lead for fintech and blockchain, talks to David Hart, a partner in our London office, and Lawrence C. Lee, a partner in our Palo Alto office, to discuss recent trends and developments around fintech. In this episode, they share their observations on recent innovations and take a closer look at various strategies behind the increase in investment and M&A activity. Fintech players, once seen as…

Blockchain technology was born in the midst of the financial crisis and proposed as a means of reliably transferring a store of value without using a bank or other financial intermediary. Bitcoin was the first such blockchain token, and multiple cryptocurrencies have followed. But blockchain use cases extend far beyond the financial world, and some of the more creative uses of blockchain technology have emerged in the supply chain. The numerous benefits of blockchain to…

A new interpretation of the Commodities and Futures Trading Commission (the CFTC) removes some uncertainty from a key exemption for virtual currencies. On March 23, 2020, the CFTC approved its final interpretive guidance on the meaning of the term “actual delivery”. In order for retail commodity transactions involving digital assets to be exempt from CFTC regulation under the Commodity Exchange Act (CEA), the transaction must result in actual delivery within 28 days, or such other…

Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a better understanding of the opportunities and…

Pursuant to the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the Prescription Order), which came into force on 15 January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfils other specific features, are prescribed as securities.The implications of treating digital currencies and digital tokens as securities are significant as the Malaysian Capital Markets and Services Act…

Two recent decisions issued by an Italian Court of First Instance and, subsequently, by the Court of Appeal intervene in the debate around the qualification of cryptocurrencies as an asset or money that may be validly injected into a limited liability company’ s capital.Both decisions refer to the same question: can a company accept cryptocurrencies as a contribution in kind to the company’ s corporate capital? Both courts answered in the negative, however on different…

Given the increasing reliance of Financial Institutions (FIs) on technology and online systems and the increasing threat of cyber attacks, it is timely that the Bank Negara Malaysia (BNM) issued, on 4 September 2018, a set of minimum standards on technology risk and cybersecurity management by FIs in Malaysia – the Risk Management in Technology policy document (RMiT). The RMiT has been issued as an exposure draft which it is intended will come into force on…