Singapore

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    Crypto / Digital Assets

    NY Fed, MAS Publish Results from Cross-Border Payments Study

    By Editors | 19/05/2023

    Each simulated payment scenario achieved end-to-end settlement in under thirty seconds on average using wholesale CBDCs.

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    Market Infrastructure

    MAS Issues “Close-to-Final” Derivatives Reporting Rule Updates

    By Manesh Samtani | 16/05/2023

    MAS set October 2024 as the commencement date for its new OTC derivatives reporting rules, aligning with ASIC.

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    Securities / Derivatives

    ICE Invites HK Firms to Trade Futures in Singapore

    By Editors | 14/05/2023

    ICE Clear Singapore received authorisation from the SFC allowing it to clear ICE Futures Singapore trades for Hong Kong-based clearing members.

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    MAS Reappoints Ravi Menon as Head for Two More Years

    By Editors | 14/05/2023

    Menon will serve as Managing Director until 31 May 2025 or his retirement from the Singapore Public Service, whichever is earlier.

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    Capital / Liquidity

    MAS Considers Possible Changes to Deposit Insurance Scheme

    By Sanday Chongo Kabange | 10/05/2023

    MAS will issue a consultation by the end of June on proposals to ensure Singapore’s deposit insurance scheme remains fit for purpose.

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    AML / KYC

    MAS to Consult on Scam Loss Sharing Framework in Q3

    By Manesh Samtani | 09/05/2023

    Senior Minister Tharman Shanmugaratnam said the framework will include obligations for telcos, not just FIs and consumers.

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    Crypto / Digital Assets

    MAS Proposes Amendments to Payment Services Regulations

    By Editors | 09/05/2023

    The consultation covers amendments to Payment Services Regulations and existing notices to include newly scoped-in payment services like DPT services.

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    AML / KYC

    Singapore Passes Bill to Enable Data Sharing via COSMIC

    By Editors | 09/05/2023

    COSMIC will be rolled out in phases starting from H2 2024, enabling banks to alert one another about illicit activity involving their customers.

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    Enforcement

    Singapore Lays Three More Charges Against Hyflux Founder

    By Editors | 07/05/2023

    Singapore’s Public Accountants Oversight Committee has also issued orders against Hyflux auditors from KPMG LLC for five years of financial statements.

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    Enforcement

    MAS Imposes Additional Capital Surcharge on DBS for Outages

    By Editors | 05/05/2023

    A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

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