Singapore

Fintech / Regtech

Five ASEAN Central Banks Sign MoU on Payments Connectivity

By Sanday Chongo Kabange | 15/11/2022

The MoU is the first that brings together multiple ASEAN central banks under a single multilateral agreement to enhance cross-border payments.

ESG / Sustainability

UK Think Tank Accuses Singapore’s Sembcorp of Greenwashing

By Editors | 14/11/2022

The allegations relate to Sembcorp’s sale of its India coal business while still retaining “substantial liabilities” and “operational influence”.

Crypto / Digital Assets

NY Fed, MAS to Test CBDC-based Cross-Border Payments

By Editors | 11/11/2022

“Project Cedar Phase II x Ubin+” will seek to enhance designs for atomic settlement of cross-border cross-currency transactions, leveraging wholesale CBDCs as a settlement asset.

Enforcement

DFSA Fines Bank of Singapore for Inadequate AML Controls

By Editors | 11/11/2022

Bank of Singapore offered the DFSA an enforceable undertaking agreeing to remediate deficiencies and engage an external compliance expert for verification.

Crypto / Digital Assets

HashKey Obtains New Approvals in Hong Kong, Singapore

By Editors | 10/11/2022

HashKey has full approval to operate a crypto trading platform in Hong Kong and in-principle approval to offer fund management services in Singapore.

ESG / Sustainability

Singapore Launches New Climate Finance Accelerator

By Editors | 07/11/2022

MAS, Google Cloud and KPMG launched the accelerator to channel capital toward companies with market-ready climate fintech solutions.

Market Infrastructure

MAS to Ban Payment for Order Flow from 1 April 2023

By Manesh Samtani | 07/11/2022

Brokers “should not receive PFOF in placing and/or executing customers’ orders” because it “introduces conflicts of interests” and is “likely to cause harm to customers”, MAS says.

Enforcement

Singapore High Court Considers 40 Year Jail Term for Manipulator

By Editors | 07/11/2022

Prosecutors are reportedly asking the court to impose a 40-year jail sentence on John Soh Chee Wen, the mastermind of the 2013 penny stock crash.

Fintech / Regtech

MAS to Expand Funding Support for Financial Sector Innovation

By Editors | 06/11/2022

MAS will provide a further SGD 150 million in funding over three years to the Financial Sector Technology and Innovation scheme.