Singapore

Fintech / Regtech

Singapore: AMTD, Xiaomi Finance Launch Digital Finance Programme

By Editors | 22/06/2020

AMTD and Xiaomi Finance will provide S$5mn to support to enable SMU and NUS-ISS to build curriculum and teaching resources for a digital finance leadership programme.

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Fintech / Regtech

MAS: 14 of 21 Digital Bank Applicants Assessed as ‘Eligible’

By Editors | 18/06/2020

These applicants assessed as eligible will progress to the next stage of assessment, where they will be invited to present their proposals via virtual meetings.

Market Infrastructure

OCBC Issues Singapore’s First SORA-based Loan Facility

By Editors | 16/06/2020

The S$150mn three-year corporate loan from OCBC to CapitaLand is hailed as a milestone in the industry’s transition roadmap towards SORA adoption.

MAS Issues Directions on Safe Re-opening of Financial Sector

By Editors | 16/06/2020

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

AML / KYC

Two Singaporeans Charged for Cheating Eight Banks

By Editors | 15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Market Infrastructure

MAS’ Menon Warns of Looming Debt Risks, Ratings Downgrades

By Manesh Samtani | 11/06/2020

If Covid-19 is not contained, debt will accumulate and credit risks will mount, leading to ratings downgrades which will exacerbate existing stresses and cause asset sell-offs.

Fintech / Regtech

SFA Launches Self-assessment Framework, Toolkit for FinTechs

By Manesh Samtani | 10/06/2020

The framework and toolkit allow FinTechs to benchmark themselves against minimum standards on outsourcing, technology risk, and cyber hygiene, helping to fast-track onboarding with FIs.

Fintech / Regtech

MAS Launches Global FinTech Innovation Challenge

By Editors | 08/06/2020

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.