Singapore

Market Infrastructure

Japan, ASEAN Plan Joint QR Code Payment Services

By Nithya Subramanian | 15/03/2024

A standardised QR code payment system will be developed to connect service providers in different countries, facilitating cashless payments across borders.

AML / KYC

Use of AI for AML Could Lower Effectiveness: Report

By Bradley Maclean | 14/03/2024

A new report from NICE Actimize and Regulation Asia sheds light on APAC’s use of technology to fight financial crime.

Crypto / Digital Assets

Crypto Major OKX Wins In-principle Approval in Singapore

By Ranamita Chakraborty | 14/03/2024

OKX will focus on spot products first while it works to bring local banking connections to customers “as soon as possible”.

Singapore: First Batch of Changes to Business Trusts Act Take Effect

By Manesh Samtani | 14/03/2024

Phase 1 implementation introduces requirements for CEOs of business trusts to disclose their interests in transactions, among other provisions.

Securities / Derivatives

SGX Unveils Plans to Launch SORA, TONA Derivatives

By Nithya Subramanian | 13/03/2024

Interest rate futures linked to the SORA and TONA will serve as cost-effective and transparent hedging and trading tools for investors.

AML / KYC

Singapore Proposes Tighter Rules for Corporate Service Providers

By Nithya Subramanian | 13/03/2024

All CSPs would be required to register with ACRA and subject to AML/CFT obligations. The use of nominee directors is being curtailed.

AML / KYC

Singapore Reported to be Scrutinising Wealth from Chinese

By Editors | 12/03/2024

Family office applications with Chinese-affiliated wealth have been denied and applicants are facing tough questions.

AML / KYC

Singapore’s COSMIC Initiative Will Prioritise Consumer Safeguards

By Nithya Subramanian | 12/03/2024

COSMIC, launching in May, requires banks to implement a number of safeguards to protect legitimate customers from having their information shared.

ESG / Sustainability

DBS Updates Policy to Phase-out Thermal Coal Exposures

By Nithya Subramanian | 11/03/2024

The new policy is seen to be more in line with Singapore’s sustainable finance taxonomy, which seeks to promote the early phase-out coal plants.