Singapore

DBS Opens International Financial Services Centre Unit in India’s GIFT City

By Ranamita Chakraborty | 18/07/2023

More financial companies from Singapore are expected to enter India’s Gujarat International Finance Tec-City (GIFT City) following the launch of a new cross-border trading link between India and Singapore.

AML / KYC

Singapore Shaken by Rare Corruption Probe

By Editors | 17/07/2023

A government minister and a prominent property tycoon were arrested and released on bail last week.

AML / KYC

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

Enforcement

Singapore Jails Four on False Trading, Deception Convictions

By Editors | 14/07/2023

The four were convicted for their involvement in a scheme to manipulate the price of Catalist-listed Koyo International between 2014 and 2016.

Fintech / Regtech

Singapore Digital Banks Urge MAS to Lift Caps on Deposits

By Editors | 14/07/2023

Grab’s GSX Bank and  Sea’s MariBank say the deposit cap imposed on new digital banks is hindering their ability to expand and lend.

ESG / Sustainability

Majority of SGX-Listed Firms Embrace Climate Reporting Initiatives

By Editors | 13/07/2023

New report shows two-thirds of SGX listed companies have embarked on climate reporting initiatives.

Big Picture

Temasek Posts USD 5.5 Billion Net Loss on IFRS 9 Regulations

By Karen Ng | 12/07/2023

The Singapore government’s investment arm said its USD 5.46 billion net loss for the year ended March 2023 was due to the IFRS 9 requirement to account for unrealised mark-to-market losses on sub-20 percent investments.

AML / KYC

MAS, Cambodia Ink MOU for Financial Transparency Corridor

By Karen Ng | 12/07/2023

The MOU aims to to enhance financial transparency and promote trade and cross-border financial services for small and medium enterprises (SMEs).

Enforcement

Singapore’s Cyber Security Agency Inks MOU in Cybercrime Fight

By Karen Ng | 11/07/2023

The Cyber Security Agency of Singapore aims to protect financial institutions against cybercrime through information sharing and preparation against cyber-attacks.