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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.
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.
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.
Market Infrastructure
BNY, Deutsche to Set Up FX Trading Infrastructure in Singapore
By Editors | 08/06/2020
Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.
AML / KYC
MAS Issues Consultation Response on FRC Framework
By Editors | 07/06/2020
Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.
ESG / Sustainability
Singapore Banks Pledge Relief to Landlords Providing Rent Waivers
By Editors | 03/06/2020
Singapore authorities, with the support of banks, have announced a package of measures that will help landlords with existing loan commitments and cashflow needs.
Fintech / Regtech
MAS to Assess Covid-19 Impact on Digital Bank Applicants
By Editors | 03/06/2020
MAS will reportedly interview digital bank applicants to understand the changes in their strategy as a result of Covid-19, including any impacts on their funding and profitability plans.
Enforcement
Singapore Authorities Commence Joint Investigation Into Hyflux
By Editors | 02/06/2020
Water treatment firm Hyflux entered the limelight in 2018 when it tried to restructure nearly S$3bn in debt. The company is suspected of breaching disclosure and accounting rules.
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