Monetary Authority of Singapore

Market Infrastructure

UPDATED – Known Applicants for Singapore Digital Bank Licences

By Manesh Samtani | 05/01/2020

Grab, Singtel, Razer, Ant Financial, V3 Group, EZ-Link, iFast Corporation, ByteDance, AMTD, Xiaomi, PhillipCapital, Temasek, Enigma Group and Singapura Finance are among applicants.

Market Infrastructure

Grab, SingTel Team Up to Apply for Singapore Digital Bank Licence

By Editors | 30/12/2019

Grab and Singtel will respectively hold a 60% and 40% stake in the new consortium entity, which will seek to serve both retail consumers and SMEs.

AML / KYC

MAS Adopts FATF Standards on VASPs in Payment Services Act

By Manesh Samtani | 28/12/2019

MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.

AML / KYC

APAC Wealth Migration Trends Heighten Financial Crime Risk

By Joseph Quiazon | 28/12/2019

APAC regulators are looking to FIs and their technology to guard against increasingly sophisticated criminal activity as wealth migration accelerates, says Joseph Quiazon at Exiger.

Crypto / Digital Assets

MAS Consults on Application of Payment Services Act to Stablecoins

By Manesh Samtani | 26/12/2019

MAS seeks views on whether stablecoin holders deserve the same regulatory protections as e-money, and whether other regulations should be introduced to maintain price stability.

Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

By Editors | 16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Market Infrastructure

MAS Forms Culture and Conduct Steering Committee for Insurance

By Editors | 13/12/2019

The steering committee will monitor trends and identify emerging issues, and collaborate with MAS on initiatives to promote strong culture and conduct in Singapore’s insurance industry.

Fintech / Regtech

Singapore Brokerages to Enter Race for Digital Bank Licences

By Garima Chitkara | 04/12/2019

Domestic brokerages Phillip Securities and iFAST prepare to draw up applications digital banking licence to fend off competition from foreign entrants and domestic banks expanding into brokerage business.

Capital / Liquidity

MAS Highlights FX Liquidity, Cyber Risk in Latest FSR

By Manesh Samtani | 02/12/2019

In its latest Financial Stability Review, the MAS highlights pressures on foreign currency liquidity and the potential impacts of a cyber attack on Singapore banks and their service providers.