Monetary Authority of Singapore

Fintech / Regtech

MAS Earmarks S$150m to Propel Innovation in Financial Sector

By Editors | 08/08/2023

MAS earmarked SGD 150 million for financial tech advancements, aiming to foster innovation and support the evolving fintech ecosystem.

AML / KYC

MAS Proposes Framework for SFOs to Boost AML Measures

By Ranamita Chakraborty | 01/08/2023

The revised framework introduces a harmonised class exemption for single family offices (SFOs) with specific requirements to ensure that all SFOs are subject to anti-money laundering (AML) controls.

Fintech / Regtech

MAS Targets End to Corporate Cheques by 2025

By Editors | 31/07/2023

Singapore to eliminate corporate cheques by 2025 and transition users to e-payment solutions, amid rising cheque processing costs.

ESG / Sustainability

UK, Singapore Strengthen Cooperation in Sustainable Finance

By Ranamita Chakraborty | 28/07/2023

In a recent financial dialogue, both countries agreed to support the International Sustainability Standards Board in implementing sustainability reporting standards.

Crypto / Digital Assets

Singapore High Court Recognises Crypto as Personal Property

By Ranamita Chakraborty | 27/07/2023

The court ruled that holders of crypto assets have legally enforceable property rights under common law, marking a significant milestone in crypto case law globally.

Crypto / Digital Assets

Banque de France Releases New Findings from CBDC Experiments

By Editors | 25/07/2023

Banque de France has determined that wholesale CBDC would improve cross-border payments, settlement finality, and security for a “vast range of financial assets”.

AML / KYC

Singapore Police Issues Advisory on Investment Scams

By Editors | 20/07/2023

The Singapore Police Force said 498 victims lost at least S$25.5mn through investment scams since June.

Enforcement

MAS Issues Five Year Ban on Former Prudential Representative

By Editors | 20/07/2023

The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.

Capital / Liquidity

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

By Editors | 19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.