Monetary Authority of Singapore

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    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.

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    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.

    Crypto / Digital Assets

    Total e-CNY Transactions Reach ¥1.8tr in China

    By Mark Johnston | 19/07/2023

    China’s digital yuan is gaining traction in domestic transactions, including in the aviation sector and in a Hong Kong shopping festival.

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    Big Picture

    AI Regulatory Sandboxes Need Cooperation and Expertise: OECD

    By Ranamita Chakraborty | 19/07/2023

    A recent OECD report on AI regulatory sandboxes highlights important policy considerations that emphasises the need to build AI regulatory expertise and interdisciplinary cooperation.

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    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.

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    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.

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    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.

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    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).

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    Crypto / Digital Assets

    BIS Study: 24 Central Banks to have CBDCs by 2030

    By Jill Wong | 11/07/2023

    A BIS study found 24 central banks would have their own digital currencies in circulation by 2030.

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    Enforcement

    MAS Urges Banks to Stop Use of SMS OTP

    By Karen Ng | 10/07/2023

    The MAS is urging banks to move away from the sole reliance on SMS OTP as the only authentication factor for transactions.

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