Monetary Authority of Singapore

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    AML / KYC

    Singapore: New Bill Introduced to Facilitate Introduction of COSMIC

    By Manesh Samtani | 21/03/2023

    The Bill provides FIs statutory protection from civil liability in respect of their disclosure of risk information on to COSMIC for the purposes of mitigating ML, TF and PF risks.

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    Capital / Liquidity

    Swiss Regulators Orchestrate UBS Takeover of Credit Suisse

    By Manesh Samtani | 20/03/2023

    The deal gives Credit Suisse shareholders shares in UBS worth just 40 percent of what their CS shares were worth on Friday.

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    Market Infrastructure

    Singapore Consults on Adjustment Spreads for Legacy SIBOR Contracts

    By Editors | 15/03/2023

    Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.

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    Fintech / Regtech

    Sea Group Launches Digital-only MariBank in Singapore

    By Editors | 15/03/2023

    Invitations are currently limited to users of Sea Group’s ecosystem such as Shopee customers and individual sellers.

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    Crypto / Digital Assets

    Digital Asset Developments in South Korea: Balancing Innovation and Risk

    By Rahul Advani | 15/03/2023

    South Korea’s thoughtful approach to regulating digital assets will foster growth and innovation and result in a more vibrant and inclusive digital economy, say Rahul Advani and Angela Ang.

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    Capital / Liquidity

    HSBC Acquires Silicon Valley Bank’s UK Unit for £1

    By Editors | 14/03/2023

    HSBC expects the deal to be profitable, strengthen its commercial banking franchise, and enhance its ability to serve innovative firms.

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    Crypto / Digital Assets

    Swift Concludes 12 Weeks of Tests on CBDC Interlinking Solution

    By Editors | 10/03/2023

    Nine banks and three central banks participated in testing Swift’s API-based CBDC connector across two blockchain networks and fiat-based payment systems.

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    AML / KYC

    MAS Calls for Stronger AML/CFT Controls in Wealth Management

    By Editors | 06/03/2023

    Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.

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    ESG / Sustainability

    UK, Singapore Establish ‘Green Economy’ Cooperative Framework

    By Editors | 03/03/2023

    The UK and Singapore will cooperate in the areas set out under three pillars – one being carbon markets and sustainable finance.

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    Fintech / Regtech

    BondEvalue Approved to Operate Fractional Bond Exchange in GIFT City

    By Editors | 28/02/2023

    GIFT City members and their clients will be able to access institutional-grade USD bonds via BondbloX Exchange.

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