Monetary Authority of Singapore

Fintech / Regtech

MAS Supports Balanced Approach to BNPL Regulation

By Editors | 16/06/2023

MAS said overly strict regulations would unnecessarily restrict BNPL providers and limit consumer choices.

Crypto / Digital Assets

MAS Grants Crypto Bank Sygnum In-Principle Licence Approval

By Editors | 14/06/2023

Sygnum said it would expand its Singapore offering to include regulated crypto brokerage services, available to accredited and institutional investors.

Capital / Liquidity

MAS Finalises Implementation Timelines for Basel III Reforms

By Ranamita Chakraborty | 13/06/2023

All the reforms will be effective in Singapore from 1 July 2024, except the revised market risk framework and CVA standards. The output floor will be phased in over five years.

Capital / Liquidity

UBS Closes Credit Suisse Deal, Imposes ‘Red Lines’ on Bankers

By Manesh Samtani | 13/06/2023

FINMA said its intensive supervision will “definitely continue”. MAS said it expects both banks to handle the implications for jobs “responsibly”.

Fintech / Regtech

MAS Launches Annual FinTech Hackcelerator, Focusing on ‘AI in Finance’

By Sanday Chongo Kabange | 13/06/2023

Fintech firms and solution providers are invited to address 16 problem statements related to AI in the financial services industry.

ESG / Sustainability

WFE Declares Milestone Achievement on Sustainability

By Ranamita Chakraborty | 12/06/2023

For the first time, every exchange surveyed by WFE participated in at least one ESG initiative and engaged in at least one WFE Sustainability Principle.

ESG / Sustainability

MAS Calls on Banks to ‘Carefully Assess’ Client Transition Plans

By Ranamita Chakraborty | 09/06/2023

MAS will issue a consultation on transition planning later this year. A new association will be formed to foster a dynamic ecosystem for green and transition finance.

ESG / Sustainability

Climate Impact X Launches Spot Trading Platform for Carbon Credits

By Ranamita Chakraborty | 08/06/2023

**CIX told Regulation Asia that it is seeking alignment with IOSCO’s principles for commodity price benchmarks – a detailed set of guidelines relating to governance and control systems.
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Crypto / Digital Assets

MAS Grants Major Payment Institution Licence to Circle

By Ranamita Chakraborty | 07/06/2023

Circle said receiving the licence is a “significant step forward” for the firm and the future of financial infrastructure and dollar digital currencies in Asia.