Monetary Authority of Singapore

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.

Crypto / Digital Assets

Crypto.com Receives Licence to Offer Crypto Services in Singapore

By Sanday Chongo Kabange | 06/06/2023

CEO Kris Marszalek said Crypto.com is proud to receive a licence from a regulator that “prioritises consumer protection, safety and security”.

ESG / Sustainability

GFANZ APAC Network Consults on Coal Phase-Out Guidance

By Ranamita Chakraborty | 06/06/2023

DBS and HSBC led the development of the guidance, which outlines practical steps financial institutions can take to support coal phaseout transactions.

Enforcement

MAS Bans Six Former Great Eastern Advisers for Tax Fraud

By Ranamita Chakraborty | 02/06/2023

MAS said the six former insurance agents actively participated in a scheme to cheat the Inland Revenue Authority out of S$125,000.

ESG / Sustainability

NGFS to Develop Transition Planning Standards for Supervisors

By Ranamita Chakraborty | 02/06/2023

MAS head Ravi Menon, who chairs the NGFS, said guidance on transition planning will be produced to help supervisors set expectations for FIs.