Singapore

Market Infrastructure

Singapore Finalises Key Settings of MAS Recommended Rate

By Editors | 20/07/2022

The MAS Recommended Rate is the fallback rate that will apply to outstanding SOR-based business loans and derivatives when Fallback Rate (SOR) is discontinued after end-2024.

Crypto / Digital Assets

MAS to Introduce More Comprehensive Rules for Crypto Sector

By Manesh Samtani | 19/07/2022

MAS will share its strategy for developing Singapore as a digital asset hub in August. New rules for crypto will be proposed in September or October.

AML / KYC

Scam Loss Sharing Framework Will Take Longer to Develop: MAS

By Editors | 19/07/2022

Developing the new framework is taking longer than expected due to the complexity of the issues involved and the importance of ensuring the framework has the correct incentives.

Enforcement

Singapore Police Lay Fraud Charges Against Zenrock Founder

By Editors | 18/07/2022

The founder and his former operations executive were charged for cheating Bank of China, HSBC and Credit Agricole CIB.

Market Infrastructure

MAS Proposes to Exempt Some Market Operators from ACH/RCH Rules

By Editors | 11/07/2022

The exemption is for market operators that verify transactions and calculate transacting parties’ obligations, but do not actually clear or settle trades.

MAS, IBF Adjust Training Scheme Funding Parameters

By Editors | 07/07/2022

MAS says training and upskilling culture in the financial sector workforce has taken root, and high uptake in training is encouraging.

Capital / Liquidity

MAS Issues Guidelines on Islamic Banking in Singapore

By Editors | 06/07/2022

The main risk which is unique to Islamic banks is Shariah compliance risk – where noncompliance with Shariah rulings carries “significant reputational risk”.

Fintech / Regtech

MAS Assesses Fairness of FIs’ Use of AI/Machine Learning

By Editors | 05/07/2022

MAS conducted a thematic review on selected FIs’ implementation of Fairness Principles in their use of AI/machine learning.

Crypto / Digital Assets

MAS Mulls New Restrictions on Retail Investment in Crypto

By Editors | 05/07/2022

New measures may include placing limits on retail participation, and introducing new rules on the use of leverage in crypto transactions.