Singapore

Fintech / Regtech

BIS Innovation Hub Completes Project Nexus Proof-of-Concept

By Editors | 23/03/2023

The next phase of Nexus will connect the instant payment systems of Singapore, Indonesia, Malaysia, Philippines and Thailand.

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.

Securities / Derivatives

MAS Publishes Findings from Inspections of VC Fund Managers

By Manesh Samtani | 16/03/2023

Some VCFMs did not make requisite disclosures to investors, have formalised policies and procedures in certain areas, and maintain a positive level of base capital.

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.

Crypto / Digital Assets

Coinbase Partners With StanChart to Enable SGD Fund Transfers

By Editors | 15/03/2023

Customers in Singapore can transfer funds to and from their Coinbase account using any local bank in Singapore for free.

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.

Enforcement

Singapore Police are Investigating Terraform Labs – Report

By Editors | 06/03/2023

Singapore police confirmed “ongoing” investigations into Terraform Labs, which is also being sued by the US SEC following its collapse last May.

Singapore Amends Thresholds for Gaining PR Status Under GIP

By Editors | 06/03/2023

Applicants will have to invest at least S$10mn in a business or S$25mn in a GIP-select fund, compared to $2.5mn currently.

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.