Singapore

Market Infrastructure

OCBC Issues Singapore’s First SORA-based Loan Facility

By Editors | 16/06/2020

The S$150mn three-year corporate loan from OCBC to CapitaLand is hailed as a milestone in the industry’s transition roadmap towards SORA adoption.

MAS Issues Directions on Safe Re-opening of Financial Sector

By Editors | 16/06/2020

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

AML / KYC

Two Singaporeans Charged for Cheating Eight Banks

By Editors | 15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Market Infrastructure

MAS’ Menon Warns of Looming Debt Risks, Ratings Downgrades

By Manesh Samtani | 11/06/2020

If Covid-19 is not contained, debt will accumulate and credit risks will mount, leading to ratings downgrades which will exacerbate existing stresses and cause asset sell-offs.

Fintech / Regtech

SFA Launches Self-assessment Framework, Toolkit for FinTechs

By Manesh Samtani | 10/06/2020

The framework and toolkit allow FinTechs to benchmark themselves against minimum standards on outsourcing, technology risk, and cyber hygiene, helping to fast-track onboarding with FIs.

Fintech / Regtech

MAS Launches Global FinTech Innovation Challenge

By Editors | 08/06/2020

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.

AML / KYC

Singapore to Tighten AML Rules for Casinos – Report

By Editors | 08/06/2020

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Market Infrastructure

BNY, Deutsche to Set Up FX Trading Infrastructure in Singapore

By Editors | 08/06/2020

Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.

AML / KYC

MAS Issues Consultation Response on FRC Framework

By Editors | 07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.