Singapore

Crypto / Digital Assets

MAS Sets Out Regulatory Approach for Payment Token Derivatives

By Editors | 18/05/2020

MAS will regulate payment token derivatives offered by approved exchanges – i.e. SGX Derivatives, APEX, Ice Futures – but will not regulate such products offered by other entities.

Fintech / Regtech

Temasek Joins Libra Association as First Asia Pacific Backer

By Editors | 17/05/2020

Temasek’s participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

Securities / Derivatives

SGX Probes Societe Generale Over Timeliness of Disclosure

By Editors | 14/05/2020

As a goodwill gesture, SocGen will extend a one-off payment to investors who suffered losses trying to short-sell Singapore Airlines with daily leverage certificates.

Fintech / Regtech

MAS, SFA, AMTD Jointly Launch S$6m ‘FinTech Solidarity Grant’

By Editors | 13/05/2020

Fintechs can apply for a one-time grant to cover daily working capital expenses, or for funding to cover proofs-of-concept developed with financial institutions on APIX.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

By Editors | 13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

Securities / Derivatives

SGX RegCo to Scrap Minimum Trading Price Rule from 1 June

By Editors | 11/05/2020

The MTP rule is described as a “blunt tool” for addressing risk of market manipulation, compared to more effective tools that target such manipulation directly.

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

By Editors | 10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

Enforcement

MAS Issues Prohibition Orders Against Two Former Bank Employees

By Editors | 09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

Securities / Derivatives

Singapore: HSBC Seeks Court Order to Replace ZenRock Management

By Editors | 07/05/2020

ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.