Monetary Authority of Singapore

Big Picture

MAS Urges Underwriting Prudence as Credit Risks Rise

By Manesh Samtani | 03/12/2020

Banks should maintain prudent credit underwriting standards and continue to actively manage foreign currency risks, MAS says in its financial stability review.

Market Infrastructure

MAS Proposes to Make Data Breach Offences Compoundable

By Manesh Samtani | 03/12/2020

MAS would be able to take tougher actions against breaches that do not meet the threshold of a criminal prosecution but call for stronger penalties.

Enforcement

MAS Bans Two Former Insurance Agents for Dishonest Conduct

By Editors | 02/12/2020

Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

Market Infrastructure

Singapore Launches Initiative to Groom Future Private Bankers

By Editors | 02/12/2020

Private banks aim to offer 200 undergraduate traineeship positions over the next three years, benefitting from the Work-Study Support Programme recently launched by MAS.

Market Infrastructure

MAS Revises Anti-commingling Framework For Banks

By Manesh Samtani | 02/12/2020

MAS has prescribed a list of permissible non-financial businesses to ensure banks are not engaging in “high-risk non-financial business that do not bring strategic value to its core banking business”.

AML / KYC

Lessons from Cryptoassets in the Fight Against Financial Crime

By David Carlisle | 01/12/2020

Elliptic’s David Carlisle and Onchain Custodian’s El Lee discuss opportunities for the banking and cryptoasset industries to learn from one another in the fight against financial crime.

ESG / Sustainability

Singapore Banks Get New Best Practice Code for Commodity Financing

By Editors | 01/12/2020

The Code was developed by an industry working group of 28 commodity financing banks in consultation with trading firms and with the support of regulators.

Fintech / Regtech

Lack of Electronic Solutions Hindering Capital Market Access: ASIFMA

By Editors | 30/11/2020

The report calls on government and regulators to facilitate greater use of e-signatures, virtual meetings, and other electronic solutions in Hong Kong and Singapore capital markets.

Fintech / Regtech

Singapore E-wallets to Gain Direct Access to FAST, PayNow

By Manesh Samtani | 30/11/2020

Consumers will be able to top-up their e-wallets directly through their bank accounts, rather than using a debit or credit card. Fund transfers between e-wallets will also be made possible.