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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
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.
Big Picture
Regulatory Initiatives to Address Culture & Conduct Risk in Banking
By Editors | 11/05/2020
In its latest annual Compendium, Starling draws on survey findings and commentary from regulators to identify ten culture and conduct trends in the banking sector.
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.
Market Infrastructure
DBS Prices Singapore’s First SORA-based Floating Rate Notes
By Editors | 06/05/2020
DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.
Securities / Derivatives
Singapore Allows Electronic Dissemination of Offer Documents
By Editors | 06/05/2020
Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.
Fintech / Regtech
SGX, AMTD Enter Partnership on Capital Markets Development
By Editors | 05/05/2020
The partnership will seek to promote Singapore’s capital market development, strengthen regional connectivity, support businesses, and explore the use of DLT in bond issuance.
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