singapore - Banking & Finance

MOF invites Feedback on Budget 2019

The Ministry of Finance is seeking views and suggestions from Singaporeans in preparation for Budget 2019 from 3 December 2018. The public can visit the REACH Budget 2019 microsite (www.reach.gov.sg/budget2019) to submit their views. The six-week feedback exercise will conclude on 11 January 2019.
Date: 02 December 2018; Type: Press Release; Source: Ministry of Finance

Banking (Amendment) Act 2016 (Commencement) Notification 2018

The is to notify that except for sections 12(2) and 13(2) of the Banking (Amendment) Act 2016, the Act comes into operation on 30 November 2018.
Date: 26 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 773; Source: Singapore Statutes Online

Hup Seng Lee Pte Ltd v Jaclyn Patrina Reutens

Credit and Security - Performance bond

Date: 16 November 2018; Court: High Court; Citation: [2018] SGHC 249; Source: Singapore Law Watch

First Singapore Trial involving bitcoin Starts

The trial for Singapore's first legal dispute involving the cryptocurrency bitcoin started yesterday, with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed - leading to proceeds being deducted without authorisation.
Date: 22 November 2018; Type: Legal News; Source: Singapore Law Watch

New Regulatory Framework to enhance Payment Services in Singapore

SINGAPORE, Nov 19 - The Monetary Authority of Singapore (MAS) has finalised the new regulatory framework for payment services in Singapore. The Payment Services Bill (the “Bill”) will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.
Date: 19 November 2018; Type: Legal News; Source: Monetary Authority of Singapore

New Rules for Housing Developers to prevent Money Laundering

Housing developers will bear more responsibilities and duties to prevent money laundering and terrorism financing from happening in the real estate sector under a Bill passed in Parliament yesterday.
Date: 21 November 2018; Type: Legal News; Source: Singapore Law Watch

Currency (Amendment) Bill

This Bill seeks to amend the Currency Act in order to establish new limits to the amounts to which coins of a particular denomination are legal tender and to provide certain exceptions to the offense of mutilation, destruction of currency notes. The Bill also makes related amendments to the Private Security Industry Act.
Date: 20 November 2018; Type: Federal Bill; Citation: Bill No. 53/2018; Source: Singapore Statutes Online

Banking (Exemption from Sections 15A and 15B) (No. 2) Order 2018

This Order comes into operation on 20 November 2018.
Date: 19 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 761; Source: Singapore Statutes Online

Payment Services Bill

This Bill seeks to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. The Bill also repeals the Money‑changing and Remittance Businesses Act and the Payment Systems (Oversight) Act, and makes consequential and related amendments to certain other Acts.
Date: 19 November 2018; Type: Federal Bill; Citation: Bill No. 48/2018; Source: Singapore Statutes Online

Response to Feedback Received on the Proposed Payment Services Bill

The Monetary Authority of Singapore (MAS) had proposed to combine the current regulatory frameworks relating to the Payment Systems (Oversight) Act and the Money-changing and Remittance Businesses Act, into a single activity-based framework in the Payment Services Bill (PSB). The consultation period closed on 8 January 2018. MAS will incorporate th ...
Date: 19 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

New Moneylending Regulations to Better Protect Borrowers to Come into Force on 30 Nov 2018

The Ministry of Law seeks to provide better protection for borrowers and strengthen the regulation of licensed moneylenders by implementing the first phase of the Moneylenders (Amendment) Act 2018 and Moneylenders (Amendment) Rules 2018 from 30 November 2018.
Date: 16 November 2018; Type: Press Release; Source: Ministry of Law

Moneylenders (Amendment) Act 2018 (Commencement) Notification 2018

This is to notify that Sections 2, 3(1)(a) and (b), 4(1)(b), 5(b), 7(1), 8, 9(1), 10(1), 11 to 16, 18(1), 19 and 20(1) to (5) and (7) of the Moneylenders (Amendment) Act 2018 come into operation on 30 November 2018.
Date: 16 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 754; Source: Singapore Statutes Online

Moneylenders (Amendment) Rules 2018

These Rules come into operation on 30 November 2018.
Date: 16 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 755; Source: Singapore Statutes Online

Moneylenders (Composition of Offences) (Amendment) Rules 2018

These Rules come into operation on 30 November 2018.
Date: 16 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 756; Source: Singapore Statutes Online

MAS proposes New Regulatory Sandbox with Fast-Track Approvals

Singapore, Nov 14 - The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of pre-defined sandboxes, known as Sandbox Express, to complement the existing FinTech Regulatory Sandbox that was launched in 2016. The aim is to enable firms which intend to conduct regulated activities to embark on experiments more qui ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Key Agreements concluded to enhance Regulatory Cooperation, launch of China Bond Index, and Cross-border Payments Tie-up

Singapore, Nov 14 - In a landmark year for financial cooperation between China and Singapore, four milestone agreements were concluded this week between financial regulators and between Financial Institutions (FIs) from both countries. The exchange of regulatory agreements was witnessed by Chinese Premier Li Keqiang and Singapore Prime Minister Lee ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS to place up to US$5 Billion with Private Equity and Infrastructure Fund Managers

Singapore, Nov 13 - The Monetary Authority of Singapore (MAS) has announced that they have taken initiatives to enhance private markets financing channels, including a programme to place up to US$5 billion for management with Private Equity (PE) and infrastructure fund managers.
Date: 13 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Response to Feedback Received on Proposed Amendments to Widen the Scope of Eligible Collateral in MAS Notice 637

The Monetary Authority of Singapore (MAS) issued a consultation paper on the proposed amendments to MAS Notice 637 on Risk-based Capital Adequacy Requirements for Banks Incorporated in Singapore to widen the scope of eligible collateral relating to commodities and equity securities that may be recognised for credit risk mitigation pu ...
Date: 13 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

Principles to promote FEAT in the use of Artificial Intelligence and Data Analytics in Singapore’s Financial Sector

This document sets out generally accepted Principles for firms to consider when assessing existing or developing new internal frameworks to govern the use of Artificial Intelligence and Data Analytics (AIDA).
Date: 12 November 2018; Type: Guideline; Source: Monetary Authority of Singapore

Response to Feedback Received on Proposed Regulatory Capital Treatment of Banks’ Holdings of TLAC Liabilities in MAS Notice 637

The Monetary Authority of Singapore (MAS) issued a consultation paper on the proposed regulatory capital treatment of banks' holdings of Total Loss-Absorbing Capacity (TLAC) liabilities in MAS Notice 637 on Risk-based Capital Adequacy Requirements for Banks Incorporated in Singapore. The consultation closed on 9 May 2018. MAS will incorpo ...
Date: 13 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.

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ASEAN launches Safe Migration Campaign

Jakarta, Dec 12 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN) has launched a safe migration campaign to increase public awareness of the advantages of employing migrant workers.

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INDUSTRY UPDATES

Nation celebrates Universal Declaration of Human Rights

Government agencies and diplomatic and international organisation representatives gathered in Vientiane to mark the 70th anniversary of the Universal Declaration of Human Rights and its lasting impact, which was supported by the United Nations, European Union and Australia.

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INDUSTRY UPDATES

SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

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INDUSTRY UPDATES

MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

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INDUSTRY UPDATES

MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

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INDUSTRY UPDATES

Unions request Government to set Workers’ Minimum Wage

Unions have asked the government to set the minimum wage for the construction and service sectors and to solve the five other major problems facing them, a statement released on International Human Rights Day on Monday said.

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INDUSTRY UPDATES

Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

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INDUSTRY UPDATES

Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

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Vietnam, Laos boost Judicial Cooperation

Hanoi, Dec 10 (VNA) - Vietnamese Minister of Justice Le Thanh Long and his Lao counterpart Xaysi Santivong agreed to work closely together to launch a bilateral cooperation programme for 2019, during their talks in Hanoi on December 10.

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INDUSTRY UPDATES

Nation marks Constitution Day

BANGKOK, 10th December 2018 (NNT) - Today marks National Constitution Day, observing the importance of the administrative document and celebrating its 20 incarnations throughout the democratic history of Thailand.

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INDUSTRY UPDATES

Court has Final Say on Trillanes' Travel Abroad: DOJ

MANILA, Dec 10 (PNA) - Justice Secretary Menardo Guevarra on Monday said the Bureau of Immigration (BI) will not prevent Senator Antonio Trillanes IV from traveling abroad if no travel ban is handed down by the courts against him.

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Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

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INDUSTRY UPDATES

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

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INDUSTRY UPDATES

DFA holds first ever Gender and Development Assembly

MAKATI, Dec 6- As part of the Department of Foreign Affairs’ (DFA) programs to continually mainstreaming gender and development (GAD) policies in its programs and activities, it hosted the agency’s first ever Gender and Development (GAD) Assembly at the Makati Diamond Residences on 06 to 08 November 2018.

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INDUSTRY UPDATES

Vietnam, Cambodia PMs attend Business Forum

Vietnam and Cambodia could make their two-way trade value at US$7-8 billion by 2020 as they have established sound cooperation across sectors and their governments have regularly taken measures to remove difficulties for businesses, Prime Minister Nguyen Xuan Phuc said.

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INDUSTRY UPDATES

Cambodia, Laos set to boost Bilateral Trade

Cambodia and Laos have pledged to boost trade and investment across their border, while trade volume between the two countries last year was just over $27 million, according to the Cambodian Ministry of Commerce.

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INDUSTRY UPDATES

Revenue Department says it does not collect Higher Tax from Online Merchants

BANGKOK, Dec 8 (NNT) - The Revenue Department has insisted that the Revenue Code Amendment Act draft is not intended to make online merchants pay more tax but to analyze the behavior of taxpayers.

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