singapore - Banking & Finance - News

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

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

Singapore rated Overall Compliant with International Standards on Exchange of Information

Singapore’s exchange of information upon request regime has been rated as compliant with international tax transparency standards, by the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”). This is the highest overall rating a jurisdiction can receive. The assessment is conducted through a p ...
Date: 25 October 2018; Type: Industry Updates; Source: Inland Revenue Authority of Singapore

Warning on Fraudulent Emails impersonating MAS

Singapore, Oct 6 - The Monetary Authority of Singapore (MAS) have warned the public of fraudulent emails purportedly sent from @mas.gov.sg email accounts with subject titles like “Fund Transmittal” and “Singapore Compliance Information”. The emails ask recipients to click on links or open attachments which con ...
Date: 06 October 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Guidelines to facilitate Provision of Digital Advisory Services

Singapore, Oct 8 - The Monetary Authority of Singapore (MAS) today issued the Guidelines on Provision of Digital Advisory Services, to facilitate the provision of these services in Singapore. The guidelines incorporate feedback from the public consultation as well as learning points from MAS’ engagements with the industry.
Date: 08 October 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes New “trade at close” Session for Securities Market

Singapore Exchange (SGX) is seeking public feedback on the proposed introduction of a new trading session for the securities market, the “trade at close” (TAC), which will take place after the closing auction routine ends.
Date: 21 September 2018; Type: Industry Updates; Source: Singapore Exchange

MAS outlines Enforcement Approach to deter, detect and investigate Breaches of Rules and Regulations

Singapore, Sept 24 - The Monetary Authority of Singapore (MAS) has published an Enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers. The monograph outlines how MAS’ Enforcement Department works together with t ...
Date: 24 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

USCFTC and MAS sign Arrangement to cooperate on FinTech Innovation

Singapore, Sept 13 (MAS) - The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is t ...
Date: 13 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

Proposed Changes to the Stamp Duties Act

The Ministry of Finance (MOF) have introduced the Stamp Duties (Amendment) Bill 2018 in Parliament on Monday.
Date: 06 August 2018; Type: Legal News; Source: Ministry of Finance

MAS directs Financial Institutions to tighten Customer Verification Process

Singapore, July 24 - The Monetary Authority of Singapore (MAS) has issued a circular to all financial institutions, directing them to tighten their customer verification processes. This follows the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed and stolen.
Date: 24 July 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Chan Seet Fun for Misappropriation of Client Monies

Singapore, 24 July 2018 - The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders against Ms Chan Seet Fun for the misappropriation of client monies.
Date: 24 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

Securities Industry Council consults on Amendments to Singapore Code on Take-Overs and Mergers

Singapore, July 19 - The Securities Industry Council (the Council) has proposed amendments to the Singapore Code on Take-overs and Mergers (the Code) to clarify the application of the Code provisions to companies with a dual class share structure (DCS companies) that have a primary listing on the Singapore Exchange.
Date: 19 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes to enhance Default Management Capabilities of Derivatives and Securities Clearing Houses

Singapore Exchange (“SGX”) is seeking public feedback on proposed amendments to the clearing rules of Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) and the Central Depository (Pte) Limited (“CDP”) (the “SGX-DC Clearing Rules” and the “CDP Clearing Rules” respectively) to enhan ...
Date: 19 July 2018; Type: Industry Updates; Source: Singapore Exchange

Strengthening AML and CFT Regulation for the Precious Stones and Metals Dealers Sector

The Ministry of Law (MinLaw) announced today that it will put in place a new anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory regime for precious stones and metals dealers (PSMDs) in Singapore. Under the new regime, PSMDs will be required to identify, assess and understand the money laundering and terrorism finan ...
Date: 17 July 2018; Type: Legal News; Source: Ministry of Law

Legislative Changes relating to AGMs and ARs timelines will take effect on 31 August

As part of on-going efforts to keep Singapore business friendly and competitive, legislative changes to the Companies (Amendment) Act 2017 that will reduce the regulatory burden for companies will take effect on 31 Aug 2018.
Date: 16 July 2018; Type: Legal News; Source: Accounting and Corporate Regulatory Authority

SGX proposes to recalibrate Financial and Capital Requirements of Bank and Remote Members

Singapore Exchange (SGX) have sought feedback on proposed recalibrations of the financial and capital requirements of Remote Clearing Members, Remote Trading Members, Bank Clearing Members and Bank Trading Members (“RCMs”, “RTMs”, “BCMs” and “BTMs” respectively).
Date: 05 July 2018; Type: Industry Updates; Source: Singapore Exchange

CAD and MAS warn Investors about trading on unregulated Online Platforms

Singapore, 31 May 2018 - The Commercial Affairs Department (CAD) of the Singapore Police Force and Monetary Authority of Singapore (MAS) advise the public to exercise extreme caution when dealing with unregulated online trading platforms.
Date: 31 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Statement of Commitment to the FX Global Code

Singapore, May 28 - The Monetary Authority of Singapore (MAS) today issued a statement affirming its commitment to the Foreign Exchange Global Code (Code) developed by the Bank for International Settlements (BIS). MAS will adhere to the principles of the Code when acting as a market participant and ensure that its internal practices and processes a ...
Date: 28 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Appeal Court hears Case of Couple sentenced to 10 Years Imprisonment

The Appeal Court heard on Monday, the case of a couple sentenced to 10 years imprisonment for the murder of a woman in June 2016.

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INDUSTRY UPDATES

Union leaders Set to Appeal

All six union leaders convicted for their roles in the 2013 Veng Sreng Boulevard protests plan to bring their case to the Appeal Court, spurred on by Prime Minister Hun Sen’s assertion that three of the six men were not involved in the violent protests.

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DSI holds Cyber Crime Seminar, proposes Cyber Security Bill

BANGKOK, Dec 18 (NNT) - Thailand's Department of Special Investigation (DSI) has organized a seminar on cyber security, while proposing a national cyber security bill.

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INDUSTRY UPDATES

Min of Labor's five NY Gifts

BANGKOK, Dec 17 (NNT) - The Ministry of Labor has introduced five measures in support of employers and employees alike, calling them New Year’s gifts to the people.

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INDUSTRY UPDATES

SC to decide on Bangsamoro Law's Constitutionality

MANILA, Dec 18 (PNA) - Malacañang said Tuesday it will let the Supreme Court (SC) decide on the constitutionality of the Bangsamoro Organic Law (BOL) after a group of framers of the 1987 Constitution asked the high court to declare it unconstitutional and void.

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INDUSTRY UPDATES

Organizations appeal against Withdrawal of Trade Favour by the EU

In a joint statement released yesterday, businesses and trade unions appealed against the withdrawal of the European Union’s Generalised Scheme of Preferences (GSP) currently enjoyed by Myanmar.

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INDUSTRY UPDATES

Laos, Luxembourg review Rule of Law and Legal Education Programmes

Government officials met with representatives of the Luxembourg government in Vientiane yesterday to review the progress of the LAO-031-Legal Teaching and Training and Promotion of the Rule of Law Concept project and make plans for the year ahead.

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INDUSTRY UPDATES

Najib's Legal Team' fail to get Letter of Appointment of Lead Prosecutor

KUALA LUMPUR, Dec 18 (Bernama) - The defence team in former prime minister Datuk Seri Najib Tun Razak’s SRC International Sdn Bhd case has failed to get the letter of authorisation (fiat) on the appointment of lead prosecutor Datuk Sulaiman Abdullah after the High Court here today ruled that there was no legal requirement for the prosecution to do so.

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INDUSTRY UPDATES

SMEs are ‘Engine of Economy’

The Ministry of Commerce declared on Saturday that it will solve market issues hindering the development of Cambodia’s Small- and Medium-sized Enterprises (SME). But the announcement was met with scepticism by business owners in the Kingdom.

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INDUSTRY UPDATES

Land Bank, TFBL ink Deal on Loan Program for Rebel Surrenderers

MANILA, Dec 17 (PNA) - In line with the ongoing efforts to reintegrate former rebels (FRs) and their families to mainstream society, Task Force Balik-Loob (TFBL) and Land Bank of the Philippines (LBP) signed a Memorandum of Agreement (MOA) last Dec. 13 for the facilitation of loans to the former as part of the government's Enhanced Comprehensive Local Integration Program (E-CLIP).

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INDUSTRY UPDATES

Prosecution to apply to Transfer Case of Businessman who offered Bribe to Tengku Adnan to High Court

KUALA LUMPUR, Dec 17 (Bernama) - The prosecution in the case of a businessman charged with giving bribe of RM1 million to former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor will file an application to transfer the case, which is at the Sessions Court, to the High Court here.

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INDUSTRY UPDATES

Seminar talks Human Rights Promotion

Hanoi, Dec 14 (VNA) - The Universal Declaration of Human Rights, a milestone document in the history of human rights adopted by the United Nations General Assembly in 1948, remains relevant today, heard a seminar in Hanoi on December 14.

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INDUSTRY UPDATES

International Judicial Cooperation in Criminal Asset Recovery discussed

Hanoi, Dec 13 (VNA) - International judicial cooperation in criminal asset recovery was the main topic of a workshop held in Hanoi on December 13.

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INDUSTRY UPDATES

Supreme Courts of Vietnam, Laos, Cambodia bolster Cooperation

The supreme courts of Vietnam, Laos and Cambodia have agreed to strengthen bonds in the combat against criminals and the settlement of trans-border civil cases.

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INDUSTRY UPDATES

Indonesia, Vietnam commemorate 63 Year of Bilateral Relations

Jakarta, Dec 16 (ANTARA News) - Indonesia and Vietnam are commemorating 63 years of bilateral relations through fashion diplomacy at the 2018 International Fashion Fair in Vietnam, as stated in a statement from the Indonesian Embassy in Hanoi received by ANTARA here Sunday.

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INDUSTRY UPDATES

Complaint against New Chief Justice to be reviewed

The Yangon regional parliament will review a complaint against new Yangon Chief Justice U Hla Aye, whose nomination was confirmed on Wednesday, a regional lawmaker said.

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INDUSTRY UPDATES

Police Officer in Court to answer Charges on Unnatural Sex

KANGAR, Dec 13 (Bernama) - A senior police officer with the rank of Superintendent today was charged in the Sessions Court here for two counts of molestation and two charges of unnatural sex against two women, last year.

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INDUSTRY UPDATES

Pushing SMEs, enhancing Bank's Role, Main Goal of New SME Bank CEO

KUALA LUMPUR, Dec 16 (Bernama) - Pushing small and medium enterprises (SMEs) to strive further and to enhance SME Bank Malaysia Bhd ’s role in providing financial assistance to targeted SMEs is the main goal of its newly-appointed Chief Executive Officer Aria Putera Ismail.

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