singapore - Banking & Finance - News

MAS reminds Financial Institutions to stay Vigilant against Cyber Security Threats

Singapore, Apr 6 - The Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions to remain vigilant, following recent reports of cyber incidents overseas where attackers attempted fraudulent fund transfers using the SWIFT system.
Date: 06 April 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

SGX flags Possible breaches at YuuZoo, issues Second Notice

The Singapore Exchange has handed a second notice of compliance to YuuZoo Corp, after a draft report from their independent reviewer showed that the company has not given them necessary access to information and data.
Date: 03 April 2018; Type: Industry Updates; Source: Singapore Law Watch

MAS and CAD to Jointly Investigate All Capital Markets and Financial Advisory Offences

Singapore, Mar 13 - The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force announced today that they will extend the Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA). This will allow for greater efficiency a ...
Date: 13 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS and Bank of Lithuania strengthen Cooperation in FinTech

Mar 14 - The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to work together to support the development of the FinTech ecosystems and encourage greater financial innovation in the two countries. The FinTech Co-operation Agreement between the two countries was signed on the sidelines of the Money 20/20 Asia conferen ...
Date: 14 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

Closer FinTech Cooperation between Maharashtra State and Singapore

Maharashtra, 26 February 2018 - The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM) signed a Memorandum of Understanding (MoU) on 18 February 2018 to strengthen cooperation in promoting FinTech innovation in the two markets. The MoU was signed at a ceremony at the Magnetic Maharashtra event in India.
Date: 26 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS Consults on Regulations to require OTC Derivatives to be traded on Organized Markets

Singapore, Feb 21 - The Monetary Authority of Singapore (MAS) issued for consultation today proposed regulations to require the trading of Over-The-Counter (OTC) derivatives on organised markets, to help improve market transparency. This requirement will complete MAS’ implementation of the G20 OTC derivatives reforms.
Date: 21 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

Buyer's Stamp Duty (BSD) Rate to be raised, on the Value of Residential Property in excess of of $1 Million

The Minister for Finance announced in the 2018 Budget Speech that the top marginal Buyer’s Stamp Duty (BSD) rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised BSD rates will apply to all residential properties acquired on or after 20 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

Budget 2018: Together, a Better Future

Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament on Mon, 19 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

SGX proposes Updates to Rules on Mineral, Oil and Gas Companies for Greater Relevance and Alignment

Singapore Exchange (SGX) is proposing changes to the Mainboard and Catalist Listing Rules for Mineral, Oil and Gas (MOG) companies so that they remain aligned with industry developments.
Date: 31 January 2018; Type: Legal News; Source: Singapore Exchange

Second Conviction for Market Misconduct under the Joint Investigations Arrangement with the Commercial Affairs Department

Singapore, Jan 22 - Mok Piak Liang (Mok) was sentenced to four months’ imprisonment on 19 January 2018 as a result of a conviction arising from a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force. The State Courts of Singapore convicted Mok for ...
Date: 22 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

Moneylenders (Amendment) Bill 2018 to Support Safer Access to Credit for Borrowers

Parliament has passed the Moneylenders (Amendment) Bill. It supports safer access to credit by providing better protection for borrowers, strengthening the regulation of licensed moneylenders and professionalizing the moneylending industry.
Date: 08 January 2018; Type: Legal News; Source: Ministry of Law

Singapore’s Laws do not make any Distinction between Transactions effected by Different Type of Currencies, says Deputy Prime Minister

When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value, said the Deputy Prime Minister and Minister in charge of MAS while answering a question in Parliament.
Date: 08 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

2018 Budget Statement to be delivered on 19 February 2018

Singapore’s FY2018 Budget Statement will be delivered by the Minister for Finance, Mr Heng Swee Keat, on Monday, 19 February 2018 in Parliament.
Date: 01 December 2017; Type: Legal News; Source: Ministry of Finance

MAS issues Prohibition Orders against Dennis Tey Thean Yang for Unauthorized Trading and Fraud

Singapore, Dec 21 - The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Tey Thean Yang Dennis. Mr Tey will be prohibited for a period of 5 years from:
Date: 21 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Mr Yeo Jiawei and Mr Kevin Scully

Singapore, Dec 19 - The Monetary Authority of Singapore (MAS) has issued a lifetime Prohibition Order (PO) against Mr Yeo Jiawei and a 3-year PO against Mr Kevin Scully. Both POs take effect from 18 December 2017. MAS had earlier served notices of intention to issue POs against Mr Yeo and Mr Scully in October and May 2017 respectively.
Date: 19 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

New Measure to help Individuals manage Unsecured Debts

Singapore, Dec 15 - The Monetary Authority of Singapore (MAS) has announced a new measure to help borrowers avoid accumulating excessive unsecured debts.
Date: 15 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

SGX, ABS, ISCA, Law Society and SID jointly launch Guide on Prevention of Insider Trading

Singapore Exchange (“SGX”), together with the Association of Banks in Singapore (ABS), the Institute of Singapore Chartered Accountants (ISCA), the Law Society of Singapore and the Singapore Institute of Directors (SID), is launching a guide on the prevention of insider trading.
Date: 05 December 2017; Type: Legal News; Source: Singapore Exchange

Proposed Framework to strengthen the Process of determining of SGS and MAS Bills Closing Prices

Singapore, Dec 1 - The Monetary Authority of Singapore (MAS) today published a consultation paper proposing a framework to strengthen the process of determining Singapore Government Securities (SGS) and MAS Bills end-of-day prices (Closing Prices). This is in line with MAS’ broader efforts to enhance the integrity of the processes for setting ...
Date: 01 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

Errant Licensed Moneylender, Tan Kim Wah Steven, fined $187,500

The charges were brought by the Registry of Moneylenders, a department under the Ministry of Law, against Tan Kim Wah Steven, the sole director and shareholder of the moneylending company, WST Credit Pte Ltd
Date: 21 November 2017; Type: Legal News; Source: Ministry of Law

INDUSTRY UPDATES

CCCS clears Proposed Merger between Essilor and Luxottica

The Competition and Consumer Commission of Singapore (“CCCS”) has issued a clearance decision on the proposed merger between Essilor International (Compagnie Generale d’Optique) S.A (“Essilor”) and Luxottica Group, S.p.A. (“Luxottica”) (collectively “Parties”). CCCS has concluded that the merger, if carried into effect, will not infringe the section 54 prohibition of the Competition Act (Cap. 50B).

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INDUSTRY UPDATES

House and Senate successfully hold “Sports Dual Meet 2018”

The House of Representatives and the Senate on Thursday successfully held their second congressional sports invitational tournament dubbed “Sports Dual Meet 2018” at the House Sports Complex in Batasan Hills, Quezon City.

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INDUSTRY UPDATES

President Joko Widodo to attend ASEAN Summit in Singapore

Jakarta Apr 20 (ANTARA News) - President Joko Widodo will attend the the 32nd Association of Southeast Asian Nations (ASEAN) Summit in Singapore on April 27-28, 2018.

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INDUSTRY UPDATES

Police probes Facebook over Data Privacy Violation

Jakarta, Apr 19 (ANTARA News) - The National Police is currently investigating third-party applications on Facebook that have allegedly violated the data privacy of users, an official stated here on Thursday.

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INDUSTRY UPDATES

Lawyer claims Trial to CBT of more than RM100,000

GEORGE TOWN, Apr 20 (Bernama) - A lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving more than RM100,000.

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INDUSTRY UPDATES

IRBM confirms having issued Letters to International Schools

KUALA LUMPUR, Apr 19 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today confirmed that it had recently issued letters to the management of several international schools, here.

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INDUSTRY UPDATES

Role of In-house Lawyers must evolve, says Judge

In an event that unveiled a study of local general counsel by the Singapore Corporate Counsel Association and global law firm CMS, Judge of Appeal Steven Chong has given in-house counsel several pointers on what they need to do in their evolving role.

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INDUSTRY UPDATES

Passenger-Facing Cameras: encrypt Recordings and restrict Access

The new rule that allows the cab and private-hire car drivers to install infacing cameras should not threaten the passenger privacy according to customer feedback.

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INDUSTRY UPDATES

Cabinet confirms Appointment of New Permanent Secretary of Finance

BANGKOK, Apr 18 (NNT) - The Cabinet has officially confirmed the appointment of the new Permanent Secretary of the Finance Ministry.

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INDUSTRY UPDATES

Thailand preparing to host 12th ASEAN Skills Competition

BANGKOK, Apr 18 (NNT) - Thailand is making preparations to host the 12th ASEAN Skills Competition, the objective of which is to urge adolescents and workers in the region to be enthusiastic about developing their skills in line with new technology.

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INDUSTRY UPDATES

Government pardons nearly 8500 Prisoners, including Student Activists’ Killer

The Presidential Office announced on Tuesday that 8541 prisoners, including 51 foreigners, were released from prisons across the country.

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INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

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INDUSTRY UPDATES

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

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INDUSTRY UPDATES

Illegal OFWs in Kuwait have until Thursday to avail of Amnesty Program

KUWAIT, Apr 18 (PNA) - Philippine Ambassador to Kuwait Renato Villa has announced that the Kuwaiti Department of Immigration under the Ministry of Interior has officially declared Thursday (April 19) as the last day for Filipinos to file their application for the amnesty program set to expire on April 22.

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INDUSTRY UPDATES

Indonesia, Vietnam discuss Cooperation in Fisheries and Maritime Affairs

Jakarta Apr 18 (ANTARA News) - Indonesian Foreign Minister Retno Marsudi discussed cooperation in maritime affairs and fisheries with her Vietnamese counterpart, Pham Bihn Mihn, during the third joint commission meeting between the two countries.

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