singapore - Banking & Finance - News

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

New MAS Rules on Reporting Short Positions to kick in on October 1

Investors with short positions above a certain threshold will soon have to report them to the Monetary Authority of Singapore (MAS), and not just the bourse operator.
Date: 29 May 2018; Type: Legal News; Source: Singapore Law Watch

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

Licensed Moneylending Director, Teh Chee Wee, fined $6,800 for Breaches of Moneylending Laws

The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 18 December 2017 against Teh Chee Wee (郑 志 威), 42 years old, the director of the moneylending company, RTG Credit (S) Pte Ltd.
Date: 23 May 2018; Type: Legal News; Source: Ministry of Law

Warning on Fraudulent Email and Website impersonating MAS

Singapore, May 24 - The Monetary Authority of Singapore (MAS) have alerted the public to fraudulent emails impersonating MAS that attempt to get recipients to divulge their bank account IDs and passwords. Members of the public are advised not to click on the links in these emails or divulge any personal information including login IDs or passwords.
Date: 24 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS warns Digital Token Exchanges and ICO Issuer

Singapore, May 24 - The Monetary Authority of Singapore (MAS) has warned eight digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation. It also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in Singapore.
Date: 24 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

The Fifth Asian Monetary Policy Forum discusses Regional Economic and Financial Issues

Singapore, May 25 - The Asian Monetary Policy Forum (AMPF) convenes today at the Shangri-La Hotel for the fifth consecutive year. Held in conjunction with the annual conference of the Asian Bureau of Finance and Economic Research (ABFER) that took place from 21-24 May 2018, the Forum is co-organised and funded by the University of Chicago Booth Sch ...
Date: 25 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Invitation for Proposals to pilot New Business Models for Moneylending

The Ministry of Law (MinLaw) today issued an invitation for proposals to pilot new business models for moneylending. The objective of the Pilot is to better protect borrowers through business-led improvements in the moneylending industry.
Date: 11 May 2018; Type: Legal News; Source: Ministry of Law

Civil Penalty Action taken against Kunye Tagi for Insider Trading

Singapore, May 11 - Following a joint investigation by the CAD and MAS, civil penalty action has been taken against Ms Kunye Tagi for insider trading in the shares of Genting Singapore PLC (Genting).
Date: 11 May 2018; Type: Legal News; Source: Monetary Authority of Singapore

Launch of ACRA’s New e-Appointment Service from 1 June 2018

From 1 June 2018, customers visiting ACRA for business registration matters will need to first book an appointment through the ACRA website. Customers can look forward to being served more promptly by pre-booking appointment slots. Walk-in customers with no appointment may be scheduled to visit on another day.
Date: 27 April 2018; Type: Industry Updates; Source: Accounting and Corporate Regulatory Authority

MAS to strengthen Individual Accountability of Senior Managers in Financial Institutions

Singapore, Apr 26 - The Monetary Authority of Singapore (MAS) has proposed guidelines to strengthen individual accountability of senior managers and raise standards of conduct in Financial Institutions (FIs). The guidelines are a key part of MAS’ broader efforts to foster a culture of ethical behaviour and responsible risk-taking in the finan ...
Date: 26 April 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Singapore and Viet Nam enhance Cooperation in Financial Innovation and Banking Supervision

Singapore, Apr 25 - The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed today to establish a new partnership to encourage FinTech innovation and to strengthen cooperation in banking supervision.
Date: 25 April 2018; Type: Legal News; Source: Monetary Authority of Singapore

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

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

INDUSTRY UPDATES

Government under rising pressure to correctly tax Ride-Hailing Companies

Since June 13, ride hailing companies operating in Yangon have been obliged to pay income and commercial tax to the Yangon government under the law, U Myint Thaung, regional minister of Planning and Finance said in parliament.

Read More

INDUSTRY UPDATES

PM Prayut: Death Penalty is Legitimate and most People agree

BANGKOK, June 20 (NNT) - The Prime Minister, Gen. Prayut Chan-o-cha, has voiced support for the execution of convicted murderers.

Read More

INDUSTRY UPDATES

Government welcomes Opinions about Implementation of Thailand 4.0 Policy

BANGKOK, June 19 (NNT) - The government continues efforts to implement the Thailand 4.0 policy while welcoming opinions from all sides on helping to achieve its goal.

Read More

INDUSTRY UPDATES

On World Refugee Day, De Lima files Bill to protect Refugees and Stateless Persons

In observance of World Refugee Day, Opposition Senator Leila M. de Lima today filed a measure seeking to promote and protect the rights of refugees and stateless persons in the country and prescribe a fair procedure for their status determination and eligibility.

Read More

INDUSTRY UPDATES

MoF invites Feedback on proposed changes to the Income Tax Act

The Ministry of Finance have invited interested parties to provide feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018.

Read More

INDUSTRY UPDATES

Labor Ministry aims to find Jobs for 100,000 Unemployed Graduates

BANGKOK, June 19 (NNT) - The Labor Minister, Pol. Gen. Adul Sangsingkeo, said the Ministry of Labor aims to find jobs for about 100,000 unemployed graduates within three months.

Read More

INDUSTRY UPDATES

Ex-President Aquino sued over DAP Mess

MANILA, June 20 (PNA) - Ombudsman Conchita Carpio Morales has indicted former President Benigno Simeon Aquino III for usurpation of legislative powers in connection with the alleged anomalous Disbursement Acceleration Program (DAP).

Read More

INDUSTRY UPDATES

Duterte appoints CA, Sandiganbayan Associate Justices

MANILA, June 20 (PNA) - President Rodrigo R. Duterte has appointed new associate justices at the Court of Appeals (CA) and Sandiganbayan. Duterte appointed Emily Aliño-Geluz as CA Associate Justice and Georgina Dumpit Hidalgo as Sandiganbayan Associate Justice.

Read More

INDUSTRY UPDATES

Panelo on Sereno ouster: ‘The Law may be harsh, but it is the Law’

MANILA, June 20 (PNA) - “The law may be harsh, but it is the law.” Chief Presidential Legal Counsel Salvador Panelo made this remark following the Supreme Court’s decision affirming the quo warranto petition, which ousted Ma. Lourdes Sereno as Chief Justice.

Read More

INDUSTRY UPDATES

Carpio to decline Nominations as Next CJ

MANILA, June 20 (PNA) - Acting Chief Justice Antonio Carpio on Wednesday said he would decline all nominations for the top judiciary post, stressing that he doesn't want to benefit from the quo warranto petition which ousted Chief Justice Ma. Lourdes Sereno.

Read More

INDUSTRY UPDATES

SC begins Oral Arguments on Same-Sex Marriage

MANILA, June 20 (PNA) - The Supreme Court (SC) on Tuesday started the oral argument on the petition filed last May 2015 challenging the validity of provisions of the Family Code limiting marriage to heterosexual couples.

Read More

INDUSTRY UPDATES

PCC to draft List of Fair Competition Violators

MANILA, June 20 (PNA) - The Philippine Competition Commission (PCC) announced that it will soon generate a list of industries within the manufacturing sector that violate laws on fair competition.

Read More

INDUSTRY UPDATES

Government announces New MIC Appointments, U Thaung Tun as New Chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC).

Read More

INDUSTRY UPDATES

Laos, Vietnam strengthen Digital Cooperation

Laos and Vietnam have agreed to cooperate in the field of digital information technology after reaching an agreement in Vientiane on Tuesday at the Lao Blockchain Forum.

Read More

INDUSTRY UPDATES

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

Read More