Singapore's three largest banks will face greater asset risks and stagnation of net interest margins in 2019, making it a difficult year ahead for profitability, according to Moody's Investors Service.
Singapore and EU-based firms will be able to trade derivatives on approved platforms based in either jurisdiction following proposed equivalence decisions by both regulators.
MAS places emphasis on conduct and individual accountability in its supervisory approach, using data analytics to help identify unusual trends and flag outliers among fund managers.
MAS has announced the formation of a new industry-led advisory committee, the CGAC, which will identify corporate governance risks and work to improve Singapore's CG Code.
Among the amendments are proposals to expand the grounds for which MAS can revoke a bank licence, and expanded circumstances for auditors to report on a bank's financial soundness.
The proposals will expand MAS' powers to impose requirements on banks' and merchant banks' outsourcing arrangements, regardless of where outsourced functions are performed.
Only 6% of global cyber insurance premiums come from APAC, said MAS division head Elean Chin at the launch of a new report which reveals the inadequacy of cyber risk preparedness.
The MAS is allowing an extra six months for compliance with its e-payments user protection guidelines, following requests from banks for more time to implement system changes.
SGX's adoption of SWIFT's CSD Community Offering for financial messaging is expected to reduce messaging costs by 50% for smaller market participants.
The law represents a framework to streamline payment services regulation in Singapore under a single legislation and bring payment activities under the remit of the MAS.