Singapore

The framework and toolkit allow FinTechs to benchmark themselves against minimum standards on outsourcing, technology risk, and cyber hygiene, helping to fast-track onboarding with FIs.

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

ESMA has clarified its application of post-trade transparency requirements and the position limits regime to third-country trading venues.

Singapore authorities, with the support of banks, have announced a package of measures that will help landlords with existing loan commitments and cashflow needs.

MAS will reportedly interview digital bank applicants to understand the changes in their strategy as a result of Covid-19, including any impacts on their funding and profitability plans.

Water treatment firm Hyflux entered the limelight in 2018 when it tried to restructure nearly S$3bn in debt. The company is suspected of breaching disclosure and accounting rules.

SGX has observed greater synchronisation and correlation between the price of futures and the underlying stocks, indicating growing institutional participation across both markets.