Singapore

Margin rates will be differentiated based on different risk profiles of securities. Margin offsets will be introduced to account for diversification effects. Anti-procyclicality measures will be enhanced.

Under the ‘Ubin+’ initiative, MAS will develop technical standards, infrastructure, and policy guidelines to support atomic settlement of FX transactions using CBDCs.

The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.

MAS proposes that financial institutions collectively cease the issuance of new cheque books to all corporates by end-2024.

Banker’s guarantees and insurance bonds historically took a few days to issue. The new digital service enables issuance and delivery to government agencies within a day.

Paxos provides has its own stablecoin (USDP) and provides infrastructure for Binance Coin. Circle is the issuer of stablecoins USD Coin and Euro Coin.

Project Mariana involves the Eurosystem, Singapore and Switzerland BIS Innovation Hub Centres, together with the Bank of France, MAS and Swiss National Bank.

DBS, JP Morgan and SBI Digital Asset completed the pilot. Two other pilots are being launched by StanChart, HSBC, UOB and Marketnode.

SGFinDex users can now digitally access and aggregate information on life, accident and health insurance policies held across different participating insurers.

A number of Singapore-China initiatives were announced this week, including plans by SGX, SSE and SZSE to launch a Low Carbon Index Family by year-end.