Singapore

An overseas distribution company was defrauded of more than $646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore.

With the first interest rate swap transaction referencing the new Singapore Overnight Rate Average, the island state hopes to stay ahead of regional peers.

UOB and Element AI will develop fairness metrics for credit risk scoring; HSBC, IAG Firemark Labs and Gradient Institute will develop fairness metrics for customer marketing.

Subject to regulatory approval, 37 new futures and options contracts based on MSCI Asia and emerging markets indices will be launched in Hong Kong.

FIs will be allowed to reopen more customer service locations from 2 June. MAS will take action against FIs that fail to comply with safe management requirements.

The launch is heralded as a major milestone to deepen liquidity and catalyse the growth of the SORA market. StanChart was party to the first cleared derivatives trade referencing SORA.

MAS will regulate payment token derivatives offered by approved exchanges - i.e. SGX Derivatives, APEX, Ice Futures - but will not regulate such products offered by other entities.

Temasek's participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

As a goodwill gesture, SocGen will extend a one-off payment to investors who suffered losses trying to short-sell Singapore Airlines with daily leverage certificates.

Fintechs can apply for a one-time grant to cover daily working capital expenses, or for funding to cover proofs-of-concept developed with financial institutions on APIX.