SGX is exploring how new technologies can further add value for customers and improve operations, while its regulatory arm seeks a stronger presence and oversight.
The APAC RegTech Network was established by the regtech committees of the fintech associations of Hong Kong, Japan and Singapore in May.
The new electronic platform enables banks to obtain and reference data derived from trade permits issued by Singapore Customs to augment their trade finance compliance checks.
The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.
Collecting data in a machine-readable format will increase efficiency by removing the need for manual processes and reducing the risk of human errors, MAS says in a consultation paper.
The new ASEAN hub will generate valuable know-how for ESG reporting and sustainable finance, and contribute to Singapore's development as a financial centre, says SGX CEO Tan Boon Gin.
Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.
Singapore's banking body and foreign exchange market committee have identified SORA as “the most robust and suitable” alternative interest rate benchmark to SOR.
Successful applicants will be announced in mid-2020, with the expectation that they meet MAS requirements and commence business by mid-2021.
In a review of collateral management standards and practices banks use when lending to corporates, MAS has identified four key areas that need improvement.
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