Singapore

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.

The SGX and PSE are working on developing new equity index derivatives for listing in the Philippines to offer a more diverse product line to international investors.

The Grant for Equity Market Singapore, or GEMS, will launch in February, offering funding to facilitate SGX listings and develop the local equity research ecosystem.

The newly renamed Banking and Financial Services Union aims to help professionals stay relevant and competitive amid technological advancement and industry changes.