The BIS Innovation Hub will foster collaboration between central banks and, by extension, help the private sector fully realise 'new economy' opportunities.
Transition testing will be conducted initially for six months to determine if a transition to the proposed waterfall methodology is possible or if further refinements are needed.
Grace Chong at Simmons & Simmons JWS recapitulates the key points from MAS’ feedback to the first consultation on the IAC Guidelines, and charts the course ahead.
The initiative effectively extends digital bank licences to non-bank players, as existing banking groups in Singapore already have a framework for setting up digital bank subsidiaries.
SGX, in collaboration with a unit of BGC Partners, has become the first exchange in Asia to launch a portfolio compression service for listed derivatives.
Singapore's three largest banks are well placed to ward off threats to their market share by fintech firms, even as friendly regulatory policies encourage greater growth in the sector.
Authorities in Singapore and the UK have agreed to enhance cooperation in cyber security, data connectivity, talent development and green finance.
Grace Chong at global law firm Simmons & Simmons analyses the implications of MAS' Individual Accountability and Conduct Guidelines, and sets out the practical steps to be taken.
Remittance firms will be prohibited from issuing advances to individuals starting September this year, ahead of the Payment Services Act entering into force.
MAS is equipping itself with advanced tools that will allow for culture and conduct to be evaluated in a more systematic way, say Jeff Kupfer and Stephen Scott at Starling.
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