The platform serves as a trusted environment where approved participants can share encrypted data, and provides a portal through which banks and fintechs can apply to be accredited.
The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.
Over the next ten years, banks expect to continue to play a key role in fintech innovation and adoption, and are confident they will not be displaced by new competitors.
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.
Financial firms and fintechs approved by the FSC will be able to make financial product recommendations and offer financial advisory services on the new MyData platform.
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.
Intermediaries and mutual fund distributors that want to use Aadhaar authentication services for e-KYC are required to enter into an agreement with one of the eight entities named.
The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.
The exchange will serve buyers and sellers of anonymised financial data, facilitating the use of analytics to develop new financial products and services, while also ensuring data security.