The proposal includes scrapping a requirement for bank holding companies to obtain FSA approval to acquire more than 15% of nonfinancial companies.
The partnership will seek to promote Singapore’s capital market development, strengthen regional connectivity, support businesses, and explore the use of DLT in bond issuance.
The certifications took effect from 1 May, the same day the FSA said it would start enforcing new laws on crypto assets.
Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.
Regulatory burden on banks and technological improvements are likely the two most important factors behind shadow bank growth, a new paper says.
The expanded pilot programme will seek to guide FIs and fintech firms towards exploring the use of technology to support small firms with funding difficulties.
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
The investor KYC process can be completed through websites or apps, which should include video-based ID verification, liveness checks, and electronic signatures and documents.
Non-major banks, building societies and credit unions can delay sharing product reference data until 1 November, but are encouraged to begin sharing this data "if they are in a position to do so".
The Spotlight Review highlights the importance and challenges of model risk management in areas where algorithmic trading is being deployed.