Supported by the MAS and Singapore's major banks, the project seeks to help wealth managers address money laundering risks with new AI and machine learning capabilities.
The code was facilitated by MAS and developed in consultation with ABS by ACCESS, the Association of Cryptocurrency Enterprises and Start-ups, Singapore.
Regulators are adopting behavioural science tools pioneered by the Dutch central bank in their supervisory efforts, and firms are taking notice, says Stephen Scott at Starling.
The RBI has set a minimum net worth criteria of $35,000 for sandbox participants, half the amount specified in April’s draft.
The FSC and FSS have jointly announced a set of measures designed to simplify the approval process for innovative businesses in finance.
The Overseas Filipino Bank was launched in January to cater to overseas Filipino workers, who will more easily be able to access digital-only services.
The project, approved under the FSC's sandbox programme, will also involve KEB Hana Bank, Hana Financial Investment and Amicus Lex, among others.
PBOC deputy director for payments Mu Chungchun said the new digital currency and electronic payment system that would not rely entirely on blockchain.
Recognising the depth of the challenge posed by the new MAS 610 standard, AxiomSL decided that this industry challenge merited an innovative approach.
The FSC has granted approval to Shinhan AI to operate as an investment consulting service, and is expected to soon grant it an asset management licence.