Singapore

AML / KYC

Singapore Minister Calls for Global Cooperation on Scams

By Karen Ng | 15/06/2023

Minister of State Sun Xueling said every country needs to set up the equivalent of an Anti-Scam Command and participate in information sharing

Crypto / Digital Assets

MAS Grants Crypto Bank Sygnum In-Principle Licence Approval

By Editors | 14/06/2023

Sygnum said it would expand its Singapore offering to include regulated crypto brokerage services, available to accredited and institutional investors.

Capital / Liquidity

MAS Finalises Implementation Timelines for Basel III Reforms

By Ranamita Chakraborty | 13/06/2023

All the reforms will be effective in Singapore from 1 July 2024, except the revised market risk framework and CVA standards. The output floor will be phased in over five years.

Capital / Liquidity

UBS Closes Credit Suisse Deal, Imposes ‘Red Lines’ on Bankers

By Manesh Samtani | 13/06/2023

FINMA said its intensive supervision will “definitely continue”. MAS said it expects both banks to handle the implications for jobs “responsibly”.

Fintech / Regtech

MAS Launches Annual FinTech Hackcelerator, Focusing on ‘AI in Finance’

By Sanday Chongo Kabange | 13/06/2023

Fintech firms and solution providers are invited to address 16 problem statements related to AI in the financial services industry.

ESG / Sustainability

MAS Calls on Banks to ‘Carefully Assess’ Client Transition Plans

By Ranamita Chakraborty | 09/06/2023

MAS will issue a consultation on transition planning later this year. A new association will be formed to foster a dynamic ecosystem for green and transition finance.

ESG / Sustainability

Climate Impact X Launches Spot Trading Platform for Carbon Credits

By Ranamita Chakraborty | 08/06/2023

**CIX told Regulation Asia that it is seeking alignment with IOSCO’s principles for commodity price benchmarks – a detailed set of guidelines relating to governance and control systems.
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Crypto / Digital Assets

MAS Grants Major Payment Institution Licence to Circle

By Ranamita Chakraborty | 07/06/2023

Circle said receiving the licence is a “significant step forward” for the firm and the future of financial infrastructure and dollar digital currencies in Asia.

Market Infrastructure

OSTTRA Completes First Multilateral Conversions of SOR Currency Swaps

By Editors | 07/06/2023

DBS, OCBC and UOB participated in OSTTRA’s first multilateral conversion of USD/SGD swaps from SOR to SORA.