Singapore

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    Reporting & Disclosures

    MAS-SGX-CDSC Partnership to Expand Access to Climate Transition Data

    By Ranamita Chakraborty | 28/06/2023

    Work is scheduled to start in Q1 2024, with the goal of integrating MAS’ Project Greenprint’s ESGenome disclosure portal and CDSC’s Net-Zero Data Public Utility global repository of climate transition-related data.

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    Resolution & Recovery

    MAS Proposes Increasing Deposit Insurance Coverage

    By Karen Ng | 28/06/2023

    MAS says the proposed increase in deposit insurance coverage will allow the proportion of insured depositors to keep up with deposit growth.

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    Tokenisation

    MAS Sets Out Framework for Digital Asset Networks

    By Karen Ng | 27/06/2023

    MAS will also expand Project Guardian to test the potential of asset tokenisation across more financial asset classes.

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    AI Risk & Governance

    MAS Releases Guidelines for Responsible AI-use in FIs

    By Karen Ng | 27/06/2023

    Singapore’s financial regulator also released an open-source toolkit for FIs to carry out assessment methodologies for FEAT (fairness, ethics, accountability and transparency) principles.

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    Trade Based Money Laundering

    ABS Launches New Registry to Counter Trade Finance Fraud

    By Manesh Samtani | 25/06/2023

    Participating banks can register new trade financing transactions and receive real-time notifications if instances of duplication are detected.

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    Reporting & Disclosures

    MAS Partners UNDP, GLEIF to Digitise ESG Credentials for MSMEs

    By Ranamita Chakraborty | 23/06/2023

    Project Savannah will establish a common framework of ESG metrics for MSMEs, enabling them to meet the UN SDGs and facilitate their access to cross-border opportunities.

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    KYC & CDD

    OCBC Launches Digital Account Opening Service for Foreign Consumers

    By Editors | 23/06/2023

    Customers who plan to relocate to Singapore from Malaysia, Indonesia, mainland China and Hong Kong can open OCBC bank accounts digitally.

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    Cryptocurrency

    MAS Grants Ripple In-Principle Approval to Offer DPT Services

    By Editors | 22/06/2023

    Ripple said the licence will allow it to offer regulated digital payment token products and services in Singapore and scale on-demand liquidity service.

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    Anti-Money Laundering

    MAS Fines Three Banks and an Insurer for AML Breaches

    By Karen Ng | 22/06/2023

    The institutions had “inadequate AML/CFT controls in place” when they dealt with persons who were involved in Wirecard-related transactions.

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    CBDCs

    MAS Proposes Common Digital Money Standards

    By Karen Ng | 21/06/2023

    MAS has published a whitepaper specifying conditions for the use of digital money.

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