Singapore

Market Infrastructure

SGX-NSE GIFT City Trading Link Receives Regulatory Approval

By Editors | 07/08/2019

The so-called ‘NSE IFSC-SGX Connect’ is set to become operational by end-2020, ending a dispute between the two exchanges.

AML / KYC

MAS Targets Market Abuse with Proposed New Requirements

By Editors | 06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Market Infrastructure

ABS Updates Guidance on Cloud Outsourcing Arrangements

By Manesh Samtani | 05/08/2019

The updated guide offers best practices to ensure resiliency and recoverability while maximising the benefits FIs derive from cloud outsourcing arrangements, including for ‘critical systems’.

Big Picture

Singapore: Two-Thirds of Consumers Willing to Try Digital Banks

By Editors | 03/08/2019

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

Market Infrastructure

Singapore, Australia Benchmarks Gain EU Equivalence

By Editors | 30/07/2019

The European Commission has adopted equivalence decisions for Australian and Singapore financial benchmarks, but repealed existing equivalence for credit rating agencies.

Market Infrastructure

MAS Consults on Subsidiary Legislation for Winding Up VCCs

By Editors | 25/07/2019

The MAS is seeking feedback on proposed subsidiary legislation relating to the insolvency and winding up of a VCC and its sub-funds.

Fintech / Regtech

SFA, AFIN Agree to Jointly Promote Fintech Marketplace APIX

By Editors | 24/07/2019

The Singapore Fintech Association will leverage its network to promote the APIX platform to fintech firms worldwide, while AFIN connects banks with fintechs through the platform.

Market Infrastructure

SWIFT Completes Latest gpi Trial with Singapore FAST

By Editors | 21/07/2019

All cross-border payments in the trial, which involved 17 banks across 7 countries, settled end-to-end within 25 seconds. SWIFT gpi has also now been introduced for corporates.

Enforcement

Singapore Loansharking Raids Result in 129 Arrests

By Editors | 17/07/2019

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.