SINGAPORE

Enforcement

Singapore: Hin Leong Founder OK Lim and Children Declared Bankrupt

By Editors | 31/12/2024

OK Lim was sentenced last month to serve 17.5 years in jail for orchestrating one of Singapore’s biggest-ever trade financing frauds.

AML / KYC

Singapore Officials Apologise for Exposing NRIC Numbers

By Manesh Samtani | 22/12/2024

The mishap was attributed to a “miscommunication”. Banks, insurers reviewing NRIC practices. Security and privacy concerns persist.

Securities / Derivatives

Abaxx to Launch Nickel Futures in Singapore on 10 Jan

By Editors | 20/12/2024

The futures contracts are designed to deliver better price discovery and risk management tools for market participants in nickel sulphate.

Fintech / Regtech

Singapore, Australia Sign MOU to Expand Cooperation on AI

By Editors | 18/12/2024

Singapore’s Josephine Teo said the MOU opens new doors for AI collaboration across research institutes, businesses and government.

AML / KYC

Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns

By Manesh Samtani | 17/12/2024

Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.

Fintech / Regtech

Revised Outsourcing Rules for Banks Take Effect in Singapore

By Manesh Samtani | 16/12/2024

Banks and merchant banks have to maintain a register of outsourced services and re-perform due diligence within 2 years of engaging a service provider.

AML / KYC

Scam Loss Sharing Framework Takes Effect in Singapore

By Manesh Samtani | 16/12/2024

The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.

Enforcement

SGX Reprimands RHT Capital for Breaching Sponsor Obligations

By Editors | 14/12/2024

RHT Capital failed to advise Y Ventures to promptly disclose that its financial statements contained material errors that were false and misleading

Singapore’s Temasek Establishes New Portfolio Dedicated to Private Credit

By Editors | 10/12/2024

Temasek said the move will enhance its ability to capture global private credit opportunities and shape a resilient and forward-looking portfolio.