Singapore

Sustainable Finance

MAS Seeks Cooperation with China on Green Finance

By Editors | 23/06/2020

MAS managing director Ravi Menon suggests that China and Singapore work together to create frameworks for green and sustainability-linked loans, customised for Chinese and Singaporean SMEs.

AI Risk & Governance

Singapore: AMTD, Xiaomi Finance Launch Digital Finance Programme

By Editors | 22/06/2020

AMTD and Xiaomi Finance will provide S$5mn to support to enable SMU and NUS-ISS to build curriculum and teaching resources for a digital finance leadership programme.

PEPs & Sanctions

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Structural Regulation

MAS: 14 of 21 Digital Bank Applicants Assessed as ‘Eligible’

By Editors | 18/06/2020

These applicants assessed as eligible will progress to the next stage of assessment, where they will be invited to present their proposals via virtual meetings.

Trading & Investment

OCBC Issues Singapore’s First SORA-based Loan Facility

By Editors | 16/06/2020

The S$150mn three-year corporate loan from OCBC to CapitaLand is hailed as a milestone in the industry’s transition roadmap towards SORA adoption.

Operational Risk

MAS Issues Directions on Safe Re-opening of Financial Sector

By Editors | 16/06/2020

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

Fraud, Scams & Cybercrime

Two Singaporeans Charged for Cheating Eight Banks

By Editors | 15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Credit Risk

MAS’ Menon Warns of Looming Debt Risks, Ratings Downgrades

By Manesh Samtani | 11/06/2020

If Covid-19 is not contained, debt will accumulate and credit risks will mount, leading to ratings downgrades which will exacerbate existing stresses and cause asset sell-offs.

Cloud & Infrastructure

SFA Launches Self-assessment Framework, Toolkit for FinTechs

By Manesh Samtani | 10/06/2020

The framework and toolkit allow FinTechs to benchmark themselves against minimum standards on outsourcing, technology risk, and cyber hygiene, helping to fast-track onboarding with FIs.