Singapore

    Cryptocurrency

    MAS Sets Out Regulatory Approach for Payment Token Derivatives

    By Editors | 18/05/2020

    MAS will regulate payment token derivatives offered by approved exchanges – i.e. SGX Derivatives, APEX, Ice Futures – but will not regulate such products offered by other entities.

    Stablecoins

    Temasek Joins Libra Association as First Asia Pacific Backer

    By Editors | 17/05/2020

    Temasek’s participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

    Trading & Investment

    SGX Probes Societe Generale Over Timeliness of Disclosure

    By Editors | 14/05/2020

    As a goodwill gesture, SocGen will extend a one-off payment to investors who suffered losses trying to short-sell Singapore Airlines with daily leverage certificates.

    Cloud & Infrastructure

    MAS, SFA, AMTD Jointly Launch S$6m ‘FinTech Solidarity Grant’

    By Editors | 13/05/2020

    Fintechs can apply for a one-time grant to cover daily working capital expenses, or for funding to cover proofs-of-concept developed with financial institutions on APIX.

    Anti-Money Laundering

    1MDB Tainted Swiss Bank to Exit Private Banking Business

    By Editors | 13/05/2020

    Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

    Market Abuse

    SGX RegCo to Scrap Minimum Trading Price Rule from 1 June

    By Editors | 11/05/2020

    The MTP rule is described as a “blunt tool” for addressing risk of market manipulation, compared to more effective tools that target such manipulation directly.

    Fraud, Scams & Cybercrime

    Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

    By Editors | 10/05/2020

    Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

    Fraud, Scams & Cybercrime

    MAS Issues Prohibition Orders Against Two Former Bank Employees

    By Editors | 09/05/2020

    A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

    Fraud, Scams & Cybercrime

    Singapore: HSBC Seeks Court Order to Replace ZenRock Management

    By Editors | 07/05/2020

    ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.

    Trading & Investment

    DBS Prices Singapore’s First SORA-based Floating Rate Notes

    By Editors | 06/05/2020

    DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.

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