Singapore

Cloud & Infrastructure

Singapore, Korea Agree to Cooperate on Fintech

By Garima Chitkara | 19/07/2018

MAS and Korea’s FSC have signed an agreement to provide regulatory support to fintech firms from either country looking to expand in the other.

Clearing & Post-Trade

SGX to Roll Out Central Clearing for Bilateral OTC FX Derivatives

By Garima Chitkara | 16/07/2018

Singapore Exchange to launch trading solutions allowing privately negotiated OTC FX trades to be cleared like standard FX futures; launch set for 27 August encompassing five currency pairs, including USD/CNH.

Conduct, Culture & Accountability

MAS Proposes Amendments to Misconduct Reporting Regime

By Garima Chitkara | 12/07/2018

Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.

Data Privacy

AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance

By Manesh Samtani | 09/07/2018

Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.

Capital Adequacy

SGX Proposes Amendments to Boost Capital Efficiency for Members

By Manesh Samtani | 08/07/2018

Proposed amendments include removal of risk-based capital and net liquid capital requirements currently imposed on remote and bank members, among other changes.

Supervision & Enforcement

MAS Reprimands Asset Manager for Late Regulatory Submissions

By Manesh Samtani | 08/07/2018

Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.

Cryptocurrency

Japan’s Line Corp To Launch Crypto Exchange in Singapore

By Garima Chitkara | 02/07/2018

Cryptocurrency exchange will be launched outside Japan, with application with Japan FSA still pending; Line Corp looking to capitalise on user base for payments, transfers and asset management services.

Structural Regulation

SGX Introduces Dual Class Shares Structures

By Manesh Samtani | 28/06/2018

New rules on dual class shares will permit equal voting process on certain issues and cap multiple voting shares at 10 votes a share, with sunset clauses to auto-convert them to ordinary voting shares.

Payments & Settlements

Singapore Accelerates Shift to Digital Economy

By Manesh Samtani | 21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.