Singapore

ESG / Sustainability

MAS Issues Net Zero Transition Planning Guidelines for FIs

By Manesh Samtani | 19/10/2023

Banks, insurers, and asset managers must “actively support” borrowers, insured parties, and investee companies to progressively decarbonise.

AML / KYC

MAS to Commence Bank AML Inspections Within Weeks – Report

By Editors | 18/10/2023

The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

UOB Kay Hian Redesignates Director After SGX RegCo Queries

By Sanday Chongo Kabange | 18/10/2023

SGX RegCo questioned the director’s independence given his substantial shareholding in UOB Kay Hian and long association with the company.

Securities / Derivatives

DSB Launches UPI Service, a Milestone for Derivatives Markets

By Manesh Samtani | 18/10/2023

The US, EU, UK, Australia and Singapore will all start requiring UPI reporting for OTC derivatives transactions in 2024.

ESG / Sustainability

MAS Asks Firms to Pilot Transactions in “Transition Credits”

By Mark Johnston | 17/10/2023

Ravi Menon is seeking support from the industry to help develop transition credits that can be used to reduce the economic gap from retiring coal plants early.

Fintech / Regtech

US, Singapore to Deepen Collaboration on Responsible AI Innovation

By Editors | 17/10/2023

The US and Singapore completed a joint mapping exercise to make their AI governance frameworks interoperable.

Enforcement

MAS Issues Prohibition Orders Against Two Former Insurance Agents

By Editors | 16/10/2023

The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

Securities / Derivatives

Singapore, Shanghai to Collaborate on Asset Management

By Editors | 16/10/2023

IMAS and the Asset Management Association of Shanghai will collaborate to advance the development of their asset management industries.

Crypto / Digital Assets

MAS Grants Major Payments Institution Licence to Upbit

By Editors | 16/10/2023

Upbit is South Korea’s largest crypto exchange. The group also has regulated digital asset exchanges in Indonesia and Thailand.