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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.
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.
Cloud & Infrastructure
MAS Launches Global FinTech Innovation Challenge
By Editors | 08/06/2020
The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.
Trading & Investment
BNY, Deutsche to Set Up FX Trading Infrastructure in Singapore
By Editors | 08/06/2020
Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.
Structural Regulation
MAS Issues Consultation Response on FRC Framework
By Editors | 07/06/2020
Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.
Credit Risk
Singapore Banks Pledge Relief to Landlords Providing Rent Waivers
By Editors | 03/06/2020
Singapore authorities, with the support of banks, have announced a package of measures that will help landlords with existing loan commitments and cashflow needs.
Emerging Prudential Risks
MAS to Assess Covid-19 Impact on Digital Bank Applicants
By Editors | 03/06/2020
MAS will reportedly interview digital bank applicants to understand the changes in their strategy as a result of Covid-19, including any impacts on their funding and profitability plans.
Market Abuse
Singapore Authorities Commence Joint Investigation Into Hyflux
By Editors | 02/06/2020
Water treatment firm Hyflux entered the limelight in 2018 when it tried to restructure nearly S$3bn in debt. The company is suspected of breaching disclosure and accounting rules.
AI Risk & Governance
Singapore to Develop Metrics to Assess Fairness of AI-driven Decisions
By Editors | 28/05/2020
UOB and Element AI will develop fairness metrics for credit risk scoring; HSBC, IAG Firemark Labs and Gradient Institute will develop fairness metrics for customer marketing.
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