Monetary Authority of Singapore

AI Risk & Governance

MAS Earmarks S$150m to Propel Innovation in Financial Sector

By Editors | 08/08/2023

MAS earmarked SGD 150 million for financial tech advancements, aiming to foster innovation and support the evolving fintech ecosystem.

Anti-Money Laundering

MAS Proposes Framework for SFOs to Boost AML Measures

By Ranamita Chakraborty | 01/08/2023

The revised framework introduces a harmonised class exemption for single family offices (SFOs) with specific requirements to ensure that all SFOs are subject to anti-money laundering (AML) controls.

Payments & Settlements

MAS Targets End to Corporate Cheques by 2025

By Editors | 31/07/2023

Singapore to eliminate corporate cheques by 2025 and transition users to e-payment solutions, amid rising cheque processing costs.

Reporting & Disclosures

UK, Singapore Strengthen Cooperation in Sustainable Finance

By Ranamita Chakraborty | 28/07/2023

In a recent financial dialogue, both countries agreed to support the International Sustainability Standards Board in implementing sustainability reporting standards.

Stablecoins

Singapore High Court Recognises Crypto as Personal Property

By Ranamita Chakraborty | 27/07/2023

The court ruled that holders of crypto assets have legally enforceable property rights under common law, marking a significant milestone in crypto case law globally.

CBDCs

Banque de France Releases New Findings from CBDC Experiments

By Editors | 25/07/2023

Banque de France has determined that wholesale CBDC would improve cross-border payments, settlement finality, and security for a “vast range of financial assets”.

Fraud, Scams & Cybercrime

Singapore Police Issues Advisory on Investment Scams

By Editors | 20/07/2023

The Singapore Police Force said 498 victims lost at least S$25.5mn through investment scams since June.

Fraud, Scams & Cybercrime

MAS Issues Five Year Ban on Former Prudential Representative

By Editors | 20/07/2023

The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.

Structural Regulation

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

By Editors | 19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.