Monetary Authority of Singapore

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.

CBDCs

Total e-CNY Transactions Reach ¥1.8tr in China

By Mark Johnston | 19/07/2023

China’s digital yuan is gaining traction in domestic transactions, including in the aviation sector and in a Hong Kong shopping festival.

AI Risk & Governance

AI Regulatory Sandboxes Need Cooperation and Expertise: OECD

By Ranamita Chakraborty | 19/07/2023

A recent OECD report on AI regulatory sandboxes highlights important policy considerations that emphasises the need to build AI regulatory expertise and interdisciplinary cooperation.

Structural Regulation

DBS Opens International Financial Services Centre Unit in India’s GIFT City

By Ranamita Chakraborty | 18/07/2023

More financial companies from Singapore are expected to enter India’s Gujarat International Finance Tec-City (GIFT City) following the launch of a new cross-border trading link between India and Singapore.

Market Abuse

Singapore Jails Four on False Trading, Deception Convictions

By Editors | 14/07/2023

The four were convicted for their involvement in a scheme to manipulate the price of Catalist-listed Koyo International between 2014 and 2016.

Capital Adequacy

Singapore Digital Banks Urge MAS to Lift Caps on Deposits

By Editors | 14/07/2023

Grab’s GSX Bank and  Sea’s MariBank say the deposit cap imposed on new digital banks is hindering their ability to expand and lend.