Monetary Authority of Singapore

Resolution & Recovery

Industry Welcomes Regulator Commitments to Prioritise Bondholders

By Manesh Samtani | 24/03/2023

Regulators respond to Swiss decision to wipe out Credit Suisse bondholders by pledging to respect the bank rescue hierarchy in a crisis.

Payments & Settlements

BIS Innovation Hub Completes Project Nexus Proof-of-Concept

By Editors | 23/03/2023

The next phase of Nexus will connect the instant payment systems of Singapore, Indonesia, Malaysia, Philippines and Thailand.

Anti-Money Laundering

Singapore: New Bill Introduced to Facilitate Introduction of COSMIC

By Manesh Samtani | 21/03/2023

The Bill provides FIs statutory protection from civil liability in respect of their disclosure of risk information on to COSMIC for the purposes of mitigating ML, TF and PF risks.

Resolution & Recovery

Swiss Regulators Orchestrate UBS Takeover of Credit Suisse

By Manesh Samtani | 20/03/2023

The deal gives Credit Suisse shareholders shares in UBS worth just 40 percent of what their CS shares were worth on Friday.

Structural Regulation

Singapore Consults on Adjustment Spreads for Legacy SIBOR Contracts

By Editors | 15/03/2023

Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.

Payments & Settlements

Sea Group Launches Digital-only MariBank in Singapore

By Editors | 15/03/2023

Invitations are currently limited to users of Sea Group’s ecosystem such as Shopee customers and individual sellers.

Cryptocurrency

Digital Asset Developments in South Korea: Balancing Innovation and Risk

By Rahul Advani | 15/03/2023

South Korea’s thoughtful approach to regulating digital assets will foster growth and innovation and result in a more vibrant and inclusive digital economy, say Rahul Advani and Angela Ang.

Resolution & Recovery

HSBC Acquires Silicon Valley Bank’s UK Unit for £1

By Editors | 14/03/2023

HSBC expects the deal to be profitable, strengthen its commercial banking franchise, and enhance its ability to serve innovative firms.

CBDCs

Swift Concludes 12 Weeks of Tests on CBDC Interlinking Solution

By Editors | 10/03/2023

Nine banks and three central banks participated in testing Swift’s API-based CBDC connector across two blockchain networks and fiat-based payment systems.