MAS issues guidelines to discourage cryptocurrency trading by general public

Trading of cryptocurrencies is highly risky . The Monetary Authority of Singapore (MAS) today issued guidelines giving effect to MAS’ expectations that Digital Payment Token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the public in Singapore. DPT service providers include payment institutions,…

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Protecting bank customers from losses due to bank outages

Questions surrounding assistance and protection Singapore bank customers. Monetary Authority Singapore requires financial institutions (FIs) to have robust systems and processes to ensure reliable delivery of services to their customers. In the event of a disruption, FIs are expected to restore the affected system as swiftly as possible and activate…

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Top predictions for the future of trust in 2022 and beyond

Building on proactive delivery. By 2023, 80% of APEJ organizations faced with complex global regulations will increase security compliance automation investment by 15% to ensure all policies and regulations are met consistently. This is just one of IDC’s predictions unveiled in its latest report, IDC FutureScape: Worldwide Future of Trust…

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Building talent to fuel the future of financial services in Singapore

Dr Tan See Leng, Minister for Manpower, at the Institute of Banking and Finance talks about the digitilisation wave. The financial services sector has remained resilient despite the Covid-19 pandemic. In 2020, the financial and insurance sector grew by 5.1% even as the overall economy contracted. In the first three…

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Singapore Police Force and MAS investigate overseas online trading platform

Investigating Samtrade FX, and its related entities in Singapore. The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) launched a joint investigation into online trading platform, Samtrade FX run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines…

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MAS and BSP to pursue cross-border payment linkages

Collaboration in payment infrastructure projects. The Monetary Authority of Singapore (MAS) and the Bangko Sentral ng Pilipinas (BSP) today signed an enhanced FinTech Cooperation Agreement (CA) to facilitate interoperable payments between Singapore and the Philippines. The enhanced CA builds on the earlier 2017 agreement to broaden the scope of FinTech…

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Investment holdings data included in SGFinDex

SGFinDexas spurred financial planning among participating bank customers. The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) has launched the second phase of the Singapore Financial Data Exchange (SGFinDex). Individuals can now view information on their investment holdings at The Central Depository (CDP) as…

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National programme to deepen AI capabilities in financial services

Part of Singapore’s broader National AI Strategy . The National Artificial Intelligence (AI) Programme in Finance was launched by the Singapore FinTech Festival x Singapore Week of Innovation and TeChnology (SFF x SWITCH) 2021. The Programme is a joint initiative by the Monetary Authority of Singapore (MAS) and the National…

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Embracing technology and innovation in compliance and risk management

Are we truly becoming more knowledgeable to new and emerging risks? Organisations are collecting more data – the foundation of any decision making — because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in our institutions. According to Damien Pang executive director…

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Ways to strengthen security in IT supply chains, online banking, and blockchains

Represents more than half of all ICT investment by 2024. The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) , comprising of experts in cyber security from around the world, provided insights on how MAS and financial institutions (FIs) can bolster their cyber defences. The Panel supported the…

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