Companies Global

Monetary Authority of Singapore: Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation

MAS

"This paper sets out proposed legislative amendments to the Payment Services Act 2019 to introduce the regulatory framework for stablecoins in Singapore, as well as proposals on further requirements taking into account stablecoin developments since 2023. MAS invites comments from interested parties on the proposals set out in the consultation paper."

Tags: Monetary Authority of Singapore

Companies

At Least $17.4m Lost to Scammers Impersonating WeChat, UnionPay, and Alipay Staff Since January

The Straits Times

"People should be wary of scammers impersonating staff of Chinese messaging and payment platforms, said the authorities, after at least $17.4 million was lost to such scams since January. In a joint statement on April 4, the police and Monetary Authority of Singapore (MAS) said at least 678 cases have been reported this year."

Tags: Monetary Authority of Singapore

Companies

Banks in Singapore to Strengthen Resilience Against Phishing Scams

MAS

"The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore announced that major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the next three months."

Tags: Monetary Authority of Singapore

Companies

MAS and Mastercard Sign MoU to Enhance Cooperation in Cybersecurity

Mastercard

"The Monetary Authority of Singapore and Mastercard signed a Memorandum of Understanding to enhance cooperation in cybersecurity, with the aim to strengthen cyber resilience in the financial services sector in Singapore."

Tags: Mastercard Monetary Authority of Singapore

Companies

Launch of Cross-Border Qr Payments Linkage Between Indonesia and Singapore

MAS

"Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) launched the cross-border quick response (QR) payment linkage between Indonesia and Singapore."

Tags: Monetary Authority of Singapore

Companies

Overheating Datacenter Stopped 2.5 Million Bank Transactions (Monetary Authority of Singapore)

MSN

"Outages at two banks that stopped 2.5 million payment transactions were sparked by a technical issue with the datacenter's cooling system, according to the Monetary Authority of Singapore (MAS) on Monday.…"

Tags: Monetary Authority of Singapore

Companies

New York Fed and Monetary Authority of Singapore Publish Results of Joint Wholesale Cross-Border Payments Research Study

New York Fed

"The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) today published a research report detailing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+) experiment. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments and settlements involving multiple currencies."

Tags: Federal Reserve Monetary Authority of Singapore