“The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licenced digital payment token (DPT) service providers licenced under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licencing while their licence applications are being reviewed (collectively, DPTSPs).”

“ThitsaWorks, in partnership with INFITX (previously ModusBox) and Visa, was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant on 29-June-2022. The FSTI POC grant supports the experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.”

The Monetary Authority of Singapore (MAS) today launched Ubin+, an expanded collaboration with international partners on cross-border foreign exchange (FX) settlement using wholesale central bank digital currency (CBDC). Ubin+ will focus on the following: Study business models and governance structures for cross-border foreign exchange (FX) settlement, where atomic settlement, based on digital currencies, can improve efficiencies and reduce settlement risks compared to existing payment and settlement rails. Develop technical standards and infrastructure to support cross-border connectivity, interoperability and atomic settlement of currency transactions across platforms using distributed ledger technology (DLT), and non-DLT based financial market infrastructures. Establish policy guidelines for the connectivity of digital currency infrastructure across borders, for better access and participation. This includes policy relating to governance, access and compliance issues for such linkages. As part of Ubin+, the following projects will be undertaken with international partners…

“The Monetary Authority of Singapore (MAS) has proposed a slew of new rules to rein in the local crypto industry – starting with some stringent standards for stablecoin issuers. The rules include setting capital and reserve requirements for issuers of stablecoins, which are cryptocurrencies that maintain their value against fiat currencies or assets like gold. The measures also seek to ban issuers from engaging in “other activities that introduce additional risks” like lending or staking, which lets users lock their crypto and earn interest. The proposals, which were published on Wednesday, come after a turbulent year for crypto markets. The downturn is particularly frustrating for Singapore regulators, as a number of collapsed multi-billion-dollar crypto enterprises like stablecoin issuer Terraform Labs and crypto hedge fund Three Arrows Capital have ties to the country. The MAS had since promised to tighten regulations for the sector.”

“Customers will not be able to chalk up more than S$2,000 in outstanding payments with a “buy now, pay later” (BNPL) provider, unless they pass an additional credit assessment which will consider details such as income and credit information shared across all BNPL providers. Customers will also be suspended from making further BNPL purchases once a payment is overdue. These are part of a code of conduct announced on Thursday (Oct 20) to protect consumers in Singapore against over-indebtedness amid a growing BNPL industry. BNPL is a payment service that allows payment for purchases over time. It differs from usual instalment plans by enabling one to split the cost for small-ticket everyday items – from a meal at a restaurant to a new dress – at zero interest, and without having to own a credit card. The new code, developed by a working group led by the Singapore FinTech Association (SFA), states that it recognises the “transformative use” of BNPL, especially for the under-served and the under-banked.”

Mr. Lawrence Wong, Deputy Prime Minister and Minster for Finance, and Monetary Authority of Singapore (MAS) Deputy Chairman, launched the Financial Services Industry Transformation Map (ITM) 2025 today. The ITM 2025 lays out the growth strategies to further develop Singapore as a leading international financial centre in Asia – to connect global markets, support Asia’s development, and serve Singapore’s economy.