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November 15, 2023
On the web
MAS Partners Financial Industry to Expand Asset Tokenisation Initiatives
MAS
November 9, 2023
On the web
Singapore Pilots Next Generation QR Mobile Payments Service
NFCW
November 6, 2023
On the web
Monetary Authority of Singapore Imposes Six-Month Pause on DBS Bank’s Non-Essential Activities as Bank Restores System Resilience
Monetary Authority of Singapore
October 2, 2023
On the web
Crypto Exchange Coinbase Gets Singapore Payments Licence
Reuters
August 16, 2023
On the web
MAS Grants Payoneer Singapore License To Operate Variety Of Services And Products
Asia Business Outlook
August 15, 2023
On the web
Singapore's Central Bank Releases Stablecoin Regulatory Framework
Coindesk
August 7, 2023
On the web
MAS Commits Up To S$150 Million for Technology and Innovation in Financial Sector
Monetary Authority of Singapore
July 28, 2023
On the web
MAS [Monetary Authority of Singapore] Announces End-2025 Timeline to Eliminate Corporate Cheques
MAS
On the wires
Mastercard Experience Center Brings the Future of Commerce to Life
PrnAsia
July 11, 2023
On the web
Singapore’s Project Orchid Lets Interoperable Currency Bloom
The Banker
July 6, 2023
On the web
Singapore's DBS Bank Launches Digital Yuan Payment Solution in China
Crypto Briefing
July 3, 2023
On the web
MAS Publishes Investor Protection Measures for Digital Payment Token Services
MAS
June 26, 2023
On the web
MAS-led Industry Consortium Releases Toolkit for Responsible Use of AI in the Financial Sector
Monetary Authority of Singapore
June 22, 2023
On the web
MAS Penalises 3 Banks and an Insurer for Breaches of Anti-Money Laundering Requirements
Monetary Authority of Singapore
June 21, 2023
On the web
Monetary Authority of Singapore Proposes Standards for Digital Money
Monetary Authority of Singapore
June 1, 2023
On the wires
Crypto.com Obtains Major Payment Institution Licence from Monetary Authority of Singapore
PR Newswire
May 25, 2023
On the wires
Singapore-Headquartered AI Credit Modeling FinTech finbots.ai to Transform Credit Risk Management for Cambodia's Leading Commercial Bank, Sathapana Bank
PR Newswire
May 11, 2023
On the web
WhatsApp Now Allows Singapore-Based Users to Pay Businesses Within the App
Yahoo Life
May 9, 2023
On the web
MAS to Build New Information-Sharing Platform for Banks in Singapore to Combat Financial Crimes
CNA
March 31, 2023
On the web
Launch of Cross-Border QR Code Payments Connectivity Between Singapore and Malaysia
Monetary Authority of Singapore
March 29, 2023
On the web
Visa Reports on Contactless and Mobile Payments Adoption in Singapore
NFCW
March 14, 2023
On the web
NETS’ Merchants Can Now Accept Mastercard and Visa Payments on Their Terminals
Fintech Singapore
January 31, 2023
On the web
Fiserv Looks to Support New Payment Flows with Major Payment Institution License from Monetary Authority of Singapore
EIN News
January 16, 2023
On the web
Singapore Debuts Ethics Test for AI
Biometric Update
November 21, 2022
On the web
Singapore: Additional Regulatory Requirements Proposed for Digital Payment token Service Providers
Global Compliance News
“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).”
November 4, 2022
On the web
ThitsaWorks was Awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant for Inclusive Cross-Border Remittances
TechCrunch
“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.”
November 3, 2022
On the web
MAS Launches Expanded Initiative to Advance Cross-Border Connectivity in Wholesale CBDCs
Monetary Authority of Singapore
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…
November 1, 2022
On the web
Singapore Central Bank Proposes Stablecoin Rules to Rein In Crypto Sector
Coindesk
“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.”
October 21, 2022
On the web
‘Buy Now, Pay Later’ Code of Conduct Launched to Protect Consumers against Debt Accumulation (Singapore)
CNA
“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.”
September 16, 2022
On the web
MAS Launches Financial Services Industry Transformation Map 2025 (Singapore)
Monetary Authority of Singapore
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.
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