“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.

“While the total amount of “Buy Now Pay Later” (BNPL) transactions in Singapore increased to S$440 million last year compared to S$114 million in 2020, it is still “much less than 1 per cent” of total credit and debit card payments last year. Senior Minister Tharman Shanmugaratnam noted this in his written reply to a question by Nee Soon Member of Parliament (MP) Derrick Goh in Parliament on Monday (12 September). Goh had asked for the current total value of BNPL loans in Singapore and the growth rate of these loans in the past 12 months. He also enquired whether an industry code for effective industry self-regulation will be developed and whether the government will consider requiring BNPL providers to report such loans to the Credit Bureau for financial players to properly assess consumers’ credit worthiness.”

“At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore’s DBS Bank to start a real-time remittance system using UPI as the backbone, reported The Economic Times on Wednesday. The banks are in discussions to start a common remittance platform with the city-state in collaboration with Singapore’s PayNow funds’ transfer service, reported ET quoting people familiar with the matter. This will make the international funds’ transfer process real-time, instead of taking more than one day.”

“Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have agreed to initiate cooperation on cross-border Quick Response (QR) code-based payment linkage between Indonesia and Singapore to encourage payment connectivity in ASEAN.”Bank Indonesia believes that the initiative marks an important milestone in strengthening bilateral financial cooperation between Singapore and Indonesia,” Governor of Bank Indonesia Perry Warjiyo remarked here on Monday.He said that the initiative to encourage the digitalization of cross-border payments was also a priority of Indonesia’s 2022 G20 Presidency and the ASEAN Central Bank Governors’ Meeting in April 2022.The initiative is in line with the G20’s attempts to overcome potential obstacles in global cross-border payment activities and support post-pandemic economic growth.”

“The Mojaloop Foundation today announced the launch of its Mojaloop Central Bank Digital Currency (CBDC) Center of Excellence (COE) in Singapore to advance financial inclusion in emerging markets. In addition, the Mojaloop Foundation announced the appointment of Nick Drury, a seasoned executive with nearly 25 years of experience innovating payments technology to drive inclusion, as the Mojaloop CBDC COE Director. Nick will oversee the operations and strategic growth of the COE and its initiatives, such as hackathons, workshops, and pilot projects. Through these efforts, the COE will examine how Mojaloop open source software can leverage CBDCs to reduce the costs and inefficiencies of fast payment platforms and cross-border payments.”