Tag "Monetary Authority of Singapore (MAS)"
MAS Warns Financial Institutions of Quantum Computing Cyber Threats
The Monetary Authority of Singapore (MAS) has cautioned financial institutions on the cybersecurity vulnerabilities introduced by the advent of quantum computing. Quantum computers, which leverage the principles of quantum mechanics, promise to revolutionise various industries by processing certain mathematical problems
Read More
How Will MAS New Amendments Impact Financial Crime Enforcement
The Monetary Authority of Singapore’s (MAS) legislative reform initiative, encapsulated in the Financial Institutions (Miscellaneous Amendments) Bill (FIMA Bill), signifies a strategic overhaul aimed at enhancing the regulatory and enforcement framework governing Singapore’s financial sector. This move is indicative of
Read More
5 Key Fintech Takeaways From the Singapore Budget 2024
Singapore has emerged as a frontrunner in the global fintech landscape in recent years, with a robust ecosystem fostering innovation and growth. According to Statista, the transaction value of the fintech sector in Singapore is projected to soar to US$
Read More
DBS CEO Piyush Gupta Takes 30% Pay Cut Over Digital Disruptions
In a year marked by remarkable financial achievements juxtaposed with significant challenges, DBS Group reported unprecedented earnings for the full year of 2023. However, the bank also made headlines for its decision to reduce compensation for its senior management, a
Read More
MAS Plans to Ease Insurance Application with Less Data Collection
The Monetary Authority of Singapore (MAS) has put forth a proposal aimed at reducing the amount of information that financial institutions need to collect from clients for certain insurance policies. This initiative was outlined in a consultation paper seeking public
Read More
MAS Encourages Use of Recycled Notes and E-Hong Baos for Chinese New Year
The Monetary Authority of Singapore (MAS) is encouraging the use of previously circulated, high-quality currency notes, termed as “Fit-for-Gifting” notes or digital red packets also known as e-hong baos for the upcoming Lunar New Year (LNY). This initiative, starting on
Read More
Over 670 Singapore Remittances to China Frozen, MAS to Aid Those Affected
The Singapore Police Force (SPF) has received over 670 reports concerning funds remitted to China that were subsequently frozen, as of 15 December 2023. In response to these incidents, the Monetary Authority of Singapore (MAS) and SPF are actively seeking
Read More
Singapore’s ‘Money Lock’ Safeguards S$3.2 Billion Across 38,000 Bank Accounts
Since its introduction its in November, Singapore’s “Money Lock” feature has been activated on approximately 38,000 account holders, with over S$3.2 billion of savings set aside. This security measure allows customers to isolate a portion of their funds, making them
Read More
Singapore Tightens China Remittance Rules in Light of S$13 Million Frozen Funds
The Monetary Authority of Singapore (MAS) has instructed remittance companies to only work with banks, card network operators such as UnionPay International, or licensed financial institutions to transfer funds to China for the next three months, beginning from 1 January
Read More
RBI Discusses CBDCs for Cross-Border Payments with HKMA, US Fed, and SWIFT
The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA), the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments. This
Read More