Tag "Monetary Authority of Singapore (MAS)"
Banks Should Not Be Expected to Bear Full Burden of Scam Losses, Says Alvin Tan
Alvin Tan, Minister of State at the Ministry of Trade and Industry, shot down the proposal for banks to bear full responsibility for scam losses in his response to the Motion on “Losses from Scams and Malware Fraud: Doing Right
Read More
S’pore Banks Stepped up Security Measures to Combat Malware Scams, Says ABS
Major retail banks in Singapore have stepped up their security measures to protect customers from malware scams, the Association of Banks in Singapore (ABS) announced on Monday. The banks have designed and implemented the anti-malware security measures suited for their
Read More
MAS Slaps 9 Year Ban on Three Arrows’ Founders for “Flagrant Disregard” of Rules
The Monetary Authority of Singapore (MAS) has banned Su Zhu and Kyle Davies, the founders of Three Arrows Capital, from managing or becoming a substantial shareholder of any capital market services firm. Three Arrows Capital was a cryptocurrency hedge fund
Read More
Longtime MAS Chief Ravi Menon to Retire, Chia Der Jiun to Take Helm
The Monetary Authority of Singapore’s (MAS) longest-serving chief Ravi Menon will be retiring from public service end of this year. He will also step down from the MAS board. Menon played a pivotal role in positioning Singapore as a leading
Read More
MAS Responds to Public Criticism of Cheque Phase-Out Plan
The Monetary Authority of Singapore (MAS) has acknowledged that some businesses and customers may have difficulties and challenges in moving away from cheque usage. MAS explained that while banks had generally not charged customers for to process cheques, that is
Read More
7 Key Areas to Know About The New Stablecoins Framework in Singapore
Stablecoins, emerging as a new category of digital payment tokens (DPTs), hold immense potential to transform payment methods. The Monetary Authority of Singapore (MAS) has streamlined and finalised its approach towards a framework for stablecoins in Singapore, taking into account
Read More
MAS’ AML/CFT Inspections Put Wealth Management Firms on Notice
The Monetary Authority of Singapore (MAS) has been conducting inspections of financial institutions (FIs) active in the wealth management space to ensure that they have robust controls in place to detect and deal with money laundering and terrorist financing risks.
Read More
MAS Lays Out Finalised Stablecoin Framework
The Monetary Authority of Singapore (MAS) has finalised its new stablecoin regulatory framework which included feedback from a public consultation in October 2022. The regulator said that the framework will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar
Read More
MAS Commits S$150 Million to Boost Financial Innovation in Singapore
Singapore’s financial landscape is set to experience a significant boost as the Monetary Authority of Singapore (MAS) commits up to S$150 million over three years for its renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). FSTI 3.0 was announced
Read More
MAS: Risk of Artificial Intelligence “Herding” Traders Still Low in Singapore
The risk of “herding” in trading platforms due to the use of AI models is still low as financial institutions (FIs) in Singapore are still at a nascent stage of using AI models for decision-making, says the Monetary Authority of
Read More