Tag "Monetary Authority of Singapore (MAS)"

Singapore and China Central Banks Bolster Green Finance Cooperation

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) are advancing their cooperation in green and transition finance. This announcement follows the 2nd China-Singapore Green Finance Taskforce (GFTF) meeting held on 20 May 2024. The GFTF,

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Gan Kim Yong to Take Over as MAS Chairman From Lawrence Wong

The Monetary Authority of Singapore (MAS) announced that Gan Kim Yong, Minister for Trade and Industry, will be the new Chairman of the MAS Board of Directors, effective from 15 May 2024 to 31 May 2026. Gan, who has served

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Lawrence Wong Addresses Regulatory Actions Following Terraform Labs’ Collapse

Deputy Prime Minister and Minister for Finance and Chairman of Monetary Authority of Singapore (MAS) Lawrence Wong, addressed the regulatory aftermath of the Terraform Labs’ collapse in a parliamentary session yesterday (8 May  2024). Terraform Labs, the company behind the

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COSMIC AML Platform May Expand Beyond Banking, Says Deputy PM Wong

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question. COSMIC, which stands for Collaborative

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Latest DBS Disruption Raises Questions Despite End of MAS Restriction

DBS Bank has announced the restoration of its digital banking services after a temporary disruption that affected its DBS/POSB digibank Online and Mobile platforms, as well as DBS PayLah!. The services resumed normal operations in less than 2 hours between

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MAS Ends Six-Month Restriction on DBS, Retains Additional Cap Requirement

The Monetary Authority of Singapore (MAS) has declared it will not extend the six-month restriction previously placed on DBS Bank. The pause, which spanned from 1 November 2023, to 30 April 2024, aimed to focus the bank on enhancing the

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Singapore Pledges S$35 Million in Sustainable Finance Skills Development

The Monetary Authority of Singapore (MAS), in collaboration with the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG), has launched the Sustainable Finance Jobs Transformation Map (JTM). This initiative outlines the necessary skills updates for the local financial

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MAS and Mastercard Partner to Strengthen Financial Sector Cybersecurity

The Monetary Authority of Singapore (MAS) and Mastercard have signed a Memorandum of Understanding (MoU) to bolster cybersecurity within the financial services sector. The partnership is built on a foundation of bilateral information sharing of cyber threat intelligence, aiming to

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Money Lock Safeguarded S$6.6B Across Over 78,000 Singapore Accounts

Since the launch of the Money Lock feature by three local banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with more than S$6.6 billion of savings securely set aside as of March 2024.

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MAS Bolsters Crypto Payment Rules, Here’s What You Need to Know

The Monetary Authority of Singapore (MAS) has announced revisions to the Payment Services Act (PS Act) and related regulations, marking a significant expansion in the regulation of payment services within the country. The amendments, which are set to be implemented

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