Tag "Monetary Authority of Singapore (MAS)"
Singapore, Japan, Swiss, UK Join Forces for Responsible Digital Asset Innovation
The Monetary Authority of Singapore (MAS) has partnered with regulators from Japan, Switzerland and the UK for responsible digital asset innovation. This collaboration is called the Project Guardian policymaker group, comprising the Financial Services Agency of Japan (FSA), the Swiss
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FIs and Telcos May Have to Bear Full Loss for Phishing Scams Under Proposed Framework
Financial institutions (FIs) and telecommunication companies (telcos) are expected to bear the full loss, if they fail to discharge their respective prescribed duties to mitigate phishing scams. This expectation was outlined in proposed a Shared Responsibility Framework (SRF) for phishing
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MAS Proposes to Streamline Regulatory Framework for Fund Managers
The Monetary Authority of Singapore (MAS) is proposing to streamline the regulatory framework for fund managers by repealing the Registered Fund Management Companies (RFMCs) regime. Existing RFMCs will be approved as Licensed Fund Management Companies (LFMCs) upon application. The RFMC
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MAS to Take Supervisory Action Against DBS and Citibank After Service Disruptions
The Monetary Authority of Singapore (MAS) has instructed DBS Bank and Citibank to investigate why they were unable to fully recover their systems within the set timeframe during a recent banking services disruption. MAS requires all banks to have in
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Saudi and Singapore Central Banks to Share Fintech Expertise
The Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have agreed to work together on fintech and innovation. The agreement was signed by H.E. Mr. Ayman Al-Sayari, Governor of SAMA, and H.E. Dr. Vivian Balakrishnan, the Minister
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MAS Seeks Input from Financial Institutions on Net Zero Transition Planning
The Monetary Authority of Singapore (MAS) has proposed guidelines for banks, insurers, and asset managers to transition to a net zero economy. The guidelines are expected to help financial institutions manage climate-related risks and support their customers and investee companies
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MAS Announces 19 Finalists for AI in Finance Global Challenge
The Monetary Authority of Singapore (MAS) has announced the 19 finalists for the “Artificial Intelligence (AI) in Finance Global Challenge” under the 2023 Global Fintech Hackcelerator. The finalists submitted solutions such as the use of cognitive AI technology to process
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MAS Unveils List of ‘Too-Big-to-Fail’ Insurers, May Face Higher Cap Requirements
The Monetary Authority of Singapore (MAS) will be imposing higher capital requirements on domestic systemically important insurers (D-SIIs) as part of its efforts to strengthen the resilience of the financial sector. In a D-SII framework that will come into effect
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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
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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
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