Tagged: monetary authority of singapore

July 19, 2024 @ 8:34 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) announced an additional commitment of S$100 million (about $74 million) under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0). This funding aims to bolster financial institutions in developing quantum and artificial intelligence (AI) capabilities and foster the… Read More

July 15, 2024 @ 4:30 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced a significant shift in security protocols for major retail banks. Over the next three months, banks will gradually discontinue using One-Time Passwords (OTPs) for customers who use digital tokens, a… Read More

July 9, 2024 @ 9:14 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) have announced that major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the… Read More

June 29, 2024 @ 4:01 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) announced a significant expansion in its asset tokenization initiatives, aiming to set industry-wide standards across various financial sectors, including fixed income, foreign exchange (FX), and asset & wealth management. The announcement includes the successful completion of the first phase… Read More

June 19, 2024 @ 9:35 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) announced the start of the Financial Transparency Corridor (FTC) initiative between Singapore and Cambodia. The FTC commemoration event was “held at Istana, Singapore, and was presided over by Lawrence WONG, Prime Minister… Read More

May 8, 2024 @ 10:24 am By JD Alois  |  

Singapore and the United Kingdom have enhanced their existing relationship in regard to Fintech development and utilization. The UK is the top western Fintech hub and Singapore represents the most robust Fintech center in Asia. The initiative was led by HM Treasury and the Monetary… Read More

April 5, 2024 @ 7:06 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) announced significant amendments to the Payment Services Act (PS Act) and its subsidiary legislation, marking a pivotal step in expanding the regulatory framework for payment services within the city-state. These amendments, which aim to incorporate a broader spectrum of… Read More

March 6, 2024 @ 5:11 am By Omar Faridi  |  

Bitstamp announced that it received the In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS). According to an update from Bitstamp, this is considered to be “a crucial step towards obtaining our Major Payment Institution license.” IPA paves the way for Bitstamp to “provide… Read More

January 10, 2024 @ 12:08 pm By Omar Faridi  |  

BitGo will reportedly offer regulated digital payment token services in Singapore. BitGo says that it views Singapore as an “important hub” for digital asset innovation. BitGo, the provider of financial services for digital assets, confirmed recently that its subsidiary in Singapore, BitGo Singapore Pte. Ltd.,… Read More

December 31, 2023 @ 6:31 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $3.9 million on Credit Suisse AG, for its alleged failure “to prevent or detect misconduct by its relationship managers (RMs) in the Singapore branch.” The RMs had allegedly provided clients “with inaccurate or… Read More

December 20, 2023 @ 10:30 pm By Omar Faridi  |  

HashKey Capital Singapore Pte. Ltd., a key player focused on the blockchain and digital asset investment space, is pleased to announce the successful acquisition of the Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). The CMS license, granted by the MAS,… Read More

December 10, 2023 @ 4:44 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) has announced a series of new initiatives in digital finance and capital markets, aimed at strengthening financial cooperation with China. These initiatives were unveiled at the 19th Joint Council for Bilateral Cooperation (JCBC) in Tianjin, co-chaired by Singapore Deputy… Read More

December 8, 2023 @ 7:22 pm By Omar Faridi  |  

Abaxx Technologies Inc., a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse, announces that the Monetary Authority of Singapore (MAS) has granted an Approved Clearinghouse (ACH) license and Recognized Market Operator (RMO) license “to Abaxx Singapore’s fully owned… Read More

December 4, 2023 @ 6:51 am By Omar Faridi  |  

Allied Climate Partners (ACP), International Finance Corporation (IFC), the Monetary Authority of Singapore (MAS) and Temasek announced the intent to establish a green investments partnership in order “to address climate finance gaps and increase the bankability of green and sustainable projects in Asia, with an… Read More

November 24, 2023 @ 10:15 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) has released its final set of regulations to enhance the oversight of Digital Payment Token (DPT) services, following up on its initial legislative amendments in July 2023. MAS said in a statement that the consulted proposals detail business conduct… Read More

November 19, 2023 @ 2:45 pm By Omar Faridi  |  

Bordier & Cie (Singapore) is Sygnum Singapore’s first B2B client since the latter received its MAS Major Payment Institutions license in October 2023 and launched its regulated Digital Payment Token (DPT) brokerage service. Globally, Sygnum has enabled “the 15+ banks and international financial institutions on… Read More

November 17, 2023 @ 4:58 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) unveiled three initiatives to ensure the safe and innovative use of digital money in Singapore, namely: a blueprint outlining the infrastructure required for a digital Singapore dollar; expanding digital money trials; and a plan to issue a “live” central… Read More

October 31, 2023 @ 11:56 pm By Omar Faridi  |  

Fave, a consumer fintech platform in Southeast Asia and India, has announced its participation in the SGQR+ POC led by the Monetary Authority of Singapore (MAS). The SGQR+ POC will be limited “to Districts 16 and 17 of Singapore and showcased during the Singapore FinTech… Read More

October 28, 2023 @ 4:22 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) has initiated a public consultation process as it seeks to revamp the regulatory framework governing fund managers. The proposal aims to disband the existing Registered Fund Management Companies (RFMCs) regime, providing an opportunity for current RFMCs to transition to… Read More

October 22, 2023 @ 12:12 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More