Project Ubin shows commercial potential with the completion of its final phase LeapRate

July 14, 2020 BY Steffy Bogdanova

Project Ubin shows commercial potential with the completion of its final phase

Chia Song Hwee, Deputy Chief Executive Officer, Temasek, said: Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance. This validates Temasek’s efforts in exploring and building…

BaFin employee suspected of Wirecard insider-trading

June 30, 2020 BY Steffy Bogdanova

BaFin takes over in Wirecard balance sheet scandal

The President of the Bavarian Finance Center, Wolfgang Gerke spoke about the failure of the supervisory authorities and said the scandal has done damage that will have “impact for years”. He also said he suspects a corrupt network stands behind the scandal. Following the scandal in Germany, the UK Financial Conduct Authority suspended Wirecard’s UK…

May 29, 2020 BY Steffy Bogdanova

MAS blocks unregulated overseas online trading platform Arotrade

The police and MAS have determined that Arotrade is in breach of the Securities and Futures Act (SFA) and IMDA assessed that the information on its constitutes prohibited content under the Internet Code of Practice (ICOP). ). IMDA has directed Internet Access Service Providers (IASPs) to block access to Arotrade’s website from Singapore residents. The…

April 17, 2020 BY Steffy Bogdanova

ESMA and MAS sign a MoU on Singapore's Financial Benchmarks

Steven Maijoor, ESMA Chair, commented: The finalisation of the MoU with MAS is an important step towards the completion of the EU’s third country regime for benchmarks. Regulators around the world are committed to the accuracy and reliability of key global benchmarks and this MoU will facilitate the achievement of these objectives. Ong Chong Tee,…

March 26, 2020 BY Steffy Bogdanova

MAS announces US$60 billion funding through a new facility to support USD lending

MAS will secure USD, in exchange for SGD through the US Federal Reserve and lend the USD to banks in Singapore through the new MAS USD Facility. The first auction will take place this Friday and US$10 billion in 7-day funds will be offered to help the increased end-of-quarter demand for USD during this period.…

March 19, 2020 BY Steffy Bogdanova

MAS imposes a $400,000 penalty on TMF Trustees Singapore Limited for AML/CFT Failures

MAS’ investigation found that between June 2011 and April 2018 TTSL had failed to follow MAS’s requirements on AML/CFT regulation. Firstly, TTSL failed to verify source of wealth trust settlers who posed a higher risk of money laundering and terrorism financing. The company also failed to regularly monitor or scrutinize the transactions of trust relevant…

March 16, 2020 BY Steffy Bogdanova

Singapore Financial Markets are functioning well despite volatility

The Monetary Authority of Singapore (MAS) said last Friday that that the Singapore Dollar money market and foreign exchange market are working as usual through the heightened volatility in global and domestic financial markets. Financial markets around the world are under pressure because of the widespread Covid-19 outbreak. MAS money market operations have maintained high…

February 07, 2020 BY Steffy Bogdanova

United States and Singapore issue a joint statement on financial services data connectivity

US Treasury Under Secretary for International Affairs Brent McIntosh and Monetary Authority of Singapore Deputy Managing Director Jacqueline Loh met n Singapore for a discussion on the importance of data connectivity in financial services. Both countries recognize managing data across borders is crucial to the development of the financial sector. The new technological developments in…

January 28, 2020 BY Mariela Naydenova

MAS introduces new PSA framework for the crypto sector

The financial regulator in Singapore, the Monetary Authority (MAS) has just announced the introduction of the Payment Services Act (PSA), which aims to serve as the new regulatory framework for cryptocurrency payments. The new framework will promote and boost the consumer confidence in transaction with digital assets, believes the regulator. The legislation was passed in…

January 23, 2020 BY Valentina Kirilova

AMBD and the Monetary Authority of Singapore expand cooperation

Autoriti Monetari Brunei Darussalam (AMBD) and the Monetary Authority of Singapore (MAS) have announced earlier this week that they have decided to expand their cooperation. Both sides have signed an enhanced Memorandum of Understanding (MoU) on Bilateral Cooperation at the 3rd AMBD-MAS Bilateral Roundtable. The enhanced MoU builds on the longstanding cooperation between both countries…

Tag: MAS