Singapore
DLT set to make central banks ‘obsolete’ as payment operators – report
Second phase of MAS’s Project Ubin deemed a success as central bank manages to deploy RTGS system on DLT fabric
MAS bans individuals involved in 1MDB scandal
Six people involved in 1MDB-related breaches have been issued prohibition orders by MAS, with two more facing potential future bans
MAS unveils plans to transform financial service sector
Authority hopes road map will boost financial services growth to nearly double that of the overall economy
People: MAS appoints cyber security chief in management reshuffle
MAS makes promotions including first chief cyber security office; Visco confirmed; Republicans turn on Yellen; Richmond Fed picks CFO; new chief of staff in Paraguay
Hong Kong and Singapore to collaborate on fintech
The first joint initiative of the two rival cities is to link the trade finance platforms with a DLT-backed interface
StanChart probed by MAS over fund transfers
MAS says supervisory probe is still ongoing and it will not tolerate abuse of its financial system; Indonesia is also reported to be investigating
True potential of blockchain lies in cross-border transactions – Menon
Singapore is investigating two use cases of blockchain in the cross-border sphere; technology could be used to prevent duplication of invoices in trade agreements
MAS working to keep crypto-currencies and ICOs under control
Authority is mulling how to respond to the growth of crypto-currencies and initial coin offerings
Monetary Authority of Singapore courts Asia bond issuers
MAS aims to strengthen Singapore’s position as Asia’s fixed-income hub for bond issuers
Malaysian central bank slams Ice and SGX over ringgit futures
Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia
Michael Wong Pakshong, 1931–2017
MAS’s first managing director led the institution from a turbulent foundation amid the collapse of Bretton Woods through a challenging period of monetary reform
Singapore’s inflation sees sudden drop in June
Sharp fall in inflation was due to the falling prices of housing maintenance and repairs, triggered by the timing of government rebates
Mystery shopping can strengthen supervision – MAS executive director
Unconventional tool can help distinguish whether accounts are misleading or inaccurate; supervision needs to be backed by “appropriate” enforcement
MAS’s Menon plays down record profit figure
The record-breaking profit was due to strong positive currency translation effects and higher investment gains
Panellists divided on merits of central bank digital currency
Sweden and Singapore unsure whether digital currencies will supersede cash in the near future; fintech innovation has the potential to increase competition in financial services
People: Menon given fourth term; Irish chief economist retires
Singaporean governor awarded fourth consecutive term; Ireland’s chief economist retires, while the registrar of credit unions heads to the IMF; India appoints a new executive director; and more
MAS’s DLT project posts successful results
Network issues digital Singapore dollars across a DLT network to settle interbank debts; problems with credit risk and liquidity will be addressed in future work, central bank says
NPLs ‘must’ rise during downturns – MAS’s Menon
If NPLs failed to rise during “difficult times”, that would be a sign banks are not doing their job right, MAS chief says
MAS concludes 1MDB review with fresh fines
Credit Suisse and UOB fined $1.6 million collectively, with further individuals receiving lifetime bans
MAS seeking to build data science community, says chief data officer
David Hardoon urges people to embrace data science and computing; authority is looking to build links with academia and financial sector to share ideas
Singapore governor says financial regulation would benefit from ‘fine tuning’
Regulation has helped strengthen the financial system, but policymakers should be wary of “pendulum swings”, Menon says; central banks should “not be afraid” to make adjustments
People: Pakistan and Uzbekistan appoint deputies; Bangladesh Bank names new chief economist
Jameel Ahmad promoted to deputy role at Pakistan central bank; former IMF mission chief appointed as chief economist at Bangladeshi central bank
Singapore to work with China on capital market development, MAS’s Loh says
“Wider suite” of risk management tools needed to stem risks rising from capital market liberalisation; opportunities to coordinate on other Chinese initiatives
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”