Singapore
MAS considers revising limits on coin payments
Singapore central bank mulls blanket restriction of 10 coins per denomination in a single transaction; new arrangement would align the country with Norway and Switzerland
Japan and Singapore agree regulatory fast-tracking of fintech companies
“Framework agreement” also provides for information-sharing on fintech innovations
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
MAS director calls for firms to promote good governance
As regulations shift towards strengthening culture at firms, there is only so much central banks can do, MAS’ Ngiap says; firms must put customers before profit
MAS forms council to toughen corporate governance code
Ageing code of corporate governance needs to be updated to reflect best practice, authority says; chairman notes pressure on companies to become more transparent
People: RBNZ appoints new CIO; former BoE deputy to chair BBC
Reserve Bank of New Zealand appoints new CIO and head of risk assessment; David Clementi, former Bank of England deputy for financial stability, to head new BBC board; and more
Singapore fines two foreign banks for 1MDB-related breaches
Investigations continuing into Goldman Sachs’ role, the regulator says
MAS charges two investors with orchestrating ‘massive fraud’
The two individuals are accused of largest market manipulation in Singapore’s history, as well as deceiving financial institutions into extending credit
MAS launches blockchain experiment
Central bank to build a proof-of-concept model to conduct interbank payments; second phase could include foreign currency transactions
MAS awards prizes for fintech innovation
Three fintech companies receive S$50,000 for ideas presented at inaugural fintech festival
Neutral policy stance needed for ‘extended’ period – MAS
Singapore’s central bank says inflation is trending in the right direction, but notes economic growth is unlikely to pick up over the next year
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
People: Debelle becomes RBA deputy governor
Foreign exchange expert becomes deputy governor of RBA; Mongolia appoints deputy governor
MAS unveils ‘Looking Glass’ fintech lab
New facility in MAS building was built as a space for fintech firms to test ideas with each other and the central bank; facility will also serve as venue for training and networking
MAS looks to overhaul payment systems
City state already has access to some of the world’s most advanced payment systems, but cash and cheque use remains high; MAS hoping to improve governance, regulation and technology
Tajikistan objects to Basel Institute’s anti-money-laundering criticisms
The Basel Institute’s grading of Tajikistan as the third-worst money laundering jurisdiction in the world is based on an “absolutely incorrect analysis”, the country’s central bank says
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
Singapore’s GIC warns of lower returns in coming years
High valuation of asset prices and modest growth outlook points to lower returns in coming decade or two, GIC says; 20-year annualised real rate of return fell last fiscal year
MAS adds cloud computing to guidelines on outsourcing risk management
Cloud services officially acknowledged in latest outsourcing guidelines as more financial institutions adopt the practice; despite improved security, banks should still be aware of the risks
Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions and take stronger actions where practices fall short; monetary policy likely on hold for 2016
MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS as part of probe into 1MDB funds; US Department of Justice seeking to recover $1bn in assets
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics
Renminbi investments to be included in Singapore reserves
Monetary Authority of Singapore says its investments in the Chinese currency will be included in official reserves “from June 2016 onwards”, now it is easier to repatriate funds