Monetary Authority of Singapore

Monetary Authority of Singapore and R3 power blockchain payments project

The Monetary Authority of Singapore (MAS) is partnering with R3, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using blockchain. This project, which is seen as a rival to Swift’s network, will potentially create a payment system for participants to transact in different global markets round-the-clock. Sopnendu Mohanty, chief […]

Abu Dhabi and Singapore sign up for fintech innovation

The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a co-operation agreement to help fintech entrepreneurs and support innovation in financial services in Singapore and Abu Dhabi. The agreement establishes a framework for both regulators to assist start-ups and innovators to understand the regulatory regime in each jurisdiction and provide […]

IAG to launch insurtech hub in Singapore

Insurance Australia Group (IAG) is looking to build an insurtech hub in Singapore. The new unit, Firemark Labs, will act as an incubator for IAG and help teamwork between start-ups and research and tech partners for new products and services across Australia, New Zealand and Asia. Julie Batch, chief customer officer, IAG, says “customer lifestyles […]

Data gets greater with new Singapore group

The Monetary Authority of Singapore (MAS) has set up a new Data Analytics Group (DAG) with effect from 15 March 2017 as it looks to improve the financial sector and digital economy. DAG will use data analytics for insights, “enhance the supervision” of financial institutions, make regulatory compliance better for financial institutions, and improve work […]

Singapore and South Korea sign up for fintech co-operation

The Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) have signed an agreement to foster more co-operation in the fintech space. Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments. MAS and KFSC will also discuss issues of common […]

Banks behaving badly in Singapore

The Monetary Authority of Singapore (MAS) is withdrawing the merchant bank status of Falcon Private Bank’s Singapore branch for “serious failures” in anti-money laundering (AML) controls and “improper conduct” by senior management at the head office in Switzerland as well as the Singapore branch. MAS is also imposing financial penalties on DBS Bank and UBS’s […]

Singapore polytechnics prep for future fintech opportunities

The Monetary Authority of Singapore (MAS) and five local polytechnics have teamed up to get students up to speed for fintech jobs of the future. They have agreed to work on a framework to review and improve the polytechnics’ curricula in the next three years to prepare and equip their graduates with the skill sets […]

Singapore and Switzerland strengthen fintech co-operation

The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) have signed an agreement to foster more fintech co-operation. The plan is to share information, support financial innovators, smooth out regulations, and offer more dialogue and secondments. To provide more evidence, FINMA says it is “consistently removing unnecessary regulatory hurdles” – […]

Rise of fintech heralds Singapore payments revamp

The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Jacqueline Loh, MAS deputy managing director, says this is an “important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments […]

Innovation through the Looking Glass for Singapore

The Monetary Authority of Singapore (MAS) has opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS. MAS says the lab will allow it to experiment with financial institutions, start-ups, and technology vendors. In addition, Looking Glass @ MAS will help consultations between start-ups and industry experts in areas such as legal […]