News & Analysis as of

Singapore Financial Services Industry

Morgan Lewis

Singapore Revises Its Guidelines on Licensing for Payment Service Providers

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The Monetary Authority of Singapore (MAS) published updates to its Guidelines on Licensing for Payment Service Providers [PS-G01] (the Guidelines), which will take effect on August 26, 2024. The revisions to the Guidelines...more

A&O Shearman

Combatting payment account fraud: latest regulatory developments in Singapore

A&O Shearman on

On 25 October 2023, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly published a consultation paper on a proposed Shared Responsibility Framework (SRF) in relation to...more

Hogan Lovells

Fostering integrity and trust in ESG ratings and data products providers – UK, Japan, Singapore and EU

Hogan Lovells on

The growth in size and influence of ESG ratings and data markets coupled with concerns about the transparency and credibility of ESG ratings and data products have led to IOSCO developing recommendations to regulators and ESG...more

Morgan Lewis

Monetary Authority of Singapore’s Enhanced Investigative and Supervisory Powers

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Singapore’s new bill grants the Monetary Authority of Singapore (MAS) broader authority over the financial sector to oversee, investigate, and penalize misconduct. It aims to address the industry's growth and complexity,...more

Cadwalader, Wickersham & Taft LLP

Benchmarks Beyond January 2024 - 2024 Update on the Cessation of CDOR and SIBOR

As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as...more

Latham & Watkins LLP

MAS publishes Code of Conduct for ESG Rating and Data Product Providers

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The voluntary code aims to enhance transparency and improve comparability and reliability of ESG data and scores. The Monetary Authority of Singapore (MAS) has published a Code of Conduct for Providers of Environmental,...more

Morgan Lewis

MAS Introduces Further Investor Protection Measures for Digital Payment Token Service Providers

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The Monetary Authority of Singapore recently published the second part of its response to the consultation paper proposing regulatory measures for providers of digital payment token services under the Payment Services Act...more

Conyers

B2B, B2C, BVI – Crypto Disputes in the Caribbean

Conyers on

In the crypto world, does it really matter where you are? Is there a sunny offshore paradise perspective on the click of a button and a fintech trade? The answer lies as usual in how to unravel a problem should it arise. Both...more

A&O Shearman

Changes to Singapore selling restrictions for the wholesale debt market

A&O Shearman on

The MAS issued a Notice on Business Conduct Requirements for Corporate Finance Advisers on 21 June 2023 that, among other things, imposes a requirement on relevant persons advising on corporate finance to apply enhanced due...more

A&O Shearman

Allen & Overy and Standard Chartered launch guide to payment regulations in Asia

A&O Shearman on

Allen & Overy and international banking group Standard Chartered have today launched the first Guide to Payment Regulations for corporates and fintech customers navigating the evolving payments landscape in eight key markets...more

Latham & Watkins LLP

Monetary Authority of Singapore Introduces Investor Protection Measures For Digital Tokens

Latham & Watkins LLP on

MAS has published new requirements for DPT service providers and a consultation paper on additional regulations and prohibitions against unfair trading practices. On 3 July 2023, the Monetary Authority of Singapore...more

Morgan Lewis

Cryptocurrency Not Recognised as Money, Singapore High Court Rules

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The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more

Latham & Watkins LLP

Singapore’s Green Finance Industry Taskforce Launches Final Consultation on Green and Transition Taxonomy

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The consultation seeks feedback on its “measures-based approach” to classifying industrial activities, as well as “Do No Significant Harm” criteria. The Green Finance Industry Taskforce (GFIT) was convened by the...more

Hogan Lovells

Global Payments Newsletter, September 2022

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Key developments of interest over the last month include plans to consider increasing regulation on crypto firms in several countries; the Bank of Thailand publishing a payment development strategy for 2022-2024; and "The...more

A&O Shearman

Ensuring Enforceable “Make Whole” Interest Obligations

A&O Shearman on

MKY Capital Pte Ltd v MDR Ltd and Ethoz Capital Ltd v Im8ex Pte Ltd are two cases this year that considered a claim for payment of the full “make whole” interest amount. In both, the court refused to allow the claim. “Make...more

Morgan Lewis

Legal Issues and Trends in the Singapore Crypto Scene

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Singapore has become a popular destination for new and existing cryptocurrency funds, just in time for the perceived oncoming “crypto winter.” This LawFlash spotlights trends and legal issues that companies should be aware of...more

Morgan Lewis

New Financial Services and Markets Bill to Enhance Monetary Authority of Singapore’s Powers

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The Financial Services and Markets Bill 2022, the goal of which is to address risks and challenges that impact institutions across the financial sector, was recently moved for first reading in the Parliament of Singapore on...more

Morgan Lewis

New Guidelines Discourage Cryptocurrency Trading by General Public in Singapore

Morgan Lewis on

The Monetary Authority of Singapore (MAS) has issued new guidelines discouraging service providers of digital payment tokens (DPT), commonly known as cryptocurrencies, from promoting their services to the general public or...more

Hogan Lovells

Empowering Singapore’s Financial Institutions through COSMIC Power SEA View, Article XIV: October 2021

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After a summer hiatus, we return with a warning of imminent AML controls; a trend we witness across the region. On 1 October 2021, the Monetary Authority of Singapore (“MAS”) published a Consultation Paper on the FI-FI...more

Latham & Watkins LLP

ESG in Asset Management: A Global Perspective - October 2021

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The global asset management community has long been among the leaders in recognising the investment and risk management benefits of tracking the environmental, social, and governance (ESG) performance of the assets it invests...more

K&L Gates LLP

HUB Talks: Payments Across the Globe Miniseries - Trends in Singapore

K&L Gates LLP on

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe miniseries. In this episode Jeremy McLaughlin...more

Hogan Lovells

Financial institutions general regulatory news, July 2021

Hogan Lovells on

UK and Singapore Financial Partnership on financial services HM Treasury has announced that it has agreed a new "Financial Partnership" between the UK and Singapore which will support increased financial services between the...more

Hogan Lovells

Changes in insurance regulation: Mainland China/Hong Kong/Singapore/Indonesia

Hogan Lovells on

The tracker covers a range of developments across the region, including steps taken by the Chinese authorities to decentralise regulations in the insurance sector, a new amendment bill passed by the Hong Kong Legislative...more

Morgan Lewis

COVID-19: Singapore Regulators Grant 60-Day Extension for Companies’ Annual General Meetings

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In light of the coronavirus (COVID-19) pandemic, the Monetary Authority of Singapore, Accounting and Corporate Regulatory Authority, and Singapore Exchange Regulation on 7 April announced that they will automatically extend...more

K&L Gates LLP

The Singapore Variable Capital Company: A Game-Changer in the Asian Fund Industry (Part I)

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The Singapore variable capital company (VCC) is a new and innovative type of corporate entity which has just been introduced in Singapore. ...more

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