New opportunity for Singapore banks: MAS expands scope of permissible activities
Oct10

New opportunity for Singapore banks: MAS expands scope of permissible activities

On 29 September 2017, the Monetary Authority of Singapore (MAS) released a public consultation paper to relax the anti-commingling rules for banks. This is a follow-up from the Minister for Finance’s announcement in June 2017 that these rules will be further adjusted. See our previous post on the announcement here. Since the introduction of the prohibition on banks to carry out non-financial businesses more than a decade ago (the...

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3 Things you need to know about Singapore’s proposed changes to Data Protection
Jul31

3 Things you need to know about Singapore’s proposed changes to Data Protection

On 27 July 2017, the Personal Data Protection Commission of Singapore (PDPC) issued a public consultation paper on managing personal data in the digital economy. The consultation paper seeks to greater facilitate the use of personal data in the digital economy through changes to the consent requirements and at the same time seeks to ensure that security standards are uplifted through the introduction of mandatory breach notification....

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Introducing Singapore’s new draft Cybersecurity Bill
Jul12

Introducing Singapore’s new draft Cybersecurity Bill

On 10 July 2017, Singapore’s long-awaited draft Cybersecurity Bill was introduced. This is a timely development, especially in view of recent cybersecurity attacks such as the Advanced Persistent Threat attacks targeting two of Singapore’s universities and the global WannaCry and Petya / Petna malware attacks. As a small and highly connected nation, Singapore is dependent on info-communications technology, and cybersecurity threats...

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Next step in Singapore’s payments journey
Jul03

Next step in Singapore’s payments journey

As Singapore moves towards a Smart Nation and a cashless society, our electronic payments system has also developed to allow consumers to send and receive money easily. The most recent development in this journey is PayNow, which allows bank customers to transfer funds using only the recipient’s mobile number or Singapore NRIC/FIN. Technology has transformed the way Singaporeans use financial services, and surveys show that 94% of...

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Blurred Lines: MAS streamlines regulation of banks’ non-financial services activities
Jul03

Blurred Lines: MAS streamlines regulation of banks’ non-financial services activities

16 years ago, when MAS introduced the anti-commingling framework to separate financial and non-financial businesses of banks, the iPhone did not exist and clamshell Motorola Razrs were cool. Today, almost all Singaporeans carry smart phones and our wireless broadband penetration has gone up to 200%, making Singapore one of the most connected societies in the world. This connectivity has made Singapore the perfect ground for technology...

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