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...

Read More
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...

Read More
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...

Read More
Association of Banks in Singapore updates Guidelines for Outsourced Service Providers
Jun15

Association of Banks in Singapore updates Guidelines for Outsourced Service Providers

On 1 June 2017, the Association of Banks in Singapore (ABS) issued an update to their “Guidelines on Control Objectives and Procedures for Outsourced Service Providers”. The update replaces the first version of these guidelines previously issued on 25 July 2015. Overall, the update involved only minor changes. Nevertheless, these changes indicate a greater emphasis on review, monitoring and control of the outsourced service providers...

Read More
Regulating Robo-advisors in Singapore
Jun15

Regulating Robo-advisors in Singapore

Introduction On 7 June 2017, the Monetary Authority of Singapore (MAS) issued a consultation paper on the provision of digital advisory services in Singapore. The consultation paper proposes amendments to the Securities and Futures Act and the Financial Advisors Act which are the existing framework governing the provision of financial advice, to allow for the wider use of digital advisors or robo-advisors whilst ensuring that there...

Read More
New OTT regulations in Indonesia and Thailand: inching towards a level playing field?
May23

New OTT regulations in Indonesia and Thailand: inching towards a level playing field?

New regulations are on the way that will impact providers of “over-the-top” (OTT) services targeting Indonesia and Thailand. Rapid digitalisation of multiple sectors in Asia is marking the dawn of a new era for policy and regulatory frameworks. Due to the availability of wireless broadband and prolific smartphone usage, OTT services such as mobile VoIP mobile applications, mobile instant messaging, online video and TV, and online...

Read More