Transforming Singapore into a Technology-driven Global Financial Centre
Nov13

Transforming Singapore into a Technology-driven Global Financial Centre

On 30 October 2017, the Monetary Authority of Singapore (MAS) released an industry transformation map (ITM) for financial services that outlined an agenda for continuous innovation and technology adoption. As a law firm that combines a deep-seated funds and investment management expertise with a leading-edge technology practice, we would like to highlight the following takeaways from the ITM: 1. Leading fund and wealth management hub....

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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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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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