financial institutions

MAS issues regulatory guidelines for fintech experiments

SINGAPORE (Nov 16): The Monetary Authority of Singapore (MAS) announced that it has published the “regulatory sandbox” guidelines for financial technology (fintech) experiments after public consultations and learning points from other sandboxes.

According to MAS, the guidelines will improve clarity, flexibility and transparency of the sandbox. These are:

Improved clarity: The guidelines provide examples and elaborations to illustrate MAS’ expectations on the sandbox, including evaluation criteria for entry.

Singapore lauded by anti-money laundering global taskforce but more could be done, says FATF

SINGAPORE (Sept 27): Financial Action Task Force (FATF), the global body that monitors money laundering and terrorist financing, has lauded Singapore for its efforts in combating these crimes.

These include having a strong regulatory and supervisory framework, good cooperation at the international level, robust supervision of the financial sector, prompt integration of financial intelligence in law enforcement and effective regime to combat proliferation financing.

Why Silverlake Axis is still a ‘like’

SINGAPORE (Aug 29): CIMB and RHB are keeping their “buy” calls on Silverlake Axis with higher target prices of 68 cents and 77 cents respectively.

Both research houses say the software company’s FY16 results came in line with their expectations.

Silverlake last week posted a 23.3% rise in FY16 earnings to RM636.3 million ($214.3 million) from RM$516 million a year ago.  

How the fintech landscape is moving away from cold, hard cash

SINGAPORE (Aug 18): Investments in venture capital (VC) backed financial technology (fintech) startups have declined by 49% in 2Q16, on the back of a tougher climate for marketplace lenders as well as a decline in mega-round activity.

According to a new report published by KPMG International and CB Insights, these companies have also seen a 12% drop in deal volume this quarter to US$2.5 billion ($3.4 billion) compared to 1Q16.

Yet, KPMG maintains that VC investment in fintech is still on pace to exceed 2015 results.

DBS in Amazon cloud tie-up as MAS issues guidelines on cloud outsourcing

Monetary Authority of Singapore (MAS)

SINGAPORE (July 27): The Monetary Authority of Singapore (MAS) on Wednesday included cloud services for the first time in its new guidelines to financial institutions on risk management for outsourcing.

The introduction of a new section on cloud computing sets out the central bank’s stance on cloud services, which have been adopted by a growing number of financial institutions.

MAS notes in its new guidelines that cloud services (CS) can “potentially offer a number of advantages”.

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Raffles Money Change claims compliance with MAS

SINGAPORE (July 22): Licensed money changer and remittance agent Raffles Money Change (RMC) has issued a statement in response to queries from members of the media, in light of the Monetary Authority of Singapore’s (MAS) press release dated July 21. 

To recap, MAS on Thursday named a number of financial institutions under investigation in a joint statement together with Attorney-General’s Chambers, Singapore (AGC) and Commercial Affairs Department, Singapore Police Force (CAD).

This included a mention of RMC, which MAS says it is finalising regulatory actions against.

Singapore authorities seize $240 mil of assets linked to 1MDB probe

SINGAPORE (July 21): Singapore authorities say they have seized a total of $240 mil of bank accounts and dealings in properties belonging to individuals linked to 1Malaysia Development Berhad (1MDB) probe, with about $120 million belonging to businessman Low Taek Jho and his immediate family.

(See Malaysian financier Jho Low owned firm linked to 1MDB scandal: Source)

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