Tagged: mas

FATF Travel Rule Solution Sygna Bridge Completes Assessment by Association of Cryptocurrency Enterprises and Startups, Singapore

Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More

Fintech M&A Market Appears to be Recovering After Struggling in H1 2020 due to COVID

  The Fintech mergers and acquisitions (M&As) market appears to be rebounding from the COVID-19 pandemic. As reported by Financial Planning, the Wealthtech sector seems to be recovering after the Coronavirus crisis had put many deals on pause. RightSize Solutions, a company offering cybersecurity and… Read More

Monetary Authority of Singapore Launches $18.6 Million Productivity Solutions Grant for Financial Services Sector

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has launched a S$35 million (appr. $18.62 million) Productivity Solutions Grant (PSG) for the country’s financial services industry. The grant will be used to offer assistance to smaller financial institutions. It will… Read More

Monetary Authority of Singapore Posts Consultation Response Regarding Payments, Including Digital Payment Tokens

In 2019, the Monetary Authority of Singapore (MAS) launched a consultation on the Payment Services Act (PS Act) that in relation to AML/CFT, and other amendments in respect of digital payment token (DPT) service and certain technical amendments. The consultation address certain proposed amendments to… Read More

Tuhina Singh: Founder of Propine Explains Why Reliable Custody Solutions for Digital Assets are Needed to Promote Institutional Adoption

We recently connected with Tuhina Singh, Founder of Propine, a comprehensive securities services provider for digital securities. Singh previously worked as an options trader and has developed derivatives trading platforms from scratch. Crowdfund Insider previously reported that Propine is the first independent digital asset custodian… Read More

Underserved Singapore based SMEs are Now Considering Switching to Digital Banks: Visa Survey

  Payments giant Visa recently published a study on Digital Banking and SMEs in Singapore. According to the report, 88% of Singapore’s SMEs are now considering switching over to an all-digital banking platform. These findings of the study have been released at a time when the… Read More

Open Banking Developments in Singapore May lead to More Transformative Fintech Changes that those Offered by Digital Banking

Open Banking developments in Singapore could lead to more changes in traditional banking processes than those that involve digital banking and related infrastructure upgrades. Singapore’s addressable loan market for digital banks is valued at around S$220 and S$243 billion, according to estimates from the Fintech… Read More

Singapore Fintech iLex to Use Loan Solutions Offered by Refinitiv, will Redistribute LPC Loan Market Data via iLex Platform

iLex, a Fintech firm that is focused on improving the corporate loan market, has partnered with Refinitiv through its LPC brand, in order to integrate their loan solutions and redistribute LPC loan market data via the iLex platform. As mentioned in a release shared with… Read More

Monetary Authority of Singapore Tells Wirecard to Stop Credit Services and Return Customer Funds

The Monetary Authority of Singapore (MAS) has told bankrupt Fintech Wirecard (WDI.DE) to halt payment services in Singapore and to return all customer funds by October 14, 2020. MAS states that it has been monitoring Wirecard’s bankruptcy proceedings and the ability of the company to provide… Read More

SPAC: Mark Schwartz from EY and Fintech Advisor Efi Pylarinou Explain how Special Purpose Acquisition Companies Provide Better Access to Capital

Mark Schwartz, MD at Ernst & Young Capital Advisors LLC, Equity Capital Markets Advisory, has explained how (special purpose acquisition company) SPAC mergers can help companies with accessing better financing deals or options. Schwartz noted that the growth of SPACs gives private business owners an… Read More

Switzerland’s Credit Suisse Is Expecting Business Activity in Wealth Management Sector to Slow Down During Q3 2020

Thomas Gottstein, CEO at Credit Suisse Group AG, a global wealth manager, says that he expects business activity in the wealth management sector to slow down during the third quarter of this year. However, he believes that overall revenue and trading will continue at the… Read More

Fundnel Supported Private Securities Marketplace HG Exchange Commences Trading. Will Include Digital Assets Too

Hg Exchange (HGX), Southeast Asia’s first private securities exchange, has kicked off trading. Founding members of the exchange include PhillipCapital, Prime Partners, and Fundnel – a leading securities crowdfunding platform serving sophisticated investors across Asia. Richard Teng, formerly an executive at the Monetary Authority of… Read More

Chartered Fintech Professional Qualification will be Offered to Financial Tech Employees Working in China and Singapore

A Chartered Fintech Professional (CFtP) qualification will reportedly be offered to financial technology specialists working in China and Singapore. The program will aim to provide  professional development opportunities that are meant to support international Fintech talent. The qualification will reportedly be introduced by the Global… Read More

When Will Singapore Adopt Blockchain-Based Multi-Currency Payments? In Due Course

Singapore recently completed a pilot program for a blockchain-based multi-currency payments network prototype. Project Ubin, launched in 2016, engaged with several private parties as well as government entities seeking to better understand the benefits of blockchain technology. The prototype was developed in collaboration with JPMorgan (NYSE:JPM) and… Read More

Ravi Menon, Managing Director of Monetary Authority Singapore, Says both Incumbents and Fintech Startups are Good for Financial Ecosystem

Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), recently delivered a speech on “Powering the next stage of Singapore Fintech” at the Singapore Fintech Festival Just five years ago, the country’s leaders had a vision that focused on making Singapore a… Read More

Monetary Authority of Singapore Commits $182 Million to Support Innovation and Develop Fintech Projects

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, recently revealed that it will commit S$250 million (appr. $182 million) in capital over the course of the next three years, in order to support the country’s financial industry. The funds are being… Read More

Railsbank CEO Calls on Regulators to Step Up Safeguarding of e-Money Firms Following Wirecard Collapse

The Wirecard AG (WDI:DE) scandal has rocked the Fintech world as the once high flying firm that was a member of the DAX filed for bankruptcy following the revelation of a €1.9 billion in missing funds. Regulators, elected officials as well as Fintech industry insiders have… Read More

Singapore Investigates Two Firms for Falsification of Accounts in Regards to Wirecard Fraud

Wirecard AG (WDI:DE), once a prominent payments Fintech and now a financial debacle due to allegations of massive fraud, continues to try and find a way to survive. Meanwhile, shares in the firm have tanked dropping from over €100/share to now around €3/share as the… Read More

Monetary Authority of Singapore Says Wirecard Customer Funds Parked in Singapore Banks

The Monetary Authority of Singapore (MAS), the top financial regulator in Singapore, has issued a statement indicating Wirecard AG (WDI:DE) customer funds have been parked in Singapore banks thus segregating the funds from the Wirecard implosion. Wirecard is not currently licensed by MAS as there is… Read More

Fintech Firms in Singapore Secure Record High $462 Million in Equity Funding, and $650 Million in Total during H1 2020

Singapore’s Fintech firms continue to attract substantial investments, despite the global COVID-19 outbreak and resulting socio-economic challenges. Singapore Fintechs have been able to secure a total of $650 million in capital so far this year, which notably includes a record high of $462 million in… Read More

Send this to a friend