Tagged: monetary authority of singapore

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

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

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

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

Asian Institute of Digital Finance Created by Monetary Authority of Singapore and Others Looks to Boost Fintech

The Monetary Authority of Singapore (MAS), along with the National University of Singapore (NAS) and National Research Foundation (NRF), have joined to create a new Fintech focused entity: the Asian Institute of Digital Finance (AIDF). AIDF is expected to provide thought leadership and strengthen synergies… Read More

Blockchain: Singapore’s Project Ubin Completes Final Phase Depicting How Financial Services Can Benefit from Blockchain, Payments Prototype Included Participation of JPMorgan

The Monetary Authority of Singapore (MAS) and Temasek have published the final report on a blockchain trial. The report, “Project Ubin Phase 5: Enabling Broad Ecosystem Opportunities” shares insights into the blockchain-based multi-currency payments network prototype that was built and describes how the network could… 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

Members Only Exchange, Hg Exchange, Accepted into Monetary Authority of Singapore Fintech Sandbox. Utilizes Zilliqa Blockchain Tech

A new private securities exchange, Hg Exchange, has joined the Monetary Authority of Singapore’s (MAS) Fintech Sandbox. Hg Exchange’s tenure at the Fintech Sandbox begins on June 22, 2020, and is scheduled to last until December of this year. Hg Exchange will offer 24/7 trading… Read More

Monetary Authority of Singapore Reports that 14 Applications are Eligible to Become Digital Banking Entities

The Monetary Authority of Singapore (MAS) has announced that 14 out of 21 applications to become digital banks have met the eligibility criteria for the Fintechs to be considered. MAS announced on June 28, 2019, that it would issue up to two digital full bank… Read More

ByteDance, Developer of TikTok, May Compete for Digital Banking License to be Issued by Monetary Authority of Singapore

The developers and management TikTok, a leading Chinese video-sharing social network, are reportedly branching out into the financial services sector with the owners of the Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation. Beijing-based ByteDance, a Chinese multinational… Read More

Monetary Authority of Singapore Launches Global Fintech Innovation Challenge, Seeks COVID-19 Resilient Fintechs

The Monetary Authority of Singapore (MAS) has launched the S$ 1.75 million MAS Global Fintech Innovation Challenge. The competition seeks Fintech solutions that can help financial institutions respond to COVID-19 and climate change. MAS said the theme for the competition is “Building Resilience, Seizing Opportunities,… Read More

Mobile Payments Provider Wirex to Support Bitcoin, Ether, Stablecoin Dai, NZD, AUD, and SGD Transactions

Martin Best, CMO at Wirex, confirmed in a blog post on June 4, 2020, that the London-based financial services firm will allow users to purchase, hold and exchange New Zealand dollars (NZD) and 19 other currencies including Bitcoin (BTC), Ether (ETH), Singapore dollars (SGD), and… Read More

Monetary Authority of Singapore Lists COVID-19 Support for Fintechs

The Monetary Authority of Singapore (MAS) has recently created a section of its website outlining the support programs for domestic Fintechs. Singapore has long advocated on behalf of innovation in financial services and MAS has a long history of public-private partnerships in support of the… Read More

Monetary Authority of Singapore Posts Response on Constulation Regarding Derivatives Contracts and Payment Tokens

  The Monetary Authority of Singapore (MAS) has posted a response to a consultation regarding the regulation of derivative contracts on payment tokens (ie digital currencies such as Bitcoin or Ethereum used as a method of payment). The original consultation was launched in November 2019… Read More

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