singapore - Banking & Finance - News

SGX proposes to recalibrate Financial and Capital Requirements of Bank and Remote Members

Singapore Exchange (SGX) have sought feedback on proposed recalibrations of the financial and capital requirements of Remote Clearing Members, Remote Trading Members, Bank Clearing Members and Bank Trading Members (“RCMs”, “RTMs”, “BCMs” and “BTMs” respectively).
Date: 05 July 2018; Type: Industry Updates; Source: Singapore Exchange

CAD and MAS warn Investors about trading on unregulated Online Platforms

Singapore, 31 May 2018 - The Commercial Affairs Department (CAD) of the Singapore Police Force and Monetary Authority of Singapore (MAS) advise the public to exercise extreme caution when dealing with unregulated online trading platforms.
Date: 31 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Statement of Commitment to the FX Global Code

Singapore, May 28 - The Monetary Authority of Singapore (MAS) today issued a statement affirming its commitment to the Foreign Exchange Global Code (Code) developed by the Bank for International Settlements (BIS). MAS will adhere to the principles of the Code when acting as a market participant and ensure that its internal practices and processes a ...
Date: 28 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Licensed Moneylending Director, Teh Chee Wee, fined $6,800 for Breaches of Moneylending Laws

The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 18 December 2017 against Teh Chee Wee (郑 志 威), 42 years old, the director of the moneylending company, RTG Credit (S) Pte Ltd.
Date: 23 May 2018; Type: Legal News; Source: Ministry of Law

Warning on Fraudulent Email and Website impersonating MAS

Singapore, May 24 - The Monetary Authority of Singapore (MAS) have alerted the public to fraudulent emails impersonating MAS that attempt to get recipients to divulge their bank account IDs and passwords. Members of the public are advised not to click on the links in these emails or divulge any personal information including login IDs or passwords.
Date: 24 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS warns Digital Token Exchanges and ICO Issuer

Singapore, May 24 - The Monetary Authority of Singapore (MAS) has warned eight digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation. It also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in Singapore.
Date: 24 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

The Fifth Asian Monetary Policy Forum discusses Regional Economic and Financial Issues

Singapore, May 25 - The Asian Monetary Policy Forum (AMPF) convenes today at the Shangri-La Hotel for the fifth consecutive year. Held in conjunction with the annual conference of the Asian Bureau of Finance and Economic Research (ABFER) that took place from 21-24 May 2018, the Forum is co-organised and funded by the University of Chicago Booth Sch ...
Date: 25 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Invitation for Proposals to pilot New Business Models for Moneylending

The Ministry of Law (MinLaw) today issued an invitation for proposals to pilot new business models for moneylending. The objective of the Pilot is to better protect borrowers through business-led improvements in the moneylending industry.
Date: 11 May 2018; Type: Legal News; Source: Ministry of Law

Civil Penalty Action taken against Kunye Tagi for Insider Trading

Singapore, May 11 - Following a joint investigation by the CAD and MAS, civil penalty action has been taken against Ms Kunye Tagi for insider trading in the shares of Genting Singapore PLC (Genting).
Date: 11 May 2018; Type: Legal News; Source: Monetary Authority of Singapore

Launch of ACRA’s New e-Appointment Service from 1 June 2018

From 1 June 2018, customers visiting ACRA for business registration matters will need to first book an appointment through the ACRA website. Customers can look forward to being served more promptly by pre-booking appointment slots. Walk-in customers with no appointment may be scheduled to visit on another day.
Date: 27 April 2018; Type: Industry Updates; Source: Accounting and Corporate Regulatory Authority

MAS to strengthen Individual Accountability of Senior Managers in Financial Institutions

Singapore, Apr 26 - The Monetary Authority of Singapore (MAS) has proposed guidelines to strengthen individual accountability of senior managers and raise standards of conduct in Financial Institutions (FIs). The guidelines are a key part of MAS’ broader efforts to foster a culture of ethical behaviour and responsible risk-taking in the finan ...
Date: 26 April 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Singapore and Viet Nam enhance Cooperation in Financial Innovation and Banking Supervision

Singapore, Apr 25 - The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed today to establish a new partnership to encourage FinTech innovation and to strengthen cooperation in banking supervision.
Date: 25 April 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS reminds Financial Institutions to stay Vigilant against Cyber Security Threats

Singapore, Apr 6 - The Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions to remain vigilant, following recent reports of cyber incidents overseas where attackers attempted fraudulent fund transfers using the SWIFT system.
Date: 06 April 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS and CAD to Jointly Investigate All Capital Markets and Financial Advisory Offences

Singapore, Mar 13 - The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force announced today that they will extend the Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA). This will allow for greater efficiency a ...
Date: 13 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS and Bank of Lithuania strengthen Cooperation in FinTech

Mar 14 - The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to work together to support the development of the FinTech ecosystems and encourage greater financial innovation in the two countries. The FinTech Co-operation Agreement between the two countries was signed on the sidelines of the Money 20/20 Asia conferen ...
Date: 14 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

Closer FinTech Cooperation between Maharashtra State and Singapore

Maharashtra, 26 February 2018 - The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM) signed a Memorandum of Understanding (MoU) on 18 February 2018 to strengthen cooperation in promoting FinTech innovation in the two markets. The MoU was signed at a ceremony at the Magnetic Maharashtra event in India.
Date: 26 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS Consults on Regulations to require OTC Derivatives to be traded on Organized Markets

Singapore, Feb 21 - The Monetary Authority of Singapore (MAS) issued for consultation today proposed regulations to require the trading of Over-The-Counter (OTC) derivatives on organised markets, to help improve market transparency. This requirement will complete MAS’ implementation of the G20 OTC derivatives reforms.
Date: 21 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

Buyer's Stamp Duty (BSD) Rate to be raised, on the Value of Residential Property in excess of of $1 Million

The Minister for Finance announced in the 2018 Budget Speech that the top marginal Buyer’s Stamp Duty (BSD) rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised BSD rates will apply to all residential properties acquired on or after 20 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

Budget 2018: Together, a Better Future

Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament on Mon, 19 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

INDUSTRY UPDATES

Legal 'Stalwart' Senior Counsel Jeffrey Chan retires after 45 Years

Jeffrey Chan, the longest-serving legal service officer have retired as a principal senior consultant at the Attorney-General's Chambers last week after completing 45 years of service.

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INDUSTRY UPDATES

350 Major Firms to act as Mentors for SMEs under DIP's Campaign

BANGKOK, 11 July 2018 (NNT) - Some 350 major firms have agreed to perform as mentors for Thai SMEs under the Department of Industrial Promotion's (DIP) campaign and to introduce some 20,000 SMEs in international markets.

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INDUSTRY UPDATES

Comelec Lawyers to handle Poll Body’s Defense in VP Recount Case

MANILA, July 12 (PNA) - The law department of the Commission on Elections (Comelec) will take charge of the poll body's defense in the ongoing electoral protest case for the May 2016 vice presidential race at the Presidential Electoral Tribunal (PET).

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INDUSTRY UPDATES

Judges Group endorses Marquez for SC Post

MANILA, July 12 (PNA) - The Philippine Judges Association (PJA) expressed its support for the nomination of Court Administrator Midas Marquez as Supreme Court (SC) Associate Justice.

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INDUSTRY UPDATES

SEC sets up Online Kiosks for Business Registration

MANILA, July 12 (PNA) - The Securities and Exchange Commission (SEC) on Thursday announced the availability of on-line kiosks that allow faster and trouble-free registration of new corporations, partnerships and associations, to enhance ease of doing business in the country.

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INDUSTRY UPDATES

President Jokowi to familiarize Public with PPPh Policy for MSMEs

Jakarta, July 12 (ANTARA News) - President Joko Widodo will disseminate information on a policy in which the Final Income Tax (PPh) for Micro, Small, and Medium Enterprises (MSMEs) is set at 0.5 percent during the 71st National Cooperatives Day 2018.

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INDUSTRY UPDATES

New Chief Justice proposes Panel of Nine Judges in Constitutional Cases

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed that court cases involving constitutional issues be heard by a panel of nine judges of the Federal Court including the top four judges.

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INDUSTRY UPDATES

Government to follow Rule of Law in Zakir Naik's Case - Gobind Singh

SHAH ALAM, July 12 (Bernama) - The government will act accordingly and by always applying the 'follow the rule of law' policy in any case and not only with regard to the controversial preacher Dr Zakir Naik, said Communications and Multimedia Minister Gobind Singh Deo.

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INDUSTRY UPDATES

New Chief Justice proposes Balloting Selection of Federal Court Judges Panel

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed selection by balloting of the panel of Federal Court judges to hear cases in the Federal Court.

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INDUSTRY UPDATES

ASEAN should relook Policies in Transformative Digital Economy

KUALA LUMPUR, July 12 (Bernama) - ASEAN needs to relook at its various policy initiatives, including trade and investment policies, in response to the transformative digital economy, said CIMB ASEAN Research Institute (CARI).

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INDUSTRY UPDATES

Bank Negara Malaysia maintains OPR at 3.25 per cent

KUALA LUMPUR, July 11 (Bernama) - Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today.

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INDUSTRY UPDATES

Richard Malanjum is the new Chief Justice

Richard Malanjum is the new Chief Justice

Kuala Lumpur, 11 July 2018 (Asean LIP News): Tan Sri Datuk Seri Panglima Richard Malanjum has sworn in as the new Chief Justice of Malaysia. He replaces Tun Md Raus Sharif as the top judge of Malaysia. Richard Malanjum was the Chief Judge of Sabah and Sarawak. He was elevated to the Federal Court in June 2005 and was appointed as the Chief Judge of Sabah and Sarawak in 2006.

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INDUSTRY UPDATES

Pioneer Batch of 24 Lawyers receive Professional Certification in Building and Construction Law

24 lawyers have received professional certification in building and construction law from the Singapore Academy of Law under the ' Specialist Accreditation Scheme'.

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INDUSTRY UPDATES

DOLE warns PLDT: Regularize 7K Workers or face Sanctions

MANILA, July 11 (PNA) - The Department of Labor and Employment (DOLE) warned anew telecommunications firm Philippine Long Distance Telephone Company (PLDT) to comply with its order on the regularization of more than 7,000 workers from its contractors.

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INDUSTRY UPDATES

Four New DOJ Officials named

MANILA, July 11 (PNA) - The Department of Justice (DOJ) on Wednesday confirmed that Malacañang has appointed three new undersecretaries and one assistant secretary to the agency.

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INDUSTRY UPDATES

House receives ConCom's Draft Federal Charter

MANILA, July 11 (PNA) - Speaker Pantaleon Alvarez on Wednesday formally received the draft federal constitution prepared by the 22-member Consultative Committee (ConCom) on Charter Change.

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INDUSTRY UPDATES

Indonesia promotes Strategic Industries in Central, South America

Jakarta, July 10 (ANTARA News) - The Ministry of Foreign Affairs promoted Indonesia's strategic industry in Central and South American countries to encourage penetration into non-traditional markets.

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INDUSTRY UPDATES

Thai Court to rule in Defamation Trial of 14 Myanmar Workers

A court in Bangkok is to rule today on 14 Myanmar migrant workers who have been charged with defaming their employer after accusing the company of serious labour rights violations.

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