MAS and Enterprise Singapore announced that the Singapore FinTech Festival (SFF) x Singapore Week of Innovation & TeCHnology (SWITCH) will expand to become the world’s first week-long round-the-clock, hybrid digital and physical event.

MAS will award Significantly Rooted Foreign Bank (SRFB) privileges to SCBSL, allowing it to operate additional places of business. MAS will also enhance the SRFB Framework to recognise SRFBs with a significantly higher degree of rootedness.

MAS announced that it will continue to provide USD via the MAS USD Facility following the extension of MAS’ US$60 billion swap arrangement with the US Federal Reserve through 31 March 2021. The MAS USD Facility will offer up to US$60 billion of funding to banks, to facilitate USD lending to businesses in Singapore and the region.

MAS conducted thematic inspections on enterprise-wide risk assessment on money laundering and terrorism financing (EWRA) in 2020. This paper highlights inspection observations and MAS’ supervisory expectations of effective EWRA frameworks and processes that financial institutions should benchmark themselves against.

This semi-annual brief on the Singapore economy also discusses external developments pertinent to our assessment of near-term economic prospects.

This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.

Consultation number:

P002-2020

Start date:

21 July 2020

Closing date:

20 August 2020

Status:

Open