Focus areas and schemes to develop Singapore as a global capital for Asian risk transfer.
Ms Thong Leng Yeng, Executive Director, MAS, spoke on MAS’ plans for developing future-ready talent for Singapore’s wealth management sector.
In its response to a forum letter on the Payments Regulatory Evaluation Programme (PREP), MAS and the Singapore Academy of Law (SAL) clarified the selection of law firms, which represents a cross section of the legal industry. MAS and SAL have already invited all interested law firms to join the pilot on 10 September 2019.
MAS announced today that Singapore’s average daily foreign exchange (FX) trading volume reached a new high of US$633 billion in April 2019, up 22% from US$517 billion in April 2016. Singapore retains its position as one of the largest FX centres globally – ranked third with a 7.6% share of global FX volume in April 2019.
In response to two forum letters in the Straits Times on digital banks, MAS said it agrees that it is important that the public understands the differences between the new digital banks and existing banks in Singapore. MAS said digital banks need to meet the same regulatory standards as existing banks.
An additional 2 million pieces of the Singapore Bicentennial $20 commemorative notes are available for exchange. Online application is from 16 September until 13 October at go.gov.sg/mas. Successful applicants will be notified by 3 November 2019.