Monetary Authority of Singapore (MAS)
MAS concludes 1MDB review with fresh fines
Credit Suisse and UOB fined $1.6 million collectively, with further individuals receiving lifetime bans
MAS seeking to build data science community, says chief data officer
David Hardoon urges people to embrace data science and computing; authority is looking to build links with academia and financial sector to share ideas
Singapore governor says financial regulation would benefit from ‘fine tuning’
Regulation has helped strengthen the financial system, but policymakers should be wary of “pendulum swings”, Menon says; central banks should “not be afraid” to make adjustments
People: Pakistan and Uzbekistan appoint deputies; Bangladesh Bank names new chief economist
Jameel Ahmad promoted to deputy role at Pakistan central bank; former IMF mission chief appointed as chief economist at Bangladeshi central bank
Singapore to work with China on capital market development, MAS’s Loh says
“Wider suite” of risk management tools needed to stem risks rising from capital market liberalisation; opportunities to coordinate on other Chinese initiatives
G20 should create central bank blockchain group – think tank
Policy brief stresses the need for the G20 to be a leading figure in the blockchain debate; new consortium to discuss implications for monetary and fiscal policy
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”
MAS considers revising limits on coin payments
Singapore central bank mulls blanket restriction of 10 coins per denomination in a single transaction; new arrangement would align the country with Norway and Switzerland
Japan and Singapore agree regulatory fast-tracking of fintech companies
“Framework agreement” also provides for information-sharing on fintech innovations
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
MAS director calls for firms to promote good governance
As regulations shift towards strengthening culture at firms, there is only so much central banks can do, MAS’ Ngiap says; firms must put customers before profit
MAS forms council to toughen corporate governance code
Ageing code of corporate governance needs to be updated to reflect best practice, authority says; chairman notes pressure on companies to become more transparent
People: MAS picks chief for new data group; SBP deputy reappointed
MAS appoints machine-learning specialist as chief data officer; State Bank of Pakistan deputy gets another term; long-serving IAIS secretary-general to step down
Policy tensions in China to become ‘more stark’ in 2017 – Menon
MAS head says China's authorities will have to use a fair amount of “policy dexterity” this year to deal with likely US rate rises and volatile international markets
Singapore fines two foreign banks for 1MDB-related breaches
Investigations continuing into Goldman Sachs’ role, the regulator says
MAS warns of risks surrounding households
Prudent financial and debt management is crucial, the regulator says, to entrench the gains made through macro-prudential measures implemented earlier
MAS charges two investors with orchestrating ‘massive fraud’
The two individuals are accused of largest market manipulation in Singapore’s history, as well as deceiving financial institutions into extending credit
MAS launches blockchain experiment
Central bank to build a proof-of-concept model to conduct interbank payments; second phase could include foreign currency transactions
MAS awards prizes for fintech innovation
Three fintech companies receive S$50,000 for ideas presented at inaugural fintech festival
Asia resolution rules risk conflict with G-Sib home regulators
Branches fear local regulators could ask banks for confidential home market information
Neutral policy stance needed for ‘extended’ period – MAS
Singapore’s central bank says inflation is trending in the right direction, but notes economic growth is unlikely to pick up over the next year
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
People: Debelle becomes RBA deputy governor
Foreign exchange expert becomes deputy governor of RBA; Mongolia appoints deputy governor