MAS Archives - The Industry Spread

BondEvalue to Launch Blockchain-Based Bond Exchange

November 6, 2019

The Singapore-based firm has been approved to enter the Monetary Authority of Singapore’s (MAS) Sandbox Express to launch a blockchain-based bond exchange that reduces the minimum investment amount of bonds to US$1,000 via BondbloX – a fraction of a conventional US$200,000 bond wherein each BondbloX has a denomination of US$1,000.

MAS and CBIRC Enhance Supervisory Cooperation and Cross-Border Regulatory Oversight

October 25, 2019

The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) today reaffirmed their commitment to deepen supervisory cooperation. MAS’ Deputy Managing Director Mr Ong Chong Tee and CBIRC’s Vice Chairman Mr Liang Tao signed the CBIRC-MAS Supervisory Memorandum of Understanding (MOU) to enhance supervisory cooperation and facilitate exchange of information between MAS and CBIRC in the areas of banking and insurance supervision and crisis management.

Two Individuals Convicted of Fraud In the Trading of Futures Contracts and Furnishing False Statements to SGX-DT

October 11, 2019

Mr Jimmy Ng Kian Bin (Mr Jimmy Ng) and Mr Erik Ng Song Hann (Mr Erik Ng) were today convicted and sentenced to 16 weeks’ and 4 weeks’ imprisonment respectively for fraud and dishonest conduct in relation to the trading of futures contracts. Their convictions were a result of a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force. The case was referred to MAS by Singapore Exchange Derivatives Trading Limited (SGX-DT).

MAS Sets Up Steering Committee to Drive the Interest Rate Benchmark Transition from SGD Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA)

September 4, 2019

2 SOR is a key interest rate benchmark in Singapore that is used in the pricing of SGD interest rate derivatives, commercial and retail loans, and other financial products. As the likely discontinuation of USD LIBOR [2] will impact the sustainability of SOR, the Association of Banks in Singapore (ABS) and the Singapore Foreign Exchange Market Committee (ABS-SFEMC) have concluded that financial contracts that reference SOR, particularly SGD interest rate derivatives, should transition to reference SORA. SORA has been published since 2005, and is based on transactions in a deep and liquid overnight funding market. ABS-SFEMC have released a consultation report today detailing the roadmap.

MAS Invites Applications for New Digital Bank Licences

September 2, 2019

The Monetary Authority of Singapore (MAS) announced today that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. This follows the announcement in June 2019 by Mr Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, that MAS will issue up to two digital full bank licences and three digital wholesale bank licences.

J.P. Morgan to Launch FX Trading and Pricing Engine in Singapore

August 30, 2019

It will be J.P. Morgan’s fourth electronic FX trading infrastructure globally that allows clients to conduct FX transactions effectively according to their geographical locations, adding to its existing platforms in New York, London, and Tokyo.

J.P. Morgan is set to establish an electronic FX trading and pricing engine in Singapore, scheduled to launch in early 2020, with support from the Monetary Authority of Singapore (MAS).

Singapore and Kenya Establish Cooperation on Developing Digital Infrastructure at Inaugural Afro-Asia FinTech Festival

July 26, 2019

The Monetary Authority of Singapore (MAS) and the Central Bank of Kenya (CBK) have inked a FinTech Cooperation Agreement to support digital infrastructure development in Kenya. The two central banks will collaborate to develop basic digital infrastructure services for Kenya, including identity, data and Know-Your-Customer utility, based on a set of common standards. The cooperation was sealed at the inaugural Afro-Asia FinTech Festival in Nairobi, Kenya, which drew close to 2,000 participants from all over the world.