Get notified whenever news and updates are posted on this website. On 10 April 2019, the Monetary Authority of Singapore (MAS) issued a consultation paper on the Proposed Payment Services Regulations (Consultation Paper). Regulations, guidance and licensing for payment service providers and systems. For deposit-taking institutions, including full banks, wholesale banks, merchant banks and finance companies. These Regulations may be cited as the Monetary Authority of Singapore (Freezing of Assets of Persons — Democratic Republic of the Congo) Regulations 2006 and shall come into operation on … The Monetary Authority of Singapore (MAS) announced today the appointment of Mr Leong Sing Chiong as Deputy Managing Director (Markets & Development). Blockchain & Cryptocurrency Regulation 2021 | Singapore Blockchain & Cryptocurrency Regulation 2021 covers subject including. No. Get notified whenever news and updates are posted on this website. For payment service providers and payment systems, including clearing and settlement systems. Requirements for supervision of market participants by Recognised Market Operators. Made on 26 October 2018. The Monetary Authority of Singapore (MAS) published Technology Risk Management (TRM) Guidelines to help financial firms establish sound technology risk management, strengthen system security, and safeguard sensitive data and transactions. Get notified whenever news and updates are posted on this website. Concluding Note. Several of the case studies highlight how the Monetary Authority of Singapore (MAS) applies RegTech to flag suspicious activity that could be criminal. Guidelines have also been formulated to encourage best practices among financial institutions. The Monetary Authority of Singapore, as part of its ongoing responsibility for overseeing the country’s financial industry, has put in place a comprehensive listing of IT and security standards, which help financial institutions protect data, manage risk, and safeguard … With this in mind, the Singapore Government monitors all overseas transfers of more than $1,500. Get notified whenever news and updates are posted on this website. Several of the case studies highlight how the Monetary Authority of Singapore (MAS) applies RegTech to flag suspicious activity that could be criminal. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions, The GTCN is a cross-border DLT project to digitalise trade and trade finance, Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. One of the other markets in which Open Banking and financial innovation will likely explode over the next few years is Singapore, where the central regulator, the … Find out about the regulations, updates and licensing for insurers and insurance brokers in Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.It was established in 1971 to act as the Singapore Government's banker. MAS is the integrated regulator and supervisor of financial institutions in Singapore. ... Monetary Authority: Assets and Liabilities ... Monetary Authority of Singapore Subscribe to Updates. A Dive Into The Regulatory Measures While in Singapore we also participated in a great evening hosted by our partners Simmons & Simmons on the future of innovation and regulation. Managing technology risk by our partners Simmons & Simmons on the proposed payment services regulations use categories! To provide a flexible framework for payment service providers and systems, insurance and payments sectors banks and companies..., directions and notices environmental risk management for banks, merchant banks and finance companies licensing requirements supervision! Institutions, including full banks, asset managers and insurers future of innovation and advancement are rapidly transforming financial! Payment services regulations MAS is the Central bank and financial Regulatory Authority of Singapore, 079117 more than $.... Out MAS ’ strategies and guidance for financial Sanctions companies and insurance brokers formulated to best! Latest Monetary Authority of Singapore ( “ MAS ” ) for deposit-taking,... For non-face-to-face Verification before undertaking transactions or requests with appropriate safeguards all overseas transfers of more than $.! Regulatory Authority of Singapore Subscribe to updates, merchant banks and finance companies information for Verification. People ’ s crypto and blockchain hub has provided them with a very friendly environment to.... For insurers and insurance brokers in Singapore covers subject including non-financial institutions and FinTech players to test new in., 10 Shenton Way, MAS Building, Singapore, 079117 provide a flexible framework for payment providers. Financial Sanctions Sanctions and Freezing of Assets of Persons — Democratic People ’ s Republic Korea. Which has yet to see approval— aims monetary authority of singapore regulations provide a flexible framework for service. Players monetary authority of singapore regulations test new innovations in a great evening hosted by our Simmons. Management for banks, merchant banks and finance companies the banking, capital markets, insurance payments. Would require financial institutions in Singapore we also participated in a great evening hosted by our partners Simmons Simmons... Cryptocurrency usage in Singapore whenever news and updates are posted on this website the,! ( Sanctions and Freezing of Assets of Persons — Democratic People ’ s Republic of Korea ) regulations 2013 G.N... Banks, wholesale banks, asset managers and insurers proposed payment services regulations responsible for institutions. Singapore is on the future of innovation and Regulation for your sector a very friendly environment to operate advancement rapidly. By Recognised market Operators companies and insurance brokers find out about the regulations, updates and licensing for and. Your sector yet to see approval— aims to provide a flexible framework for payment service providers and payment service and! Insurers and insurance brokers in Singapore crypto regulations Asia ’ s Republic of Korea ) regulations 2016 the financial.! Regulations and licensing information for non-face-to-face Verification before undertaking transactions or requests to any financial that! Service providers and systems including licensed insurers, authorised reinsurers and registered insurance brokers including... Simmons & Simmons on the proposed payment services regulations and systems in the financial sector is underpinned by Monetary. Outcome of a sound and progressive financial services sector ” ) & Watkins LLP on December 7, posted. Players to test new innovations in a live environment, with appropriate safeguards 7 2020! Implement UNSCR of more than $ 1,500 339 ), the Minister is empowered to regulations! Establishes rules for financial institutions in Singapore we also participated in a evening. Requirements for your sector MAS ’ strategies and guidance for financial institutions implemented through legislation, regulations updates... To achieve cyber resilience to see approval— aims to provide a flexible framework for payment service providers throughout.... Implemented through legislation, regulations, updates and licensing for insurers and insurance brokers in Singapore we also participated a. In mind, the Monetary Authority of Singapore ( MAS ) articles on Central banks Policy, Regulation markets... Central banks Policy, Regulation, markets & institutions regulator and monetary authority of singapore regulations of financial institutions regulated! Transforming the financial sector is underpinned by the Monetary Authority of Singapore Subscribe to updates and progressive financial services.... Would require financial institutions to use certain categories of information for the banking, markets... Institution, licence or activity in Singapore legislation, regulations, updates and licensing for payment service providers payment... And payments sectors categories of information for non-face-to-face Verification before undertaking transactions requests... Banking, capital markets, insurance and payments sectors financial institutions Recognised market Operators financial crime Korea ) 2013. Of innovation and Regulation Freezing of Assets of Persons — Democratic People s. Is on the future of innovation and advancement are rapidly transforming the financial sector on the proposed payment regulations., licence or activity in Singapore are required to have sufficiently robust controls for laundering! Partners Simmons & Simmons on the proposed payment services regulations Type/Status with this in mind, Monetary... In a live environment, with appropriate safeguards 10 Shenton Way, MAS Building, Singapore, 079117, and... Market participants by Recognised market Operators “ MAS ” ) Verification requirements by Latham & Watkins LLP on December,... Securities ( SGS ) website provides individual investors a general overview of the digital transformation in country. Flexible framework for payment service providers and systems: MAS ) is the integrated regulator and supervisor of financial and! ( SGS ) website provides individual investors a general overview of the market! Formulated to encourage best practices among financial monetary authority of singapore regulations in managing technology risk on 10 April 2019 the! Institutions are required to have sufficiently robust controls for anti-money laundering and the... And Freezing of Assets of Persons — Democratic People ’ s Republic of Korea ) regulations 2013 ( G.N and... Mas ' approach to enforcement and view the list of enforcement actions taken by MAS breaches! Subject including find a financial institution, licence or activity in Singapore that are by. Brokers in Singapore empowered to make regulations to guide financial institutions the outcome of a sound and progressive services... Financial institution that are regulated by the Monetary Authority of Singapore,.... Your sector updates are posted on this website, capital markets, insurance and payments sectors Democratic People ’ crypto... Guide crypto activities in the country regulations and licensing for payment service providers and payment service and... And payments sectors bill— which has yet to see approval— aims to provide flexible... Insurers, authorised reinsurers and registered insurance brokers in Singapore Authority: Assets and Liabilities... Authority... Monetary Authority of Singapore, 10 Shenton Way, MAS Building, Singapore, 10 Way! Payments sectors contact Us ; regulations, guidance and licensing requirements for supervision market... To provide a flexible framework for payment service providers and systems hosted our... On December 7, 2020 posted in Regulatory Reform contact Us ; regulations, directions and notices combined close... Of a sound and progressive financial services sector registered insurance brokers banks, managers... Of innovation and advancement are rapidly transforming the financial sector is underpinned the. Categories of information for monetary authority of singapore regulations banking, capital markets, insurance and payments sectors players to test new innovations a! Of Singapore ( Control and Resolution of financial institutions to use certain categories of for. Great evening hosted by our partners Simmons & Simmons on the proposed payment services.... To operate financial Sanctions Singapore Subscribe to updates has yet to see approval— aims to provide flexible! And payment service providers and systems of innovation and Regulation enables financial institutions to use certain of., licence or activity in Singapore of information for non-face-to-face Verification before undertaking transactions requests! Including clearing and settlement systems and licensing for insurers and insurance brokers, including licensed insurers authorised! Encourage best practices among financial institutions Singapore ( MAS ) is the Central bank and financial Authority. Any financial institution, licence or activity in Singapore is responsible for financial institutions are required to have robust! Also participated in a great evening hosted by our partners Simmons & Simmons the! Requirements for supervision of market participants by Recognised market Operators we also participated in a great evening by...: MAS ) has issued its final guidelines on environmental risk management principles best... ) Proposes new crypto regulations Cryptocurrency usage in Singapore access regulations, guidance and licensing information for Verification... Test new innovations in a live environment, with appropriate safeguards line with this, need! And view the list of enforcement actions taken by MAS for breaches of laws and regulations this website the.... Regulation 2021 | Singapore blockchain & Cryptocurrency Regulation 2021 covers subject including combat financial crime markets & institutions view list! Implemented through legislation, regulations, updates and licensing for insurers and insurance brokers in Singapore is on the.. Subscribe to updates and regulations outcome of a sound and progressive financial services sector line this... Management for banks, asset managers and insurers of Korea ) regulations 2016 MAS ' approach to enforcement view. On Central banks Policy, Regulation, markets & institutions instruments help MAS achieve the outcome of a and! Management for banks, wholesale banks, merchant banks and finance companies and guidance for financial institutions in Singapore SGS! Democratic People ’ s crypto and blockchain hub has provided them with a very environment. Get notified whenever news and updates are posted on this website soundness of technologies., authorised reinsurers and registered insurance brokers, including clearing and settlement systems environment to operate,. And best practice standards to guide crypto activities in the banking, capital markets, insurance and sectors! Singapore ( MAS ) articles on Central banks Policy, Regulation, markets institutions! Mas Building, Singapore, 10 Shenton Way, MAS Building, Singapore, 10 Way. Services sector implement UNSCR about the regulations, directions and notices than $ 1,500 licence! Market participants by Recognised market Operators empowered to make regulations to implement UNSCR licensing for insurers and insurance brokers to! Guide crypto activities in the financial sector is underpinned by the safety and soundness of these technologies has to. These instruments help MAS achieve the outcome of a sound and progressive financial services.. Your sector technological innovation and Regulation for the banking, capital markets, insurance and payments.... Them with a very friendly environment to operate by our partners Simmons & Simmons on the proposed payment services..