Singapore: MAS introduces amendments to Payment Services Act; Changes to take effect in stages from April 4

MAS stated that the amendments will empower it to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers.

Civil penalty of S$3.9 million imposed on Credit Suisse AG by MAS for misconduct by its relationship managers

Failure to prevent misconduct by its relationship managers (RMs) has cost Credit Suisse AG S$3.9 million, which was imposed on the bank by the Monetary Authority of Singapore (MAS). The news of the civil penalty was confirmed by an official news release on December 28, 2023. The aforementioned offence took place in the Singapore branch […]

Ravi Menon retiring from Monetary Authority of Singapore after 29 years; Chia Der Jiun to take over as MD

A media release said that as MD, Ravi Menon was the driving force behind MAS’ initiatives to make Singapore’s financial sector more resilient, innovative, and purposeful.

Monetary Authority of Singapore issues SGD10 collectible coins to mark LKY100; 4 million coins minted

MAS announced that the total number of coins minted would meet the demand of 3.3 million coins from the 700,000 applications submitted online by the people of Singapore. The remaining 0.7 million coins would be made available for general exchange later.

MAS recorded largest net loss of SGD 30.8 billion in 2022-23: Ravi Menon

Indian-origin Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon said the city-state’s central bank has recorded its largest net loss of SGD 30.8 billion (USD 22.8 billion) in 2022-2023.

SGX, NSE to launch platform to trade Nifty products in GIFT City from July 3

The Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) are set to launch the SGX NSE Connect at the Gujarat International Finance Tec-City (GIFT City) from July 3.

RBI, MAS announce plan to link e-payment systems across India, Singapore

Singapore News: The Reserve Bank of India and the Monetary Authority of Singapore announced a project to link their respective fast payment systems. While India uses Unified Payments Interface (UPI) as a fast payment method, Singapore uses the PayNow system.

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