The Monetary Authority of Singapore (MAS), DBS, HSBC, OCBC, UOB, SPTel and SpeQtral on August 14 signed a Memorandum of Understanding (MoU) to embark on quantum security collaboration and study the application of Quantum Key Distribution (QKD) in financial services. QKD can help financial institutions (FIs) protect the exchange of cryptographic keys to address the […]
Tag: MAS
MAS commits SGD100m more to support AI and quantum tech in Singapore financial sector
The Financial Sector Technology and Innovation Grant Scheme was introduced by MAS in June 2015; it was designed to support the creation of a vibrant ecosystem for innovation in the Singapore financial sector.
Singapore banks to gradually replace OTP with digital token for login
This will better protect them against phishing scams, which were among the top five scam types last year, with at least SGD 14.2 million lost to these scams, as per the Singapore Police Force Annual Scams and Cybercrime Brief 2023.
Singapore’s Money Laundering National Risk Assessment lists digital payments, online gambling among high-risk sectors
Banking is the highest-risk channel of money laundering in Singapore, as per the assessment.
Singapore central bank and Mastercard join hands for cybersecurity in financial services
The strategic partnership aims to further cement the collaboration between MAS and Mastercard in bilateral information sharing of cyber-threat intelligence.
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.
Singapore: MAS to bolster defence against money laundering and terrorism financing with COSMIC platform
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.
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.
