MAS announced that 40 solutions, including one from the S&P Global ESG Solutions, have been shortlisted for the MAS FinTech Awards to be presented at the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). Submissions on sustainability and climate change were geared toward sustainable investing, improving supply chain resilience, enhancing credit access for lower-income individuals and small and medium-size enterprises (SMEs), and accelerating green finance flows to support low-carbon economic activities. In addition, MAS and BSP (the central bank of Philippines) issued a joint statement on their intent to promote data connectivity in the financial sector and to share information on developments related to the adoption and implementation of the policies and rules that facilitate data connectivity.
MAS and BSP recognize that data localization requirements can increase cybersecurity and other operational risks, hinder risk management and compliance, and inhibit financial regulatory and supervisory access to data. Thus, they intend to promote the adoption and implementation of policies and rules that facilitate data sharing and transfer with respect to the operation of banks and non-bank financial institutions falling within the jurisdiction of either BSP or MAS. The covered institutions should be allowed to transfer data, including personal information, across borders by electronic means provided this activity is for the conduct of the business within the scope of their license, authorization, or registration. Additionally, the location where covered institutions can store and process their data should not be restricted as long as BSP and MAS have full and timely access to the data necessary to fulfill their regulatory and supervisory mandate. If BSP or MAS is unable to access the data, covered institutions should have the opportunity to remediate such lack of access before being required to use or locate computing facilities locally.
Keywords: Asia Pacific, Singapore, Philippines, Banking, Securities, Cyber Risk, Operational Risk, Climate Change Risk, ESG, BSP, Fintech, MAS
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous ArticleFSB Issues Guidance on Financial Resources to Support CCP Resolution
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.