Featured Product

    MAS Enhances Financial Cooperation with Various Authorities

    December 09, 2020

    MAS is working on enhancing financial cooperation with China, Ghana, and Hungary. MAS also announced partnership with the United Nations Development Program (UNDP) to provide small and medium-size enterprises (SMEs) with innovative financial and digital tools to help them better leverage data and more effectively access financing solutions. It will also create new opportunities for SMEs, including fintech firms, to expand to developing countries within the UNDP’s global network of 170 offices. UNDP and MAS will explore country-specific use cases in Africa to accelerate the adoption of digital finance by SMEs. "We are thrilled to partner with MAS to help prototype and scale innovative financial solutions across the developing world,” said Bradley Busetto, Director of the UNDP Global Center Singapore.

    The following are the key highlights of developments in this area:

    • MAS will work with Chinese central and provincial counterparts to broaden cooperation in green finance. In addition, MAS announced the award of a qualifying full bank license to China Construction Bank, under the China-Singapore Free Trade Agreement Upgrade Protocol.
    • MAS and BOG, the central bank of Ghana, commenced discussions to adopt the Business sans Borders (BSB) open hub of platforms between Singapore and Ghana. These discussions on close cooperation will benefit the small and SMEs and micro-SMEs (MSMEs) in both countries by expanding their connectivity with their counterpart economy, while introducing innovative fintech and digital tools for SMEs. The SME Financial Trust Corridor (FTC), to be led by MAS and BOG, comprises a governance framework and a digital infrastructure, which banks and fintech companies in both countries could refer to and utilize when sharing key information relevant for credit assessment, while abiding by domestic and international regulations, such as data protection and anti-money laundering requirements.
    • The cooperation agreement with Hungary sets out a framework for fintech collaboration between both countries. It will put in place a referral mechanism to help fintech firms access each other’s markets. MAS and MNB have also committed to exchange views on emerging market trends and developments in FinTech, as well as regulatory issues on financial services innovation.

    Keywords: Europe, Asia Pacific, Hungary, Singapore, China, Ghana, Banking, SME, UNDP, Fintech, API Exchange, COVID-19, MNB, MAS

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697