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

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571