Featured Product

    MAS Issues Updates on Fintech Awards and Data Sharing with Philippines

    November 16, 2020

    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

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets

    The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8292