The Banking (Amendment) Act: A Modernisation of Singapore's Banking Regulatory Framework

The Banking (Amendment) Act amends the Banking Act to streamline the banking regulatory framework and keep it relevant in modern-day conditions. The amendments include, among other things, the removal of the Domestic Banking Unit and Asian Currency Unit divide, consolidation of the regulatory framework of merchant banks, expansion of the grounds for revoking bank licences, and strengthening oversight of banks' outsourcing arrangements. The Act will take effect on 14 February 2020.

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Singapore releases Second Edition of the Model Artificial Intelligence Governance Framework

Singapore released the Second Edition of the Model Artificial Intelligence Governance Framework on 21 January 2020. The second edition incorporates the experiences of organisations that have adopted AI and feedback from Singapore's participation in leading international platforms on AI.

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Applications for MAS's Digital Banking Licences

The Monetary Authority of Singapore announced that it was open to receive applications for digital banking licenses last June 2019. MAS received 21 applications which are currently being evaluated.

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27 February Filing Deadline for Temporary Payment Services Licence Exemptions

Singapore's Payment Services Act 2019 (PSA) will become effective on 28 January 2020. Companies providing certain payment services before that date can qualify for a temporary exemption from the requirement to hold a PSA licence—and thus continue to provide those services without interruption while they apply for a licence—by filing a notice with the Monetary Authority of Singapore on or before 27 February 2020.

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MAS consults on scope of e-money and digital payment tokens in the Payment Services Act 2019

On 23 December 2019, the Monetary Authority of Singapore published a Consultation Paper seeking the public's comments on the regulatory framework for e-money and digital payment tokens under the Payment Services Act 2019, considering the emergence of stablecoins.

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