Jan 31 2020 - OrionW
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.
Jan 28 2020 - OrionW
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.
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.
Jan 03 2020 - OrionW
The Monetary Authority of Singapore published a consultation paper on proposed amendments to the Payment Services Act that would expand its scope to include digital payment token services and money transfer services that do not occur in Singapore or where the service provider does not possess the money or tokens being transmitted. The amendments are in line with global standards on anti-money laundering and countering the financing of terrorism measures set out by the Financial Action Task Force. The amendments would also authorise MAS to impose customer protection measures on providers of digital payment token services.