MAS Revises the Technology Risk Management Guidelines

The Monetary Authority of Singapore has revised the Technology Risk Management Guidelines applicable to financial institutions and their third party service providers. The revised Guidelines highlight MAS's increased expectations for cybersecurity controls and their importance in a financial institution's technology development and delivery lifecycle.

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IMDA Consults on a draft Code of Practice for Competition in the Provision of Telecommunication and Media Services

The Infocomm Media Development Authority (IMDA) has launched a second public consultation on the draft Code of Practice for Competition in the Provision of Telecommunication and Media Services. The Draft Code contains IMDA proposals that seek to harmonise and streamline existing Codes of Practice for competition in the telecommunications and media markets.

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Key Trade Documents Can be Digitalised Under Proposed Changes to Electronic Transactions Law

The Electronic Transactions (Amendment) Bill was read in Singapore's Parliament for the first time on 4 January 2021. The Bill is part of the Government's efforts to encourage the wider digitalisation of commercial and legal documents and would bring trade documents representing transferable rights or obligations, such as bills of lading, warehouse receipts, negotiable instruments, and documents of title, under the Electronic Transactions Act. If passed, the Bill will pave the way for faster document processing, lower costs, and lower risks of fraud.

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MAS Proposes to Require Financial Institutions to Strengthen Identity Verification

The Monetary Authority of Singapore proposes to require financial institutions to strengthen their processes for verifying the identity of their customers in non-face-to-face situations. The proposed Notice on Identity Verification aims to address global risks from the increasing number of cyber attacks.

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Singapore to Issue New Work Visa to Attract Top-tier Foreign Technology Professionals

Singapore will issue a new work visa (Tech.Pass) to top-tier foreign technology professionals starting from January 2021. Applicants do not need to have pre-arranged employment sponsorship in Singapore and will have greater flexibility in the activities they can undertake while in the country than holders of the current range of work visas.

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