Jul 01 2021 - OrionW
The Monetary Authority of Singapore issued a circular advising financial institutions of the technology and cyber security risks associated with public cloud services. The circular focuses on identifying and managing the risks associated with the adoption of public cloud services and serves as a reminder that financial institutions are ultimately responsible for managing these risks.
Jan 25 2021 - OrionW
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.
Jan 08 2021 - OrionW
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.
Nov 25 2020 - OrionW
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.
Nov 16 2020 - OrionW
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.