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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MAS Consults on Capital Requirements for RMOs

The Monetary Authority of Singapore has proposed to revise the capital requirements for locally incorporated Recognised Market Operators (RMOs). The revisions focus on the liquidity of RMOs' assets to better assure their continued short-term operation. MAS also seeks to align its requirements for RMOs with the capital standards of jurisdictions such as the US and EU. MAS published its proposals in a consultation paper dated 23 October 2020.

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Payment Services Bill Proposes to Increase Regulation of Payment Service Providers in Singapore

The Payment Services (Amendment) Bill was introduced in the Singapore Parliament on 2 November 2020. The Bill proposes to amend the Payment Services Act to expand the regulatory coverage of digital payment token and money transfer services and to grant additional powers to the Monetary Authority of Singapore to impose user protection measures for customer assets.

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Singapore Extends Alternative Arrangements for Company Meetings to 30 June 2021

Singapore's Ministry of Law has extended the alternative arrangements for company meetings to 30 June 2021. The extension allows regulated companies to conduct meetings via electronic means. Likewise, MinLaw extended the deferral provisions for meetings of some organisations giving them a grace period to organise meetings physically or electronically to a date no later than 31 December 2020.

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