The recently announced Payment Services Act by the Singapore government seeks to address the balance between supporting the shift to a cashless society, enabling technology companies to run fast and develop innovative new solutions, whilst at the same time protecting the public.
In 1942, Austrian economic prophet Joseph Schumpeter coined the term “creative destruction.” Schumpeter envisioned innovation to be the key driver by which industries are “destroyed” and replaced with newer, more creative ones.
Ravi Menon, managing director of the Monetary Authority of Singapore recently claimed: “I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain." Singapore’s relationship with cryptocurrencies has been a torrid one.
To emerge as the world’s first crypto-hub, Singapore needs to find the middle ground between ‘crypto is a fraud/Ponzi scheme’ and ‘crypto is the best thing since sliced bread.’
Two announcements from the Monetary Authority of Singapore (MAS) made at the end of 2017 defined the challenges cryptocurrencies pose.
If you are a white collared professional dismayed after years of hard work clocking 15-hour days, 6 days a week, you might start to wonder what the most effective way to manage your personal investment portfolio is — and the answer might be a lot more accessible than you think.
At this year’s National Day Rally on 20 August, when Prime Minister Lee Hsien Loong spoke about the most important challenges and opportunities facing Singapore, the Smart Nation initiative was at the top of his agenda.
Following the recommendations by the Committee on the Future Economy (CFE), the Monetary Authority of Singapore recently announced that it will relax some of its rules on finance companies to make it easier for small- and medium-sized enterprises (SMEs) to obtain financing.
With Singapore continuously strengthening its position as a global financial hub – now ranked third in the current Global Financial Centres Index – government bodies like the Monetary Authority of Singapore (MAS) are increasingly looking to technology to not only support and expedite growth in the financial sector, but also to protect it.
While the Risk-Based-Capital (RBC) framework has served Singapore insurers well over the last 12 years, the Monetary Authority of Singapore (MAS) is driving a major overhaul on a new capital regime (RBC2) in light of evolving market practices and global regulatory developments.