Register now and set up your personalized dashboard around {tag_name} and all the other topics that interest you. There are several other conditions companies will need to comply with in order to list either on the Main Board or the Catalist Board. The MAS has issued several Notices relating to Anti Money Laundering and Countering the Financing of Terrorism (“AML/CFT”). Next Post Next South Korea: Fintech. Through the FinTech Office, MAS will be able to go beyond the financial industry to help nurture a wider FinTech ecosystem and engage the FinTech … 8 . For Singapore, FinTech may be regulated under a wide range of legislation such as the Banking Act, Moneylenders Act, Payment Systems (Oversight) Act, Money-Changing and Remittance Business Act and Securities and Futures Act. MAS is the integrated regulator and supervisor of financial institutions in Singapore. Startup SG Infrastructure – provides infrastructural support for startups, multipliers and investors. December 8, 2020. However, to qualify for such government funding, in most (if not all) cases, the fintech business would have to be Singapore-based and have its core operations in Singapore. Get the latest KPMG thought leadership directly to your individual personalized dashboard. The owner of the copyrighted material has exclusive right to publish, perform, broadcast or adapt the work. Already registered? Many fintech innovations connect asset managers to outside organizations, such as through the use of Application Programming Interfaces (APIs), creating the risk that the corporation does not possess the capability or capacity to effectively respond to a cyberattack, or that a response could come too slowly to be effective. The list of regulatory and supervisory … The MAS-helmed Project Ubin reported significant progress. Three of them are within the group of eight countries in the world that have their own regulatory sandboxes in operation: United Arab Emirates (Abu Dhabi), the United Kingdom, Singapore… 263. One of the Asian Institute of Digital Finance's first projects is to build a data-sharing platform that can train models to improve credit assessments, said Deputy Prime Minister Heng Swee Keat. Singapore showed outstanding growth in the fintech sector in the last 5 years. Technologies such as robo-advice, blockchain and cryptocurrencies, and âbig dataâ are all on the regulatory radar, but addressing the heightened cybersecurity risks is clearly a top priority. Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from regulators themselves and the introduction of the city state’s very first digital banks If the public holiday falls on a weekend, the employer may either pay the employee for that holiday (at his gross rate or pay) or give him time off in lieu for that holiday. Around the world, markets have viewed cryptocurrency-based businesses with wariness. However, the regulations for starting your own online financial platform can be complex. Trademarks – Trademarks can be registered through IPOS either online or in person. Singapore is actively moving towards being a smart nation and the fintech sector is one of the fastest growing sectors in the country. RHT Law, Aaron Lee A startup-focused investor ecosystem: Singapore has taken the lead in FinTech funding in Southeast Asia, and government-linked funds have played an important role in kickstarting the FinTech ecosystem, particularly in their support of earlier-stage startups. The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. The panel discussed how COVID-19 has catalysed the need for the digitisation of financial services - with regulation being no exception. Are there any notable fintech innovation trends of the past year within particular sub-sectors (e.g. One of the most important factors, according to a report by Deloitte that analyzes 44 key cities in the world fintech ecosystem, is regulation. In this regard, some of the more notable legislation are as follows: 3.2 Is there any regulation in your jurisdiction specifically directed at cryptocurrencies or cryptoassets? Specifically for FinTech, the Monetary Authority of Singapore (MAS) has launched a “Financial Sector Technology and Innovation” scheme, an initiative that aims to allocate S$225 million over the next five years to help foster the domestic fintech … Payment Services Act 2019, which provides for the licensing and regulation of payment service providers and payment services in Singapore. Moreover, the concentration of FinTechs in Singapore and their diversity in terms of their business models demonstrate that Singapore is an attractive FinTech centre. The Strategic Goods (Control) Act, the purpose of which is to control the transfer and brokering of strategic goods technology, goods and technology capable of being used to develop, produce, operate, stockpile or acquire weapons capable of causing mass destruction, and missiles capable of delivering such weapons. Since the last time you logged in our privacy statement has been updated. Fintech Hub. In this regard, the Computer Misuse Act sets out the various penalties for the different cybersecurity offences. Fintech Singapore “Singapore’s regulator is skillfully strengthening its stake to become an important fintech hub,” reads Kapronasia’s Regulating Fintech in Asia report. The following is a summary of some of the key Fintech developments in 2020, as well as some regulatory developments to keep a watchful eye on in 2021. 4.3 Please briefly describe the sanctions that apply for failing to comply with your data privacy laws. The regulatory body overseeing the Commodity Trading Act is Enterprise Singapore. Regulators, financial institutions and investors are showing growing interest in FinTech development. 2019 was an important year for Singapore’s “Smart Nation” initiative: the country’s national bid to become “a leading economy powered by digital innovation” by growing and supporting the implementation of technological innovations across a number of different sectors.. For example, in 2014, the Singapore Government through IPOS, launched an IP Financing Scheme to help IP rich companies monetise their IP for business growth and expansion. Some of these rules are as follows: In this regard, there are no rules on the hiring of foreigners that are particular to fintech businesses. He was one of the guest speakers at the panel on ‘Financial Technology, challenges and rewards, and the role of prudential supervision.” One notable trend is fintech collaboration in enterprise solutions for banks. If the cryptocurrency/cryptoasset has the attributes of a digital payment token, the relevant legislation is the Payment Services Act 2019, which governs the licensing and regulation of payment service providers and payment systems in Singapore. There are nearly 500 registered members of the Singapore FinTech Association – more than half of them in the payments space, with others in lending, wealth management, blockchain, data management and crowdfunding. Published: … In this regard, a person can choose to register the trademark only in Singapore or internationally through the Madrid Protocol (WIPO’s international registration system of trademarks). MAS Guidelines on Risk Management Practices – Technology Risk, which contains risk management principles and best practice standards to guide financial institutions in managing technology risks. ... Later, they write, “With an optimal level of regulation, Singapore … In addition to these steps, the Monetary Authority of Singapore (MAS) has also recently launched a US$30 million Cybersecurity Capabilities Grant to co-fund financial institutions’ establishment of global or regional cybersecurity centers of excellence in Singapore… MAS is also a key member of the Global Financial Innovation Network (“GFIN”), an association of 29 regulators with a common mission to promote innovation and share experiences and approaches in supervising fintech activity. So, the recent implementation of the Payment Services Act 2019 is a major development in Singapore’s financial services landscape. Another industry trend is the rise of fintech solutions geared towards payments; both domestic and cross-border. MAS has … As will be seen below, the E-Payments User Protection Guidelines is one regulatory amendment that pursues both goals. Fintech innovations promise a myriad of opportunities, from greater efficiency in financial transactions through to the transformation of the business. The severity of the sanctions imposed under the PDPA will depend on both the type of breach and the severity of the breach. Additionally, the recent increase in fintech regulations and guidelines evinces Singapore’s desire to maintain her sound financial system while encouraging fintech innovation. Are there any particularly onerous requirements or restrictions that are frequently encountered by businesses? Companies with 10 or more full-time employees who are looking to hire foreign employees on Employment Passes for positions where the fixed monthly salary is below S$15,000 must advertise the positions at the National Jobs Bank Portal for at least 14 days. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. Startup SG Loan – provides loan schemes applicable for startups via the Enterprise Financing Scheme. 1.1 Please describe the types of fintech businesses that are active in your jurisdiction and the state of the development of the market. The GFIN conceptualised a “global sandbox” in which fintech firms can pilot and scale their solutions in multiple jurisdictions simultaneously. Is there a special route for obtaining permission for individuals who wish to work for fintech businesses? Fintech Innovation Hub- what makes Singapore the best Fintech Hub? What are the sources of payments law in your jurisdiction? Equity Crowdfunding and Fintech Legal Issues . 4.1 Does your jurisdiction regulate the collection/use/transmission of personal data, and if yes, what is the legal basis for such regulation and how does this apply to fintech businesses operating in your jurisdiction? While regulators have updated rules over past decades, the accelerated pace of change means that regulators are now constantly playing catch-up with the implications of the newest innovations. © 2021 KPMG Services Pte. Owners of the trademark have exclusive use of the mark for the goods and services for which it is registered. covers a broad overview of common issues in fintech laws and regulations in 50 jurisdictions, ICLG.com > In recent months and years, we have seen regulatory bodies worldwide attempt a careful balancing act. Since 2014, when Singapore began its journey towards being the world’s first Smart Nation, the MAS set its sights on establishing Singapore as a Smart Financial Centre. Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. Moreover, under the Trademark Act in Singapore, there is statutory protection for foreign businesses that are well known in Singapore (such as Apple or Nike) whereby these businesses can avail themselves of the rights and remedies provided under the act even without registering their trademarks. The report includes regulatory initiatives as one of the six indicators that determine the city’s Index Performance Score, which shows its importance as an international fintech hub, within in the global context. In addition, the Full Sponsor is responsible to ensure that the company continues to comply with the listing obligations after they have been listed. All rights reserved. Propine, a digital asset custody service provider, has “graduated” from the Monetary Authority of Singapore’s (MAS) Fintech Sandbox program. Issues relating to technological developments and their impact on the financial system loom large in today's event. Fintech is driving innovation in financial services globally and changing the nature of commerce and end-user expectations for payments and financial services. Singapore showed outstanding growth in the fintech sector in the last 5 years. SINGAPORE — The increasing regulatory scrutiny of Alibaba-affiliate and financial technology powerhouse Ant Group could be bad for the Chinese economy as well as … Further, all employers are required to contribute to their employee’s Central Provident Fund. Asset managers, like regulators, need to strike the right balance between the competitive advantages that fintech can provide and the risks inherent in the integration of these technologies with current business models. An exemption is granted in writing but may be varied or revoked by the PDPC at any time. The total number of fintech companies jumped to 1,000 in 2020, compared to just 100 in 2015. It is easy to see why. Insurance Act, which regulates the insurance business in Singapore, insurers, insurance intermediaries and related institutions. Capital market products include securities, units in a collective investment scheme, derivatives contracts, and spot foreign exchange for the purpose of leveraged foreign exchange trading. Employees will be provided their required notice periods and salaries. Although the rules and regulations in fintech are always changing, companies that manage to stay on top of them – like the aforementioned TechToPay – will see long term success. If a company wants to list on the Catalist Board of the SGX-ST, they will need to be brought to list by a Full Sponsor. Bitcoin and other cryptocurrencies have also received a skeptical reception from regulators around the globe, with incidents such as the Coincheck hack from early 2018 receiving particular regulatory scrutiny. The MAS has been fully committed to nurturing a fintech environment that supports innovation in financial services. There are no specific regulatory hurdles that foreign fintech businesses must overcome to access new customers in Singapore. If the cryptocurrency/cryptoasset has the attributes of a capital market product, the relevant legislation is the Securities and Futures Act. Under the PDPA, there are strict provisions to organisations transferring personal data to a country or territory outside of Singapore. 6.3 In order to protect or enforce IP rights in your jurisdiction, do you need to own local/national rights or are you able to enforce other rights (for example, do any treaties or multi-jurisdictional rights apply)? Related topic hubs In Singapore, the Managing Director of MAS acknowledged that there is no "One-Size-Fits-All" approach for FinTech, and pointed out that regulation cannot front-end innovation. Distributed leger technology (DLT), such as blockchain, is one area under particular scrutiny. This is mainly governed by the Personal Data Protection Act 2012 (“PDPA”) whose main purpose is to “govern the collection, use and disclosure of personal data by organisations in a manner that recognises both the right of individuals to protect their personal data and the need of organisations to collect, use or disclose personal data for purposes that a reasonable person would consider appropriate in the circumstance”. The regulatory body overseeing the Securities and Futures Act is the MAS. The penalty for a particular breach is normally provided within the section in the PDPA setting out the breach. Twenty-one applications were received, with each applicant curating a technology stack comprising customer experience technology, regtech and smart contracts for banking. 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