The Economic Crime and Corporate Transparency Bill includes various measures aimed at addressing economic crime and promoting corporate transparency. These measures are outlined in factsheets that provide detailed information on each aspect of the bill.
Developing Robust CBDC Systems for Secure Transactions in Both Offline and Online Environments
Project Polaris, led by the BIS Innovation Hub Nordic Centre, aims to develop secure and resilient systems for central bank digital currencies (CBDCs). The project focuses on both online and offline CBDC systems and provides central banks with the necessary information for decision-making, architecture, design, implementation planning, and investments. It also addresses long-term change and operational considerations. The Polaris workstream roadmap includes several key components, such as a handbook for offline payments with CBDC, a security and resilience framework for CBDC systems, closing the CBDC cyber-threat modelling gaps, and a high-level design guide for offline payment. Each component is accompanied by a specific release date ranging from May to October 2023.
Address by Deputy Prime Minister Heng Swee Keat at the Asian Financial Leaders Programme Graduation Dinner on 24 October 2023
During the Asian Financial Leaders Programme Graduation Dinner, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, emphasized the importance of investing in talent development in Singapore’s financial sector. He highlighted that as the financial sector is a significant part of Singapore’s economy, it is crucial to ensure that policies and regulations are responsive and innovative. Mr Heng also stressed the need to build a core team with the right values, competencies, and strategic understanding of the issues at hand. These measures are essential for the continued growth and success of Singapore’s financial sector.
Speech by Mr. Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, at the Asian Financial Leaders Programme Graduation Dinner on October 24, 2023
During the Asian Financial Leaders Programme Graduation Dinner, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, emphasized the importance of investing in talent development and ensuring responsive and innovative policies and regulations in Singapore’s financial sector. He acknowledged that the financial sector plays a significant role in the country’s economy and highlighted the need to build a core team with the right values, competencies, and strategic understanding of relevant issues. Mr Heng’s remarks underscored the government’s commitment to strengthening the financial sector and positioning Singapore as a global financial hub.
MAS Seeks Feedback on Simplified Regulatory Structure for Investment Managers
The Monetary Authority of Singapore (MAS) has announced the initiation of a public consultation regarding its plan to simplify the regulatory framework for fund managers. The proposal entails the removal of the current Registered Fund Management Companies (RFMCs) regime, with the intention of approving existing RFMCs as Licensed Fund Management Companies upon submission of an application. This streamlining process aims to enhance efficiency and effectiveness in the fund management industry, ensuring a smooth transition for the affected companies. The public consultation seeks feedback from various stakeholders to ensure that the revised regulatory framework meets the needs of the industry while maintaining regulatory standards.
EU-UK Financial Regulatory Forum: Joint Statement – October 2023
The HM Treasury and European Commission have issued a joint statement regarding the first EU-UK Financial Regulatory Forum. This forum aims to facilitate cooperation and dialogue on financial regulatory matters between the European Union and the United Kingdom. It will provide a platform for both parties to discuss and exchange views on various aspects of financial regulation, including areas such as banking, insurance, and securities. The joint statement emphasizes the importance of maintaining strong regulatory cooperation between the EU and the UK, as well as the need to ensure financial stability and market integrity. Both sides are committed to ongoing collaboration and will work towards establishing a durable and stable relationship in the field of financial regulation.
Summary of the CBDC Engagement Forum – September 2023
On 18 September 2023, the sixth meeting of the CBDC Engagement Forum was convened, with co-chairs Gwyneth Nurse and Jon Cunliffe extending a warm welcome to all members in attendance. The Economic Secretary to the Treasury (EST) expressed gratitude to the members for their valuable contributions to the CBDC Engagement Forum. The EST emphasized the significance of engaging with experts to ensure that both the Bank of England and His Majesty’s Treasury comprehensively understand the commercial, technical, and operational opportunities and challenges associated with the implementation of a digital pound. Furthermore, the EST highlighted that the Government had made a commitment to introduce primary legislation before the digital pound is officially launched. The EST then invited members to share their thoughts and opinions on the development of the digital pound.
“Expressing Gratitude to the Financial Sector” – Speech by Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Institute of Banking and Finance Distinction Evening on October 19, 2023
Mr Ravi Menon, the Managing Director of the Monetary Authority of Singapore, delivered closing remarks at the Institute of Banking and Finance Distinction Evening in 2023. During his speech, Mr Menon highlighted the importance of the banking and finance sector in Singapore’s economy. He commended the achievements of the institute’s graduates and emphasized the need for continuous learning and upskilling in the rapidly evolving industry. Mr Menon also discussed the role of technology in shaping the future of banking and finance, urging professionals to embrace innovation and adapt to the changing landscape. Overall, his closing remarks emphasized the significance of the sector and the importance of staying ahead in an increasingly digital world.
Ravi Menon Expresses Gratitude to Financial Industry at IBF Distinction Evening on October 19, 2023
Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, delivered closing remarks at the Institute of Banking and Finance Distinction Evening 2023. In his speech, Mr Menon expressed his admiration for the achievements of the distinguished individuals being honored at the event. He highlighted the importance of the banking and finance sector in driving Singapore’s economic growth and emphasized the need for continuous learning and innovation in this rapidly evolving industry. Mr Menon also commended the Institute of Banking and Finance for its commitment to developing talent and fostering excellence in the financial sector.
Launch of Public Consultation on MAS’ Transition Planning Guidelines: Remarks by Ms Ho Hern Shin, Deputy Managing Director (Financial Supervision), Monetary Authority of Singapore
Today, we are delighted to announce the launch of a consultation on MAS’ Guidelines on Transition Planning. We are thrilled to witness the immense interest in this subject from individuals and organizations worldwide, representing various sectors of the financial ecosystem. The undeniable impacts of climate change are becoming increasingly evident. Recent extreme weather events have shattered records and emphasized the urgent need for action. As a result, financial institutions must proactively plan for the transition to a low-carbon economy. These guidelines aim to provide a framework for effective transition planning, enabling institutions to navigate the challenges and seize the opportunities presented by climate change.