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- Media Releases
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- Digital payment token service providers licensed by MAS under the Payment Services Act are regulated for money laundering and terrorism financing risks as well as technology risks, but not safety and soundness.
- MAS
- Speeches
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- Mr Speaker, Sir, 1 I am speaking in the capacity as Finance Minister and Deputy Chairman of the Monetary Authority of Singapore (MAS). Today, Minister Josephine Teo, Minister-of-State Desmond Tan and I will address a total of 39 1 parliamentary questions that have been posed to MAS, MCI, and MHA arising from the recent OCBC phishing scams. They cover a wide range of issues – from whether the banks can do more to mitigate the risks of such scams, to how the telco infrastructure, enforcement actions
- MAS
- Monographs/Information Papers
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- The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) announced Project Cedar Phase II x Ubin+, a joint experiment to investigate how wholesale central bank digital currencies (wCBDCs) could improve the efficiency of cross-border wholesale payments involving multiple currencies. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments
- MAS
- Media Releases
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- Singapore, 21 June 2023… The Monetary Authority of Singapore (MAS) today published a whitepaper proposing a common protocol to specify conditions for the use of digital money such as central bank digital currencies (CBDCs), tokenised bank deposits Tokenised Bank Liabilities – tokens on a ledger that represent a commercial bank's liability , and stablecoins on a distributed ledger. 2 The whitepaper was supported by the release of software prototypes that demonstrate the concept of Purpose Bound Money
- MAS
- Parliamentary Replies
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- Date: For Parliament Sitting on 5 July 2023 Questions: Mr Gerald Giam Yean Song, Aljunied GRC : To ask the Prime Minister (a) in the past year how many fraudulent bank transactions have been made a result of SMS one-time password (OTP) diversions; (b) whether MAS has a timeline for requiring banks to phase out the use of SMS OTPs in favour of other multi-factor authentication (MFA) methods; and (c) whether MAS will require banks to provide customers with the option to stop the use of SMS OTPs in
- MAS
- Media Releases
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- Singapore, 11 November 2018… The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have successfully developed Delivery versus Payment (DvP) 1 capabilities for the settlement of tokenised assets across different blockchain platforms 2 . This will help simplify post-trade processes and further shorten settlement cycles. 2 The DvP prototypes, developed with technology partners Anquan, Deloitte and Nasdaq, demonstrated that financial institutions and corporate investors are able
- MAS
- Speeches
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- Five years ago, we had a vision – to make Singapore a Smart Financial Centre. A financial centre where innovation is pervasive and technology is used widely - to increase efficiency; to create new opportunities; to manage risks better; and most importantly to improve people’s lives. A new buzzword was emerging on the scene - “FinTech”. We set our goal to become a leading global FinTech hub. At the core of our drive was a conviction that technology will fundamentally transform financial services
- MAS
- Notices
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- [MAS Notice SFA04-N02 (Amendment) 2022] A reference to any threshold or value limit expressed in S$ shall include a reference to the equivalent amount expressed in any other currency and in any digital payment token.
- The equivalent amount in digital payment tokens shall be determined based on the conversion rates prevailing at the time of the CMIs compliance with the relevant threshold or value limit. 6 2.2 -------- 2.3 The expressions used in this Notice shall, except where defined in this Notice
- payment token has the same meaning as defined in section 2(1) of the PS Act; [MAS Notice SFA04-N02 (Amendment) 2022] entity (other than in the definition of legal person) has the same meaning as defined in section 2(1) of the SFA, except that it shall include a trust; FATF means the Financial
- MAS
- Media Releases
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- Singapore, 4 February 2022... The Monetary Authority of Singapore (MAS) today updated that b anks in Singapore have substantially implemented the additional measures 1 to bolster the security of digital banking announced on 19 January 2022. The measures, taken together, provide a significant added layer of security to protect customers’ funds. MAS is working with the industry to evaluate longer-term measures to be implemented in the coming months, as well as to develop a framework for equitable
- MAS
- Speeches
Last revised date:
- Ladies and gentlemen, good evening. 1 This week, some 25,000 people from the regional and global FinTech communities – spanning the financial, technology, and VC industries – will gather, network, and exchange views. On behalf of the MAS - Welcome to the opening day of the Singapore FinTech Festival 2017! 2 I also want to thank all of you who will be speaking in various segments of the programme. It is your sharing of knowledge that will help make this the premier event and one of its kind in the