Showing 4089 Documents for "payment services"
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- MAS
- Letters to Editor
Last revised date:
- Dear Editor, Mr Raymond Koh Bock Swi asks why MAS does not customize our minimum income requirements for retirees who want to have a credit card (“MAS rule unfair to seniors”, ST Forum, 24 September 2011). 2 In fact, MAS recognises that flexibility should be given to retirees who have the means to finance their credit card spending but who do not earn a salary. This is why we allow individuals above 55 years old to qualify for a credit card if they meet a minimum annual income requirement of
- MAS
- Letters to Editor
Last revised date:
- Dear Editor, We refer to Mr Vincent Ong Kok Lam’s letter “Review minimum salary requirement for credit cards” and his feedback on the income eligibility for credit cards (The Straits Times, 27 October 2016). The Monetary Authority of Singapore (MAS) has set the minimum annual income requirements for credit card at $30,000 for individuals below 55 years old. In setting the eligibility at this level of income, the MAS has to balance several objectives. The aim is to provide eligible individuals with
- MAS
- Parliamentary Replies
Last revised date:
- QUESTION NO 13 NOTICE PAPER 166 OF 2014 FOR WRITTEN ANSWER Date: For Parliament Sitting on 7 July 2014 Name and Constituency of Member of Parliament Mr Seah Kian Peng, MP, Marine Parade GRC Question: To ask the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations. Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister
- MAS
- Circulars
Last revised date:
- MAS issued the Guidelines on Margin Requirements for Non-Centrally Cleared Over-The-Counter Derivatives Contracts on 6 Dec 2016. The Guidelines will take effect on 1 March 2017. Circular No. MPI 02/2016 6 December 2016 To: All Persons who are exempt from holding a capital markets services licence under section 99(1)(a) or (b) of the Securities and Futures Act Dear Sir / Madam MAS GUIDELINES ON MARGIN REQUIREMENTS FOR NON-CENTRALLY CLEARED OVER-THE-COUNTER DERIVATIVES CONTRACTS
- SSO
- Legislation
Last revised date:
- Enforcement of directions of or written notices by Commission in District Court 48M. —(1) For the purposes of enforcing a direction or written notice mentioned in subsection (2) — ( a ) the Commission may apply for the direction or written notice (as the case may be) to be registered in a District Court in accordance with the Rules of Court; and ( b ) the District Court is to register the direction or written notice in accordance with the Rules of Court. (2) Subsection (1) applies to any of the
- MAS
- Letters to Editor
Last revised date:
- We thank Mr Benjamin Cher for his commentary, “Time for Singapore to regulate buy now, pay later schemes” (The Business Times, 6 June 2023). Mr Cher suggested that buy now, pay later (BNPL) schemes should be regulated much the same as other credit products in Singapore. 2. The Monetary Authority of Singapore (MAS) shares Mr Cher’s concern that BNPL schemes could lead to excessive consumer borrowing. This is why we have worked with the BNPL industry to codify a set of explicit requirements to safeguard
- MAS
- Enforcement Actions
Last revised date:
- Singapore, 14 April 2021... The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$1 million on Bank J. Safra Sarasin Ltd, Singapore Branch (BJS) for its failures to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. The penalty amount took into consideration BJS’s remediation actions to address deficiencies that were identified by MAS. 2 Between March 2014 to September 2018, BJS committed serious breaches of MAS’
- MAS
- Media Releases
Last revised date:
- Singapore, 1 October 2015... The Monetary Authority of Singapore (MAS) issued for consultation today proposals to implement margin requirements for non-centrally cleared over-the-counter (OTC) derivative trades (uncleared derivatives). Margin requirements reduce counterparty credit risks from uncleared derivatives and form part of the broader global reforms to make the trading of OTC derivatives safer. 2 MAS proposes to impose margin requirements on all OTC derivatives that are not cleared by a
- MAS
- Circulars
Last revised date:
- Outlines MAS’ policy review of MAS Notice 757 in May 2004. RMD A4 Vol 7 (RMD Circular No. 25/04) 28 May 2004 DID 65 62299150 Fax 65 62299491 Email rmd@mas.gov.sg To : All Banks in Singapore Dear Sir/Madam MAS NOTICE 757 - LENDING OF SINGAPORE DOLLAR TO NON-RESIDENT FINANCIAL INSTITUTIONS Since 1998, MAS has progressively liberalised our policy on the non-internationalisation of the Singapore Dollar ("S$") to facilitate the development of Singapore's capital markets. Following the last revision
- MAS
- Explainers
Last revised date:
- Financial institutions are not allowed to grant further unsecured credit to an individual whose unsecured borrowings exceed the prevailing borrowing limit for 3 consecutive months. Borrowing Limit on Unsecured Credit To help individuals to avoid taking on too much debt, MAS introduced limits on the aggregate amount of unsecured credit a borrower can receive across all financial institutions. The limit is determined by comparing a borrower’s aggregate outstanding interest-bearing unsecured debt to