Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.
Tag: MAS
Civil penalty of S$3.9 million imposed on Credit Suisse AG by MAS for misconduct by its relationship managers
Failure to prevent misconduct by its relationship managers (RMs) has cost Credit Suisse AG S$3.9 million, which was imposed on the bank by the Monetary Authority of Singapore (MAS). The news of the civil penalty was confirmed by an official news release on December 28, 2023. The aforementioned offence took place in the Singapore branch […]
Ravi Menon retiring from Monetary Authority of Singapore after 29 years; Chia Der Jiun to take over as MD
A media release said that as MD, Ravi Menon was the driving force behind MAS’ initiatives to make Singapore’s financial sector more resilient, innovative, and purposeful.
Monetary Authority of Singapore issues SGD10 collectible coins to mark LKY100; 4 million coins minted
MAS announced that the total number of coins minted would meet the demand of 3.3 million coins from the 700,000 applications submitted online by the people of Singapore. The remaining 0.7 million coins would be made available for general exchange later.
MAS recorded largest net loss of SGD 30.8 billion in 2022-23: Ravi Menon
Indian-origin Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon said the city-state’s central bank has recorded its largest net loss of SGD 30.8 billion (USD 22.8 billion) in 2022-2023.
SGX, NSE to launch platform to trade Nifty products in GIFT City from July 3
The Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) are set to launch the SGX NSE Connect at the Gujarat International Finance Tec-City (GIFT City) from July 3.
RBI, MAS announce plan to link e-payment systems across India, Singapore
Singapore News: The Reserve Bank of India and the Monetary Authority of Singapore announced a project to link their respective fast payment systems. While India uses Unified Payments Interface (UPI) as a fast payment method, Singapore uses the PayNow system.
SMEs to get extended COVID aid in Singapore
Singapore’s small and medium-sized enterprises (SMEs) will continue to receive support in relation to COVID-19 as part of additional support measures costing SGD1.2 billion (USD 900 million).
Singapore commits SGD250 million to drive technology and innovation in fintech sector
Monetary Authority of Singapore (MAS) will commit SGD250 million over the next three years to accelerate technology and innovation-driven growth in the financial sector.
Long term economic recovery from COVID-19 will be weak and gradual: MAS Ravi Menon
While a strong short-term growth bounce from the impact of the VODI-19 pandemic is plausible, the longer term recovery is likely to be weak and gradual, said Ravi Menon, Managing Director, MAS.
