In 2019, the Monetary Authority of Singapore’s (MAS) announced that it will issue five digital bank licences to non-bank players to add value, innovation and diversity to the region’s financial hub.The five new digital bank licences will comprise of up to two digital full bank licences, which allow licensees to provide a wide range of financial services and take deposits from retail customers, and up to three digital wholesale bank licences – which allow licensees to serve small and medium en
The Monetary Authority of Singapore’s (MAS) announcement late last month that it will issue five digital bank licences to non-bank players is set to add value, innovation and diversity to the region’s financial hub.The five new digital bank licences will comprise of up to two digital full bank licences, which allow licensees to provide a wide range of financial services and take deposits from retail customers, and up to three digital wholesale bank licences – which allow licensees to serve sm
Project Ubin named after an island located northeast of the Singapore mainland is a multi-phased initiative by the Monetary Authority of Singapore (MAS) to explore the usage of Distributed Ledger Technology (DLT) commonly known as blockchain technology for the clearing and settlement of payments and securities.The latest phase of the project saw an announcement by MAS and the Singapore Exchange (SGX) last August for a collaboration to develop Delivery versus Payment (DvP) capabilities for the
Singapore sustained a comeback in home sales in December, boosting an annual tally that was already the highest since 2013.Developers sold 431 units, up from 367 a year earlier, according to Urban Redevelopment Authority data released Monday. For the year, home sales reached about 10,682 units.Rising prices and climbing sales are reinforcing signs that the city-state’s residential market is emerging from a four-year slump even as officials watch cautiously after previous overheating.
Singapore, on Tuesday, issued a warning about cryptocurrencies after a recent surge in prices sent investors flocking to bitcoin."The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies," the city-state's central bank said in a statement.
The rising supply of homes and slowing population growth may undermine the recent recovery in Singapore residential property prices, the country’s central bank said.Future development projects could potentially add 20,000 private housing units over the next one or two years, more than doubling the existing number available for sale, the Monetary Authority of Singapore said in its annual financial stability report published Thursday.“Over the medium term, as these development projects are prog
Be selective.That’s the message Monetary Authority of Singapore Managing Director Ravi Menon has for pundits and investors trying to navigate the wave of technology euphoria sweeping the financial services industry.While technological innovations such as blockchain and the area of big data analytics can result in powerful applications, people should be wary of some peer-to-peer lending platforms and the rapidly rising values of cryptocurrencies, Menon said in an interview with Bloomberg News
Hong Kong and Singapore, which have vied for supremacy as financial technology hubs over the past couple of years, have now decided to join forces.The cities’ central banks have signed a fintech cooperation agreement that will foster collaboration on business referrals, joint innovation projects, information sharing and the exchange of expertise, Norman Chan, chief executive of the Hong Kong Monetary Authority said Wednesday.
Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said.“As of now I see no basis for wanting to regulate cryptocurrencies,” Monetary Authority of Singapore Managing Director Ravi Menon said in an interview.
Singapore’s central bank chief said while inflation is still well below the historical average, policy makers need to be proactive if a stronger economy results in a pickup in price pressures.Inflation will climb at some point if economic growth continues to strengthen, and under those circumstances, the central bank – like others around the world – needs to be forward-looking, Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview at the bank’s headquarter
Singapore’s central bank is widely seen sticking to a neutral stance on Friday, but it may be moving closer to tightening policy as the economy continues to strengthen.All but one of the 23 economists surveyed by Bloomberg predict the Monetary Authority of Singapore, which uses the exchange rate rather than interest rates as its main tool, will keep its policy stance where it is: seeking no appreciation in the currency against a trading basket.Less clear is whether the MAS will signal it’s re