Monetary Authority of Singapore

Indonesia to probe StanChart for $1.4bn client transfer

Indonesia will investigate whether citizens linked to the transfer of 1.4 billion dollars of Standard Chartered private bank client assets complied with tax amnesty requirements.The country’s Finance Ministry received data on the fund transfer for tax compliance purposes and found it involved 81 private citizens, without any military, police, law enforcement or civil servants involved, Ken Dwijugiasteadi, director-general for taxation, told reporters in Jakarta on Monday.

10 October 2017
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Singapore, Thailand to pursue e-payment alliance

Singapore and Thailand are in discussions about connecting their national digital payment systems to forge an unprecedented regional alliance, as officials step up efforts to curb the use of cash.The link would bring together Southeast Asia’s first national digital-payment platforms, Singapore’s PayNow and Thailand’s PromptPay, said Naphongthawat Phothikit, director of payment systems policy at the Bank of Thailand.“The Monetary Authority of Singapore and the Bank of Thailand are exploring th

5 October 2017
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Singapore cryptocurrency firms facing bank account closures

Singapore banks have closed accounts of several companies which specialise in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.Noting that cryptocurrency firms have had similar problems with their banks in other countries, the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, asked the government to step in.“From our analysis, it appears to be common among leading FinTech hubs,” Access Cha

26 September 2017
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