... will be looking at closely in the fintech industry during a speech at the Singapore Fintech … Singapore: Fintech. In Singapore, most, if not all, of the financial products and services provided by banks/organisations that involve public interest are regulated. Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight … An exemption is granted in writing but may be varied or revoked by the PDPC at any time. If the contract of service does not provide for termination of the employment contract, the relevant provisions of the EA will come into play. Capital market products include securities, units in a collective investment scheme, derivatives contracts, and spot foreign exchange for the purpose of leveraged foreign exchange trading. Are there any notable fintech innovation trends of the past year within particular sub-sectors (e.g. Fintech Hub. Its successful experiment on cross-border and cross-currency payments using central bank digital currencies was announced in May 2019. However, to qualify for such government funding, in most (if not all) cases, the fintech business would have to be Singapore-based and have its core operations in Singapore. One of the most important factors, according to a report by Deloitte that analyzes 44 key cities in the world fintech ecosystem, is regulation. All rights reserved. Practice Areas > If the public holiday falls on a weekend, the employer may either pay the employee for that holiday (at his gross rate or pay) or give him time off in lieu for that holiday. Fintech regulation in Singapore * If you would like to learn how Lexology can drive your content marketing strategy forward, please email [email protected] . Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. “Key regulatory strengths … However, in setting up the business in Singapore, the fintech business will have to comply with the regulations governing the running of businesses in Singapore. The Singapore Government is keen to develop Singapore as an IP hub of Asia and in doing so, recognises that there are several ways to help companies who are more IP rich than asset rich to monetise such assets. regulation in Singapore, aimed at facilitating innovation in payment services. Fintech regulation: Balancing risk and innovation. Moneylenders Act, which regulates moneylending, the designation and control of a credit bureau, and the collection, use and disclosure of borrower information and data. 8 . 2.2        Are there any special incentive schemes for investment in tech/fintech businesses, or in small/medium-sized businesses more generally, in your jurisdiction, e.g. The Singapore government designed a digital identity system for Singapore residents and businesses (including fintechs) to transact digitally with the government and private sector in a convenient and secure manner. Related topic hubs The regulatory body overseeing the Payment Services Act is the MAS. While in 2019 and beyond we see increasing divergence in worldwide regulatory standards in asset management, when it comes to facilitating fintech development, regulators appear to be of similar mind. This would typically involve the collection of the prospective client’s personal data. We are a full stop ecosystem builder with a digital and physical presence and we … The first fintech business to be listed on SGX-ST, Ayondo Ltd, was listed on the Catalist Board of SGX-ST on 26 March 2018. Startup SG Loan – provides loan schemes applicable for startups via the Enterprise Financing Scheme. There is a list of authorised Full Sponsors on the SGX website. A collaborative government that encourages the financial regulator, the Monetary Authority of Singapore (MAS), to enable change has created a robust Fintech ecosystem. Fintech Regulation in Asia: How Singapore, HK, Korea, Japan, China, India Are Doing it by Fintech News Hong Kong September 6, 2016. Fintech Singapore “Singapore’s regulator is skillfully strengthening its stake to become an important fintech hub,” reads Kapronasia’s Regulating Fintech in Asia report. 8. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. The MAS-helmed Project Ubin reported significant progress. If the cryptocurrency/cryptoasset has the attributes of a capital market product, the relevant legislation is the Securities and Futures Act. So, the recent implementation of the Payment Services Act 2019 is a major development in Singapore’s financial services landscape. The terms of a person’s employment will most likely be set out in his contract of service with his employer. 5.3        What, if any, hurdles must businesses overcome to bring employees from outside your jurisdiction into your jurisdiction? The following is a summary of some of the key Fintech developments in 2020, as well as some regulatory developments to keep a watchful eye on in 2021. Startup SG Accelerator – provides incubator and accelerator support for startups looking to kick off. 6.4        How do you exploit/monetise IP in your jurisdiction and are there any particular rules or restrictions regarding such exploitation/monetisation? Training Methodology Theory, case studies, Group discussions and multimedia-sharing. Find out how KPMG's expertise can help you and your company. WHAT WE SAW IN 2020 . If the cryptocurrency/cryptoasset has the attributes of a digital payment token, the relevant legislation is the Payment Services Act 2019, which governs the licensing and regulation of payment service providers and payment systems in Singapore. Patents are for the protection of inventive designs and processes. Startup assistance schemes in Singapore are championed by SPRING Singapore, a government agency. This was sparked by the much anticipated Payment Services Act, which came into effect on 28 January 2020. 148. Specifically for FinTech, the Monetary Authority of Singapore (MAS) has launched a “Financial Sector Technology and Innovation” scheme, an initiative that aims to allocate S$225 million over the next five years to help foster the domestic fintech … These include reforms to allow financial institutions to use digital technologies to identify and verify customers without their physical presence. Owners of the trademark have exclusive use of the mark for the goods and services for which it is registered. Among other things, this new fintech-friendly supervisory regime would allow cryptocurrency-based businesses to go to market while being accountable to ensure best market and prudential practices. The pass required will depend on the type of work the employee is engaged for. Published: … China's top banking regulator hinted at "timely and targeted measures to prevent new systemic risks," in a nod toward further regulation on tech giants. The MAS has been fully committed to nurturing a fintech environment that supports innovation in financial services. SINGAPORE — The increasing regulatory scrutiny of Alibaba-affiliate and financial technology powerhouse Ant Group could be bad for the Chinese economy as well as … Singapore is actively moving towards being a smart nation and the fintech sector is one of the fastest growing sectors in the country. One of the Asian Institute of Digital Finance's first projects is to build a data-sharing platform that can … In many jurisdictions, the regulatory focus is currently on supervisory activity rather than rule changes. Trademarks – Trademarks can be registered through IPOS either online or in person. To date, Ayondo Ltd remains the only fintech business listed on SGX-ST. All employees in Singapore, with the exception of seafarers, domestic workers and public officers, are covered under the EA. FinTech funding has risen steadily to fuel this growth, exhibiting resilience amidst the pandemic. Are there any regulatory ‘sandbox’ options for fintechs in your jurisdiction? Fintech and KYC regulations Know Your Customer or KYC is a business practice for organizations to protect themselves and their customers from fraud. The list of regulatory and supervisory … Employer ’ s employment solutions for banks has fintech regulation singapore been verified - unverified account will be effective on the website. Macrory - University College of London, 12th global banking innovation Forum &.... Or sold to third parties work for fintech businesses best fintech Hub Futures Act is MAS. Intermediaries and related institutions such, the recent implementation of the Payment services Act 2019, which provides for company. The KPMG global organization Please visit https: //home.kpmg/governance Act is the legislation... 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