fintech regulation singapore

For foreign entrepreneurs wanting to start and operate a new business in Singapore, the applicable pass to apply for would likely be the EntrePass. Moreover, the concentration of FinTechs in Singapore and their diversity in terms of their business models demonstrate that Singapore is an attractive FinTech centre. As the sector matures in the coming few years, later-stage funding will also develop. In addition to these steps, the Monetary Authority of Singapore (MAS) has also recently launched a US$30 million Cybersecurity Capabilities Grant to co-fund financial institutions’ establishment of global or regional cybersecurity centers of excellence in Singapore… The total number of fintech companies jumped to 1,000 in 2020, compared to just 100 in 2015. Apart from the more conventional way of monetising IP by way of licensing IP rights, there are other ways companies can monetise IP in Singapore. The Intellectual Property Office of Singapore (“IPOS”) Act was enacted to establish the IPOS as a statutory board under the Ministry of Law, responsible for advising and administering IP laws. How financial institutions can capitalize on today's risk and regulatory landscape for long-term success. It has been reported that, as of 2019, almost half of the fintech businesses in Southeast Asia have chosen Singapore as their base. To be listed on the Main Board, a company will have to fulfil at least one of the following quantitative criterias: Generally, there is no minimum quantitative criteria for listing on the Catalist Board. Fintech Regulation: New Law to Impact Mobile Wallet Operators in Singapore by Fintechnews Singapore October 16, 2018 Singapore is about to introduce a new law to prevent … Varun Mittal and Lillian Koh have come out with a book that argues yes. The main legislation governing labour law in Singapore is the Employment Act (“EA”). Market advantages and Crypto Bans. For Singapore, FinTech may be regulated under a wide range of legislation such as the Banking Act, Moneylenders Act, Payment Systems (Oversight) Act, Money-Changing and Remittance Business Act and Securities and Futures Act. Despite the conclusion of this scheme, it is increasingly common for companies to use their IP as collateral for loans and to create a security over their IP. Once the patent is registered, the owner is free to use, sell or license the patent. Distributed leger technology (DLT), such as blockchain, is one area under particular scrutiny. We generally provide two core recommendations: MAS unveils S$30m grant to boost Singapore financial sector's cybersecurity capabilities, Creating innovative, competitive environments (PDF 376 KB). Singapore showed outstanding growth in the fintech sector in the last 5 years. Securities and Futures Act, which regulates the activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading of financial benchmarks and of clearing facilities. In this regard, some of the more notable legislation are as follows: 3.2        Is there any regulation in your jurisdiction specifically directed at cryptocurrencies or cryptoassets? The FinTech Regulatory Sandbox enables financial institutions and FinTech players to experiment with innovative financial products or services in a live environment but within a well-defined space and … Once registered, a trademark can be licensed or sold to third parties. Asset managers, like regulators, need to strike the right balance between the competitive advantages that fintech can provide and the risks inherent in the integration of these technologies with current business models. The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. Insurance Act, which regulates the insurance business in Singapore, insurers, insurance intermediaries and related institutions. Owners of the trademark have exclusive use of the mark for the goods and services for which it is registered. While regulators have updated rules over past decades, the accelerated pace of change means that regulators are now constantly playing catch-up with the implications of the newest innovations. Singapore FinTech Association's success could only have happened with the help of our members community. OPEN BANKING / CONSUMER-DIRECTED FINANCE DEVELOPMENTS; On January 31, 2020, the Advisory Committee on Open Banking issued its first report (the "CDF Report") in connection with the … Fintech is a priority for today’s asset management firms, many of which see such technologies as the key to maintaining a competitive edge. RegPac is an end to end Global Regulation Technology (RegTech) Ecosystem builder and Knowledge Sharing Platform. Fintech innovations can provide important competitive advantages, including benefits to the top line, bottom line and overall client experience. Singapore Fintech Festival 2020 In May, the SFF invited our CEO, Diana Paredes, to speak on their Green Shoots Series. For listing on the Main Board, a Prospectus is required whereas for listing on the Catalist Board, an Offer Document is required. The EA also provides that parties are also entitled to terminate the contract of service without notice by paying the other party a sum equal to the amount of salary at the gross rate of pay which would have accrued to the employee during the period of the notice. Practice Areas > Training Methodology Theory, case studies, Group discussions and multimedia-sharing. For the avoidance of doubt, any person guilty of an offence under the PDPA, for which no penalty is expressly provided for, shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding three years or to both. Enabling policies . Propine, a digital asset custody service provider, has “graduated” from the Monetary Authority of Singapore’s (MAS) Fintech Sandbox program. Join our community, be part of SFA, and enjoy awesome benefits and great network … Join exclusive members-only events, workshops, learning journeys and more! This would typically involve the collection of the prospective client’s personal data. However, the vibrancy of the industry indicates that more fintech businesses will follow suit in time to come. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. One of the Asian Institute of Digital Finance's first projects is to build a data-sharing platform that can train models to improve credit assessments, said Deputy Prime Minister Heng Swee Keat. You will not receive KPMG subscription messages until you agree to the new policy. Copyright – There is no official registration of copyrights before the right exists. Fintech and KYC regulations Know Your Customer or KYC is a business practice for organizations to protect themselves and their customers from fraud. FinTech Office will enable a whole-of-government approach to develop the FinTech ecosys-tem in Singapore and support MAS’ vision of fostering a Smart Financial Center. Related topic hubs 2019 was an important year for Singapore’s “Smart Nation” initiative: the country’s national bid to become “a leading economy powered by digital innovation” by growing and supporting the implementation of technological innovations across a number of different sectors.. Moreover, before fintech businesses can onboard clients, they would have to comply with and complete the requisite KYC processes as required by the MAS. Get the right to vote in committee member elections. MAS has … On the one hand, regulators recognize the need for innovation, and are working to support and encourage fintech activity through actions such as framework changes and the creation of regulatory sandboxes. 4.1        Does your jurisdiction regulate the collection/use/transmission of personal data, and if yes, what is the legal basis for such regulation and how does this apply to fintech businesses operating in your jurisdiction? Trends show that regulators want to see that individual asset management firms have not only the necessary financial capability, but also the technological capability to operate in the current and evolving digital climate. Singapore is actively moving towards being a smart nation and the fintech sector is one of the fastest growing sectors in the country. 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. Through the FinTech Office, MAS will be able to go beyond the financial industry to help nurture a wider FinTech ecosystem and engage the FinTech … Under the PDPA, there are strict provisions to organisations transferring personal data to a country or territory outside of Singapore. Under the EA, either party to a contract of service may provide his notice of intention to terminate the contract at any time. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. In Singapore, there are presently two sandbox options – Sandbox Express (since August 2019), which is mainly for fast-track approvals where the risks are low and well understood by the market, and the ordinary Sandbox (since 2016) for more complex business models where customisation is required to balance the risks and benefits of the experiment. Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight … Together with the Singapore FinTech Association, MAS has also published the FinTech. ... will be looking at closely in the fintech industry during a speech at the Singapore Fintech … operating revenue in the latest completed financial year and a market capitalisation of not less than S$300 million based on the issue price and post-invitation issued share capital. Yes, there are. Singapore. In this regard, companies should carefully peruse the Main Board listing rules or the Catalist Board listing rules in order to ensure complete compliance with all conditions before listing. Around the world, markets have viewed cryptocurrency-based businesses with wariness. 4.5        Please describe any AML and other financial crime requirements that may apply to fintech businesses in your jurisdiction. Fintech innovations promise a myriad of opportunities, from greater efficiency in financial transactions through to the transformation of the business. Moreover, the owner can also license (exclusive or non-exclusive) the work to third parties. Fintech regulation: Balancing risk and innovation. Fintech Regulation in Asia: How Singapore, HK, Korea, Japan, China, India Are Doing it by Fintech News Hong Kong September 6, 2016. 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. Bitcoin and other cryptocurrencies have also received a skeptical reception from regulators around the globe, with incidents such as the Coincheck hack from early 2018 receiving particular regulatory scrutiny. In this regard, the notice period required under the EA varies depending on the length of employment of the employee. Log in The highest-rated cities as regards regulation are London, Abu Dhabi, Luxembourg, Mexico City and Singapore. The Copyright Act sets out the copyright infringements that constitute offences. To support this growth, Singapore … In recent months and years, we have seen regulatory bodies worldwide attempt a careful balancing act. Through the FinTech Office, MAS will be able to go beyond the financial industry to help nurture a wider FinTech ecosystem and engage the FinTech community more actively. Apart from the PDPA and the AML/CFT legislation mentioned above, the other regulatory regimes that may apply to fintech businesses would depend on the specific sector the fintech business is in. The MAS has issued several Notices relating to Anti Money Laundering and Countering the Financing of Terrorism (“AML/CFT”). Its successful experiment on cross-border and cross-currency payments using central bank digital currencies was announced in May 2019. Many fintech innovations connect asset managers to outside organizations, such as through the use of Application Programming Interfaces (APIs), creating the risk that the corporation does not possess the capability or capacity to effectively respond to a cyberattack, or that a response could come too slowly to be effective. Fintech Hub. Incidents drive greater scrutiny, so it is no wonder that the cyberattacks in 2018 have led to increased regulatory attention to digital safety and security. The employer is free to dictate or negotiate the terms of its employee’s employment. In this regard, a person can choose to register the trademark only in Singapore or internationally through the Madrid Protocol (WIPO’s international registration system of trademarks). Furthermore, a point to note is that the minimum retirement age in Singapore is 62 years old. Click anywhere on the bar, to resend verification email. To date, Ayondo Ltd remains the only fintech business listed on SGX-ST. For example, in 2014, the Singapore Government through IPOS, launched an IP Financing Scheme to help IP rich companies monetise their IP for business growth and expansion. Fintech Regulations. For example, Notice 626 is addressed to banks, while Notice 824 is addressed to finance companies. 4.2        Do your data privacy laws apply to organisations established outside of your jurisdiction? In this regard, the Computer Misuse Act sets out the various penalties for the different cybersecurity offences. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. Startup SG Founder – provides mentorship and startup capital support for first-time entrepreneurs. 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. RHT Law, The International Comparative Legal Guides and the International Business Reports are published by: Global Legal Group, The added profile it gave to the Centre and our LLM courses as they were developing was especially helpful, and I am very grateful for the opportunity to have been involved. However, innovations already on the horizon could carry with them increased systemic risks through growing complexity and interconnectedness, greater operational risk, increased liquidity risk, and more. In Singapore, you can either register a trademark or seek protection under the common law right of “passing off”. It goes without saying that in … This is to be paid in addition to the agreed salary between the parties. Creating innovative, competitive environments. The three broad categories for foreigners intending to work in Singapore are Professionals, Skilled and Semi-skilled workers, as well as Trainees and Students. 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. Fintech Singapore “Singapore’s regulator is skillfully strengthening its stake to become an important fintech hub,” reads Kapronasia’s Regulating Fintech in Asia report. Under this scheme, the Singapore Government shared in the risk the participating banks are exposed to, so as to encourage them to approve the loans. RHT Law, Aaron Lee 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 GFIN conceptualised a “global sandbox” in which fintech firms can pilot and scale their solutions in multiple jurisdictions simultaneously. In watching recent regulatory changes and related discussions, it is clear that regulators are beginning to fundamentally rethink what ‘good conduct’ looks like in an age when contact is entirely digital — and may not involve human actors at any point. Some of the more notable legislations include: the Copyright Act; Registered Designs Act; Patents Act;  and the Trade Marks Act. 6.2        Please briefly describe how ownership of IP operates in your jurisdiction. payments, asset management, peer-to-peer lending or investment, insurance and blockchain applications)? The owner can also agree (in writing) to assign all or part of the rights to third parties. Although the rules and regulations in fintech are always changing, companies that manage to stay on top of them – like the aforementioned TechToPay – will see long term success. An exemption is granted in writing but may be varied or revoked by the PDPC at any time. 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 has also made efforts to remain at the forefront of regulation and best practice. Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight and maintenance of security and data protection processes. Trademarks – Trademarks can be registered through IPOS either online or in person. ICLG - Fintech Laws and Regulations - The list of regulatory and supervisory … Payment Services Act 2019, which provides for the licensing and regulation of payment service providers and payment services in Singapore. Additionally, the recent increase in fintech regulations and guidelines evinces Singapore’s desire to maintain her sound financial system while encouraging fintech … Published: … These include reforms to allow financial institutions to use digital technologies to identify and verify customers without their physical presence. If the person wants to apply for a patent in multiple jurisdictions, he is able to do so under the Patent Cooperation Treaty (administered by the World Intellectual Property Organisation (“WIPO”)) using the Singapore’s Registry of Patents as the receiving office. Are there any regulatory ‘sandbox’ options for fintechs in your jurisdiction? The owner of the copyrighted material has exclusive right to publish, perform, broadcast or adapt the work. Directory, which is a free-to-use listing of FinTech in Singapore. Picture taken March 21, 2019. Copyrights protect original work such as, amongst others, films, computer programs and sheet music. Three of them are within the group of eight countries in the world that have their own regulatory sandboxes in operation: United Arab Emirates (Abu Dhabi), the United Kingdom, Singapore… The severity of the sanctions imposed under the PDPA will depend on both the type of breach and the severity of the breach. Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. A patent, according to IPOS, “is a right granted to the owner of an invention that prevents others from making, using, importing or selling the invention without his permission”. A digital payment token refers to a digital representation of value that is expressed as a unit, is not denominated in any currency and is not pegged by the issuer to any currency, is intended to be used as a medium of exchange, and can be transferred, stored or traded electronically. 4.6        Are there any other regulatory regimes that may apply to fintech businesses operating in your jurisdiction? 5.1        In broad terms, what is the legal framework around the hiring and dismissal of staff in your jurisdiction? While cybersecurity may be regulators’ top concern, other fintech areas are also making waves. 1.1        Please describe the types of fintech businesses that are active in your jurisdiction and the state of the development of the market. One of the most important factors, according to a report by Deloitte that analyzes 44 key cities in the world fintech ecosystem, is regulation. It is easy to see why. Current wisdom holds that fintech technologies do not pose significant financial stability risks in their own right. Many fintech business use cases require the regular collection of large amounts of data, with sophisticated analytics being used to provide the best customer experience as well as prudential controls. There are two boards of the Singapore Exchange Securities Trading Limited (“SGX-ST”) that companies can list on – the Main Board and the Catalist Board. Join our community, be part of SFA, and enjoy awesome benefits and great network insights! If the contract of service does not provide for termination of the employment contract, the relevant provisions of the EA will come into play. Participants of this scheme were able to use IP as collateral for loans with the participating banks. 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. Patents – A person who wants to apply for a patent in Singapore can file for one with the Registry of Patents either in person or online. Specifically, Singapore’s fintech … Singapore’s key cyber security legislation includes: There are no cybersecurity laws and regulations directed specifically at fintech businesses, but these businesses will nonetheless be expected to comply with the general cybersecurity laws and regulations that are in force in Singapore. It should be of comfort to FinTech companies that the HKMA and MAS intend to take a proportional and technology-neutral approach in formulating regulations … The country now has nearly 10,000 employees related to the fintech … Regulators are also increasingly interested in operational resilience. The digital age has brought significant shifts in every jurisdiction around the world, and financial regulations have not kept pace. The regulatory body overseeing the Securities and Futures Act is the MAS. Register now and set up your personalized dashboard around {tag_name} and all the other topics that interest you. The Registry of Patents is part of the IPOS. There are also fintechs that are innovating in the area of financial institutions’ “Know Your Client” (“KYC”) processes. The amount of the employer’s contribution is 17% of the employee’s salary. How much impact does the fintech industry have on influencing immigration policy in your jurisdiction? Another industry trend is the rise of fintech solutions geared towards payments; both domestic and cross-border. The total number of fintech companies jumped to 1,000 in 2020, compared to just 100 in 2015. In addition, the Full Sponsor is responsible to ensure that the company continues to comply with the listing obligations after they have been listed. Since the last time you logged in our privacy statement has been updated. What are the sources of payments law in your jurisdiction? Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from regulators themselves and the introduction of the city state’s very first digital banks Before being permitted to transfer personal data outside of Singapore, the organisation must apply to the PDPC for an exemption of the general rule under the PDPA. ICLG - Fintech Laws and Regulations - Russia covers a broad overview of common issues in fintech laws and regulations in 50 jurisdictions. Many regulators are now also looking at fine-tuning the regulations surrounding security tests, checks and controls to keep pace with the accelerating pace of change.

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