Distributed leger technology (DLT), such as blockchain, is one area under particular scrutiny. 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. For example, if the fintech is in the payments business, the Payment Services Act 2019 would apply. 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. 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… 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. Supra note 43. MAS Guidelines on Risk Management Practices – Technology Risk, which contains risk management principles and best practice standards to guide financial institutions in managing technology risks. For example, Notice 626 is addressed to banks, while Notice 824 is addressed to finance companies. Some of the more notable legislations include: the Copyright Act; Registered Designs Act; Patents Act; and the Trade Marks Act. 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. We want to make sure you're kept up to date. December 8, 2020. All employees in Singapore, with the exception of seafarers, domestic workers and public officers, are covered under the EA. In many jurisdictions, the regulatory focus is currently on supervisory activity rather than rule changes. 1.2 Are there any types of fintech business that are at present prohibited or restricted in your jurisdiction (for example cryptocurrency-based businesses)? This is mainly governed by the Personal Data Protection Act 2012 (“PDPA”) whose main purpose is to “govern the collection, use and disclosure of personal data by organisations in a manner that recognises both the right of individuals to protect their personal data and the need of organisations to collect, use or disclose personal data for purposes that a reasonable person would consider appropriate in the circumstance”. Payment Services Act 2019, which provides for the licensing and regulation of payment service providers and payment services in Singapore. ICLG - Fintech Laws and Regulations - 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… We are a full stop ecosystem builder with a digital and physical presence and we … Singapore: Fintech. Yet even for asset managers that do not wish to engage heavily with fintech or are not looking to be a leader in innovation, the increasing regulatory pressure around organizational resilience demands a response. Project Ubin explores the use of distributed ledger technology (“DLT”) for clearing and settlement of payments and securities. Insurance Act, which regulates the insurance business in Singapore, insurers, insurance intermediaries and related institutions. A collaborative government that encourages the financial regulator, the Monetary Authority of Singapore (MAS), to enable change has created a robust Fintech ecosystem. ICLG - Fintech Laws and Regulations - Russia covers a broad overview of common issues in fintech laws and regulations in 50 jurisdictions. The Computer Misuse Act, the purpose of which is to secure computer material against unauthorised access or modification. There is also uncertainty around where and how future operational and security risks might arise, meaning that regulators have the unenviable task of fighting fires before they are lit. Trademarks are symbols that a business uses to distinguish itself from its competitors. In this regard, the Computer Misuse Act sets out the various penalties for the different cybersecurity offences. The regulations relating to the monetising of IP will be the same as the regulations in force in the banking sector at the relevant point in time. 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). deep talent pools in financial services, technology and regulation; and 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. Picture taken March 21, 2019. While cybersecurity may be regulatorsâ top concern, other fintech areas are also making waves. The report says that both London and Singapore benefit from having all the key elements that support FinTech innovation in a single location with both having: access to significant markets in financial services; investors who are providing capital to fintech companies. 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. 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 regulatory body overseeing the Commodity Trading Act is Enterprise Singapore. Once the patent is registered, the owner is free to use, sell or license the patent. Published: … Technologies such as robo-advice, blockchain and cryptocurrencies, and âbig dataâ are all on the regulatory radar, but addressing the heightened cybersecurity risks is clearly a top priority. Join exclusive members-only events, workshops, learning journeys and more! Training Methodology Theory, case studies, Group discussions and multimedia-sharing. Startup SG Founder – provides mentorship and startup capital support for first-time entrepreneurs. 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. Is there a special route for obtaining permission for individuals who wish to work for fintech businesses? The regulations that apply depend on the type of cryptocurrency/cryptoasset in question. 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. 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 … One of the most important factors, according to a report by Deloitte that analyzes 44 key cities in the world fintech ecosystem, is regulation. Click anywhere on the bar, to resend verification email. 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