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Navigating the Capital Markets Services (CMS) Licence and the Financial Adviser’s Licence
Laws such as the Securities and Futures Act as well as the Financial Advisers Act have been crafted, modified, and updated to help regulate the financial sector in Singapore. These laws are combined to form a single modular licensing model and an integrated regulatory framework that provides industry participants with a sound and transparent set
The Application of Payment Services Activities
The first step for payment service providers is to understand the regulatory classification of the payment service(s) they are providing, including to consider whether they may require a license beyond payment services such as a license for dealing in securities. There are 6 different kinds of payment service activities[1] under the Payment Services Act 2019
2020 Singapore Terrorism Financing National Risk Assessment
On 30 December 2020, the Singapore terrorism financing (TF) national risk assessment (NRA) was published. This report is a joint effort by the Risks and Typologies Inter-Agency Group (RTIG), led by the Ministry of Home Affairs (MHA) and the Monetary Authority of Singapore (MAS) further enhanced by the involvement of the private sector and academia
Guidelines on Individual Accountability and Conduct
On 10 September 2020, the Monetary Authority of Singapore (“MAS”) published new Guidelines on Individual Accountability and Conduct (“IAC Guidelines”). With these IAC Guidelines, MAS is bolstering culture and conduct in financial institutions similar to initiatives in other jurisdictions such as the United Kingdom, Hong Kong and Australia. The objective of the IAC Guidelines is
Licencing of Financial Institutions in Singapore
Overview of Financial Businesses Requiring a License in Singapore The provision of financial services in Singapore or targeting of customers in Singapore requires a licence from the Monetary Authority of Singapore (“MAS”). The licence required depends on the specific activity the financial institution is carrying out. The below list of activities focuses on the most
Understanding the licensing of digital payment tokens under the Payment Service Act regime
Under the Payment Services Act 2019 (the “PS Act”)_a digital payment token (“DPT”) “is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt”[1] which “is not denominated in any currency, and is
How to Access RegTech as a Small Financial Institution
Regulatory technology (“regtech”), a subset of financial technology (well known as “fintech”), seeks to achieve better regulatory outcomes through the use of technology. Regtech has been used by financial institutions for decades; for example, WorldCheck, a well-known tool used to screen customers. In recent years, regtech gained increasing traction among financial institutions for the efficiency
Crowdfunding during Covid 19
COVID 19 has caused significant turbulence in the global markets. Global stock markets have yet to recover and traditional assets are less attractive in the current situation. However, a potential bright spark could be seen in the crowdfunding space. As fall-out from COVID 19 has placed enormous pressure on businesses, numerous reports have been compiled
Understanding the Inconveniences and Risks of Blockchain Technology
Inefficiencies of the Blockchain A digital token’s blockchain functions much like the Torrens land titles register system. If the digital token’s blockchain, a register of digital assets (the “Register” or the “Blockchain”), reflects the user’s digital payment tokens (“DPTs”), the user’s ownership is proved. The assets are recorded in addresses (the “Address”) on the Register
Licences of Interest to External Asset Managers
External asset managers (“EAMs”) generally provide asset management services to high net worth individuals (“HNWI”) for their segregated accounts on a discretionary basis through a power of attorney, or on an advisory basis. Aside from these core activities, certain EAMs engage in additional activities such as the management of proprietary funds, distribution of funds and
Case Study: Targeting Prospects for Fund Raising with the Help of Digital Analytics
When trying to raise funds for a company, a project, or an investment fund, you may have valuable connections to potential investors, but you will want to look for investors beyond your existing network. Today, you can target specified prospects. Even their situation, interests and goals can be mapped out simply by studying their digital
How Internal Audit Value Adds and Reduces Compliance Costs
We all have heard that internal audit is supposed to add value to the organization when it provides objective and relevant assurance, and contributes to the effectiveness and efficiency of governance, risk management, and control processes. We also have heard that compliance costs typically increase as a result of local, national, and international regulations around
Starting an EAM in Singapore
External or independent asset managers and multi-family offices require a license for fund management and, in most instances, also obtain an exemption from the requirement to hold a license for financial advisory to carry out their services in Singapore. Although the terms are not conclusively defined, external or independent asset managers (“EAMs” or “IAMs”) provide
Building Relationships and AUM through Digital Marketing
The ability for financial service providers to run relationship management activities was unexpectedly interrupted during the global pandemic. Like all businesses, online interaction has become increasingly central to relationship management. Sourcing sticky AUM via in-person relations will continue to be extremely limited and challenging if not near impossible. As available face time between relationship managers
Internal control environment after COVID-19
As business gradually returns to normal, companies large and small have begun to deal with a host of financial and operational issues that have been adversely impacted during the Circuit Breaker. Importantly, senior management should evaluate the operating effectiveness of the internal control environment by assessing the risk level and materiality of the actual disruptions
The Validity of Digital Signatures
The recent pandemic has arguably forced social distancing into the core of all business activities. These include activities where clients and customers are required to engage and interact with their customers digitally. This means that the customer is not able to engage in the physical presence of their relationship managers for matters such as execution
Making Internal Audits Remote – The Way Forward
While remote working and communications has been possible in business for a long time already, COVID-19 pushed respective initiatives forward at many companies. We have become used to data sharing platforms and video conferencing. These are the same tools that enable your internal audit to be carried out remotely, without the need for your internal
Why Consolidation is Such a Big Deal for IAMs
Cost is always the biggest concern for independent or external asset managers (“EAM”). It’s no longer a job but a business. As with all businesses there are start-up and on-going expenses involved. The overheads of running an independent setup are never cheap. One solution to keep cost low is to join a platform or joint venture
