Issues relating to technological developments and their impact on the financial system loom large in today's event. Already registered? Companies will have to pay semi-skilled foreigners a minimum salary of S$2,400. Singapore has also made efforts to remain at the forefront of regulation and best practice. Registration of the trademark will be effective on the day it is filed. Another way to monetise IP is IP royalty securitisation which involves the selling of potential IP-related incoming cash flows and/or future receivables in exchange for a lump sum payment. Equity Crowdfunding and Fintech Legal Issues . Asia-Pacific BSP Deputy Governor Outlines Key Priorities for the Year Ahead. Fintech Hub. 2.4        Have there been any notable exits (sale of business or IPO) by the founders of fintech businesses in your jurisdiction? Fintech regulation in Singapore * If you would like to learn how Lexology can drive your content marketing strategy forward, please email [email protected] . The other two key pieces of legislation in this area, the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act and the Terrorist (Suppression of Financing) Act apply generally, including to fintech businesses in Singapore. Are there any notable fintech innovation trends of the past year within particular sub-sectors (e.g. Startup SG Talent – provides support for talent souring and international entrepreneurs. As such, the Singapore government provides funding, through the different schemes, to help startups grow their businesses through the early stages. 4.5        Please describe any AML and other financial crime requirements that may apply to fintech businesses in your jurisdiction. There are nearly 500 registered members of the Singapore FinTech Association – more than half of them in the payments space, with others in lending, wealth management, blockchain, data management and crowdfunding. Under the EA, either party to a contract of service may provide his notice of intention to terminate the contract at any time. WHAT WE SAW IN 2020 . Directory, which is a free-to-use listing of FinTech in Singapore. Fintech and KYC regulations Know Your Customer or KYC is a business practice for organizations to protect themselves and their customers from fraud. The penalty for a particular breach is normally provided within the section in the PDPA setting out the breach. payments, asset management, peer-to-peer lending or investment, insurance and blockchain applications)? … Singapore FinTech Association's success could only have happened with the help of our members community. The panel discussed how COVID-19 has catalysed the need for the digitisation of financial services - with regulation being no exception. Fintech is driving innovation in financial services globally and changing the nature of commerce and end-user expectations for payments and financial services. This scheme was concluded in March 2018. Copyright – There is no official registration of copyrights before the right exists. Participants of this scheme were able to use IP as collateral for loans with the participating banks. 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. The growth trajectory of Singapore’s FinTech industry has been impressive to date. 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. Specifically, Singapore’s fintech … In 2019, the Monetary Authority of Singapore (“MAS”) announced that it would award up to five digital banking licences. A collaborative government that encourages the financial regulator, the Monetary Authority of Singapore (MAS), to enable change has created a robust Fintech ecosystem. Practice Areas > In many jurisdictions, the regulatory focus is currently on supervisory activity rather than rule changes. In Singapore, the Monetary Authority of Singapore (MAS), which has multiple roles as central bank, financial services regulator and industry promoter, oversees payments activities and the … Patents are for the protection of inventive designs and processes. Yes, there are. The regulations that apply depend on the type of cryptocurrency/cryptoasset in question. “Key regulatory strengths … 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… Together with the Singapore FinTech Association, MAS has also published the FinTech. Singapore is a global fintech hub, but why, what does that mean, and do the authors' arguments stack up? IPOS also plays a significant role in supporting the growth of fintech innovations in Singapore. Picture taken March 21, 2019. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. To date, Ayondo Ltd remains the only fintech business listed on SGX-ST. 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. Singapore's initiative to implement a "sandbox" environment will allow the government to better understand and figure out whether new regulations are necessary to support the local fintech … Startup SG offers several different schemes depending on the startup applying for the funding. Therefore, employers are prohibited from dismissing employees due to their age if they are below 62 years old. SPRING has consolidated all startup assistance schemes under one programme known as Startup SG. Singapore has also made efforts to remain at the forefront of regulation and best practice. Distributed leger technology (DLT), such as blockchain, is one area under particular scrutiny. Fintech trends in Singapore: Regulations Overview [VIDEO] Tweet; The large number of innovation labs, startups, traditional finance firms, and supportive regulators creates a truly diverse ecosystem for fintech in Singapore. Singapore 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. 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 … 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 … 9. Varun Mittal and Lillian Koh have come out with a book that argues yes. 2.1        Broadly, what types of funding are available for new and growing businesses in your jurisdiction (covering both equity and debt)? Fintech and KYC regulations Know Your Customer or KYC is a business practice for organizations to protect themselves and their customers from fraud. 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. 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. However, the regulations for starting your own online financial platform can be complex. Together with the Singapore FinTech Association, MAS has also published the FinTech. Russia: Fintech Laws and Regulations 2020. 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). Under the PDPA, there are strict provisions to organisations transferring personal data to a country or territory outside of Singapore. 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. Furthermore, a point to note is that the minimum retirement age in Singapore is 62 years old. Regulators, financial institutions and investors are showing growing interest in FinTech development. Owners of the trademark have exclusive use of the mark for the goods and services for which it is registered. Payment Services Act 2019, which provides for the licensing and regulation of payment service providers and payment services in Singapore. The pass required will depend on the type of work the employee is engaged for. This was sparked by the much anticipated Payment Services Act, which came into effect on 28 January 2020. 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. Click anywhere on the bar, to resend verification email. Fintech innovations promise a myriad of opportunities, from greater efficiency in financial transactions through to the transformation of the business. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Startup SG Infrastructure – provides infrastructural support for startups, multipliers and investors. Fintech Hub. FinTech may also be subject to directions, guidelines and notices issued by the HKMA and the MAS. Startup assistance schemes in Singapore are championed by SPRING Singapore, a government agency. In Singapore, you can either register a trademark or seek protection under the common law right of “passing off”. The MAS has been fully committed to nurturing a fintech environment that supports innovation in financial services. Singapore: Fintech. Fintech regulation: Balancing risk and innovation. Payment Services Act 2019 and subsidiary legislation . The highest-rated cities as regards regulation are London, Abu Dhabi, Luxembourg, Mexico City and Singapore. ICLG - Fintech Laws and Regulations - MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and … The PDPA has no extra-territorial reach and only affects organisations established outside of Singapore if they conduct their businesses in Singapore or collect/process personal data in Singapore. Singapore showed outstanding growth in the fintech sector in the last 5 years. On the other hand, there are significant concerns that existing risks, especially surrounding cybersecurity and fraud, are becoming heightened by fintech’s growth. Post navigation. The Full Sponsor will determine if it is suitable for the company to be listed on the Catalist Board. Fintech innovations continue to shape the financial sector around the globe. Register now and set up your personalized dashboard around {tag_name} and all the other topics that interest you. 5.1        In broad terms, what is the legal framework around the hiring and dismissal of staff in your jurisdiction? 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. Under each of these categories, there are also different types of work passes. The European Securities and Markets Authority (ESMA), Germany’s Federal Financial Supervisory Authority (BaFin) and more have all created forums, cybersecurity panels and other methods to help develop appropriate approaches to the increasingly common problem of cybersecurity vulnerabilities. Join exclusive members-only events, workshops, learning journeys and more! The rules as originally written assumed a world in which people conducted business face-toface, with physical signatures on paper. Insurance Act, which regulates the insurance business in Singapore, insurers, insurance intermediaries and related institutions. RHT Law, Aaron Lee 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. Find out how KPMG's expertise can help you and your company. Indeed, this is a key theme o… Blockchain and Crypto. Project Ubin explores the use of distributed ledger technology (“DLT”) for clearing and settlement of payments and securities. 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. 5.3        What, if any, hurdles must businesses overcome to bring employees from outside your jurisdiction into your jurisdiction? We are a full stop ecosystem builder with a digital and physical presence and we … Yes, the collection, use and transmission of personal data is regulated in Singapore. This act regulates business activities involving, among others, “spot commodity trading” which is defined under the act as “…the purchase or sale of a commodity at its current market or spot price, where it is intended that such transaction results in the physical delivery of the commodity”. Moreover, under the Trademark Act in Singapore, there is statutory protection for foreign businesses that are well known in Singapore (such as Apple or Nike) whereby these businesses can avail themselves of the rights and remedies provided under the act even without registering their trademarks. Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight … In Singapore, there are three mechanisms by which IP rights may be registered: a patent; a copyright; or a trademark. How should asset managers respond to regulatory uncertainties around fintech innovation? The employer is free to dictate or negotiate the terms of its employee’s employment. Technologies such as robo-advice, blockchain and cryptocurrencies, and ‘big data’ are all on the regulatory radar, but addressing the heightened cybersecurity risks is clearly a top priority. 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. 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. Fintech Regulation in Asia: How Singapore, HK, Korea, Japan, China, India Are Doing it by Fintech News Hong Kong September 6, 2016. Regulation and supervision Fintech is moving rapidly from ‘under the regulatory radar’ and is attracting growing regulatory responses and supervisory scrutiny. What are the sources of payments law in your jurisdiction? 263. Shares. Innovations and inventions that are man-made are classified as intellectual property (“IP”). Mandatory benefits that must be provided to staff include annual leave, medical leave, maternity leave, paternity leave and childcare leave. Supra note 43. A copyright will arise immediately upon creation and the right will arise in a work or subject matter in Singapore in the following scenarios: (1) if the work or subject matter was first published or made in Singapore or in a member country of the Berne Convention or the World Trade Organisation; or (2) the creator of the work or subject matter was a citizen or resident of Singapore or of a member country of the Berne Convention or the World Trade Organisation at the time when the work was first created. MAS is the integrated regulator and supervisor of financial institutions in Singapore. regulation in Singapore, aimed at facilitating innovation in payment services. MAS has … Some of these schemes are as follows: 2.3        In brief, what conditions need to be satisfied for a business to IPO in your jurisdiction? Get the latest KPMG thought leadership directly to your individual personalized dashboard. It is easy to see why. In talking with our firms' clients, many are asking: how should asset managers respond to the current regulatory uncertainty and changes surrounding fintech innovation? 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. In Singapore, the authorities have also issued high-level principles for firms to follow in controlling these risks. Trademarks are symbols that a business uses to distinguish itself from its competitors. Regulators are also increasingly interested in operational resilience. tax incentive schemes for enterprise investment or venture capital investment? Fintech Innovation Hub- what makes Singapore the best Fintech Hub? 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. The Computer Misuse Act, the purpose of which is to secure computer material against unauthorised access or modification. José Manuel González-Páramo, BBVA’s Executive Member of the Board, Head of Global Economics, Regulation and Public Affairs took part in this event, organized by the Bank of International Settlements (BIS) and the Monetary Authority of Singapore. The MAS has issued several Notices relating to Anti Money Laundering and Countering the Financing of Terrorism (“AML/CFT”). 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. 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 … Risks Regulatory responses Fintech adoption • Increasing reliance on technology • Increasing interconnectedness and complexity • Economies of scale in IT applications. Moreover, the owner can also license (exclusive or non-exclusive) the work to third parties. Please take a moment to review these changes. There is different legislation enacted for the different types of services/products offered. 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. deep talent pools in financial services, technology and regulation; and The Copyright Act sets out the copyright infringements that constitute offences. 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. Some of these rules are as follows: In this regard, there are no rules on the hiring of foreigners that are particular to fintech businesses. One of the most important factors, according to a report by Deloitte that analyzes 44 key cities in the world fintech ecosystem, is regulation. Once registered, a trademark can be licensed or sold to third parties. 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 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. 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 … Fintech regulation: Balancing risk and innovation. In Singapore, most, if not all, of the financial products and services provided by banks/organisations that involve public interest are regulated. 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. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. MAS seeks to create a smart financial centre, relying on technology to increase efficiency and allow for better risk management. The regulatory body overseeing the Commodity Trading Act is Enterprise Singapore. 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. There are no Singapore rules on the hiring of foreigners that are particular to fintech businesses. As the sector matures in the coming few years, later-stage funding will also develop. In this regard, the Personal Data Protection Commission (“PDPC”) was established on 2 January 2013 to administer and enforce the PDPA as a “light touch” regime. 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 … The digital age has brought significant shifts in every jurisdiction around the world, and financial regulations have not kept pace. The BIS is working for a better understanding of the impact of new technologies on financial markets and to help its stakeholders address the related policy challenges. One notable trend is fintech collaboration in enterprise solutions for banks. 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 The PDPC may grant the requested exemption subject to any conditions it deems fit to impose. FILE PHOTO: A Razer Pay booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. 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. Notably, such transfers would only be permitted if the organisation ensures that the transferee outside of Singapore provides a standard of protection of the personal data that is comparable to that provided under the PDPA. Employees will be provided their required notice periods and salaries. Let me first thank the organisers for inviting me to this important forum. Is Singapore – and more importantly, the Singapore model – the future of fintech? 148. Join our community, be part of SFA, and enjoy awesome benefits and great network … 8 . MAS Notices on Cyber Hygiene, which apply to financial institutions, capital market intermediaries and other MAS-regulated entities, and which set out measures that such institutions must take to mitigate the growing risk of cyber threats. Are there any regulatory ‘sandbox’ options for fintechs in your jurisdiction? © 2021 KPMG Services Pte. Singapore’s employment rules with regard to foreigners aim to strike a balance between being open to talent (especially in certain sectors of the economy) while ensuring Singaporeans have access to good jobs. Covering every jurisdiction within ASEAN and some of the other key Fintech markets to throw light on regulation/soft regulation, and regulatory guidelines. The MAS-helmed Project Ubin reported significant progress. You will not continue to receive KPMG subscriptions until you accept the changes. If the cryptocurrency/cryptoasset has the attributes of a commodity, the Commodity Trading Act is the relevant legislation. He was one of the guest speakers at the panel on ‘Financial Technology, challenges and rewards, and the role of prudential supervision.” Enabling policies . 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. To support this growth, Singapore … They have launched … Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. Employees are also entitled to paid holiday on a public holiday that falls during the time that he is employed. If the cryptocurrency/cryptoasset has the attributes of a capital market product, the relevant legislation is the Securities and Futures Act. The Singapore government and its statutory boards, including and most notably, the Monetary Authority of Singapore (“ MAS ”), have identified FinTech as a potential growth area. Around the world, markets have viewed cryptocurrency-based businesses with wariness. 5.2        What, if any, mandatory employment benefits must be provided to staff? In June 2006, Ayondo Ltd disposed of its entire stake in Ayondo Markets Limited to a Netherlands-registered company for S$10.2 million. 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