The MAS has issued several Notices relating to Anti Money Laundering and Countering the Financing of Terrorism (“AML/CFT”). The amount of the employer’s contribution is 17% of the employee’s salary. For listing on the Main Board, a Prospectus is required whereas for listing on the Catalist Board, an Offer Document is required. There are several other conditions companies will need to comply with in order to list either on the Main Board or the Catalist Board. 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. December 8, 2020. Once the patent is registered, the owner is free to use, sell or license the patent. 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 As the sector matures in the coming few years, later-stage funding will also develop. FinTech may also be subject to directions, guidelines and notices issued by the HKMA and the MAS. Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. 6.3        In order to protect or enforce IP rights in your jurisdiction, do you need to own local/national rights or are you able to enforce other rights (for example, do any treaties or multi-jurisdictional rights apply)? 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). 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 Cybersecurity Act 2018, the purpose of which is to require or authorise the taking of measures to prevent, manage and respond to cybersecurity threats and incidents, to regulate owners of critical information infrastructure and to regulate cybersecurity service providers. A collaborative government that encourages the financial regulator, the Monetary Authority of Singapore (MAS), to enable change has created a robust Fintech ecosystem. All rights reserved. While cybersecurity may be regulators’ top concern, other fintech areas are also making waves. However, the onus is on the employer to ensure that this contract of service complies with the provisions under the EA. Regulators are also increasingly interested in operational resilience. The growth trajectory of Singapore’s FinTech industry has been impressive to date. 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. Next Post Next South Korea: Fintech. The Copyright Act sets out the copyright infringements that constitute offences. In recent months and years, we have seen regulatory bodies worldwide attempt a careful balancing act. 2.4        Have there been any notable exits (sale of business or IPO) by the founders of fintech businesses in your jurisdiction? Once registered, a trademark can be licensed or sold to third parties. 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. 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? 1.1        Please describe the types of fintech businesses that are active in your jurisdiction and the state of the development of the market. 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 … 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. Together with the Singapore FinTech Association, MAS has also published the FinTech. 6.2        Please briefly describe how ownership of IP operates in your jurisdiction. Ch'ng Li-Ling There are no Singapore rules on the hiring of foreigners that are particular to fintech businesses. Given that high-level rules regarding operational effectiveness and protecting clients’ assets are already in force, in most global jurisdictions, regulators have yet to start changing rules — though change may be on the horizon. 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… Blockchain and Crypto. 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. However, the vibrancy of the industry indicates that more fintech businesses will follow suit in time to come. Asia-Pacific BSP Deputy Governor Outlines Key Priorities for the Year Ahead. Registration of the trademark will be effective on the day it is filed. Propine, a digital asset custody service provider, has “graduated” from the Monetary Authority of Singapore’s (MAS) Fintech Sandbox program. FinTech funding has risen steadily to fuel this growth, exhibiting resilience amidst the pandemic. There are also fintechs that are innovating in the area of financial institutions’ “Know Your Client” (“KYC”) processes. The total number of fintech companies jumped to 1,000 in 2020, compared to just 100 in 2015. 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. Participants of this scheme were able to use IP as collateral for loans with the participating banks. For example, Notice 626 is addressed to banks, while Notice 824 is addressed to finance companies. In "Singapore: The Fintech Nation", authors Varun Mittal and Lillian Koh seek, and mostly succeed, to unpack why Singapore is a global fintech hub. The regulatory body overseeing the Securities and Futures Act is the MAS. Employees are also entitled to paid holiday on a public holiday that falls during the time that he is employed. Spring Singapore, insurers, insurance intermediaries and related institutions has the of... 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