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August 2023 | Emerging developments reshaping the financial markets
Breaking New Ground
As with any industry where advancement and innovation are outpacing regulation, the complex landscape can be difficult for businesses to navigate their operations. From adapting to new realities in emerging industries such as Web3, evolving regulations, to compliance and commitment to environmental, social, and governance (ESG), it is of great importance for businesses to keep updated on key trends and developments in order to remain internationally competitive.
Here are several key highlights:
- ESG - The International Financial Reporting Standards (IFRS) announces its official launch of the global sustainability and climate reporting standards, while PwC has launched a publication on Sustainability Counts II, providing an analysis on sustainability reporting landscape in the Asia Pacific region.
- Metaverse - The Infocomm Media Development Authority (IMDA) and Temasek-backed AI tech company Aicadium have published a framework for building an ecosystem for the trusted and responsible adoption of generative AI, including the need for disclosure standards and global interoperability. Additionally, the discussion paper has also highlighted the need for policymakers to address the unique characteristics and immediate concerns of generative AI, as outlined in the six key risks. It also discusses the investment needed to ensure governance outcomes in the long term.
- Digital assets - The Monetary Authority of Singapore (MAS) has mandated the need for cryptocurrency service providers operating in Singapore to deposit customer assets under a statutory trust by 2023 for safekeeping purposes. This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of these assets in the event of a digital payment token service provider’s insolvency.
- Emerging regulatory trends - Data granularity is at the forefront of the transformation of the regulatory compliance space, and banks should be prepared to cope with the velocity of change.
Feel free to explore the topics below and we welcome any opportunity to discuss more with our respective PwC representatives.
Main drivers
Environmental, Social and Governance (ESG)
The market has seen several recent developments in relation to sustainability and climate change. This includes the IFRS Foundation’s International Sustainability Standards Board (ISSB) introducing new sustainability standards, with the Monetary Authority of Singapore (MAS) overseeing the development of reliable transition plans, as well as the launch of a global carbon exchange and marketplace known as Climate Impact X for trading carbon offsets by the Singapore Exchange. PwC has also separately released a recent publication, Sustainability Counts II, focusing on sustainability reporting analysis in the APAC region.
Regulations and standards
IFRS releases official launch of global sustainability and climate reporting standards
The two new standards, specifically IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, are expected to form the basis for emerging sustainability reporting requirements by global regulators. The standards include disclosures relating to general sustainability and climate-specific risks and opportunities, covering topics such as governance, strategy, risk management, and metrics and targets required to be met by law or regulation.
MAS launches public consultation on an industry code of conduct for providers of ESG ratings and data products
The consultation paper seeks feedback on MAS proposals to elevate standards and disclosures of ESG ratings and data products in Singapore through a phased regulatory approach, starting with a voluntary industry code of conduct for providers as a start. The code aims to cover best practices on governance, management of conflicts of interest, and transparency of methodologies and data sources.
MAS to set expectations on credible transition planning by financial institutions
The guidance on transition planning will cover financial institutions’ governance frameworks and client engagement processes to manage climate-related financial risks and enable transition in the real economy towards net zero.
MAS led Green Finance Industry Taskforce to include phase-out of coal in green finance taxonomy
The proposed consultation aims to seek views on the detailed thresholds and criteria for the early phase-out of coal-fired power plants under the Singapore-Asia taxonomy and will be designed to be aligned with those used in Europe and China.
The Glasgow Financial Alliance for Net Zero’s APAC network opens consultation for managed phaseout of coal in Asia-Pacific
Co-led by DBS and HSBC, the consultation aims to develop voluntary guidance and practical steps financial institutions can take to support the financing of the managed phaseout of coal-fired power plants. Several of these actions include how to achieve transparency and accountability for coal phaseout plans in line with the transition plan framework.
Industry update
Asset management
Temasek Holdings tops 200 sovereign and pension funds in governance and sustainability
The Singaporean state-owned global investment company has emerged at the top of the leaderboard on a governance, sustainability, and resilience scoreboard by Global Sovereign Wealth Fund, a data platform focused on pension and sovereign funds. Key changes were noticed in the governance aspect, where several funds have become more transparent and engaging, and in the sustainability aspect.
Private markets ESG fundraising surges three times over 2020 to 2022
A recent annual ESG report released by Preqin, an alternative investment data and insights provider, has released several survey findings related to the rapid increase in capital flowing to ESG strategies by alternative investors and particularly strong growth in impact funds. The report found that over half of private market investors have adopted an active ESG plan, with a sharp rise in fundraising for private markets and private equity dominating the forefront.
Anti-ESG funds fail to gain traction in the United States
Amid the growing backlash against ESG investing, funds that invest in companies considered to have been penalised by ESG policies have been launched. However, such funds have been facing rapidly declining sales momentum and have yet to see a significant surge in terms of inflows or returns that would indicate the category will achieve long-term success and viability.
Banking and capital markets
The Financial Conduct Authority flags greenwashing concerns in sustainability-linked loan market
The United Kingdom's conduct regulator has expressed concerns about the sustainability-linked loan (SLL) market, fearing it could hinder the transition to a net-zero economy and raise the risk of greenwashing. The regulators have also noted potential conflicts of interest where banking companies, in some cases, provide remuneration incentives to promote SLLs in achieving their sustainable goals, potentially leading them to accept weak sustainable performance targets and key performance indicators in the loan agreements.
Insurance
New study finds fewer Singapore small and medium enterprises (SMEs) conducting ESG initiatives
The survey found that only 52% of SMEs prioritise ESG initiatives by conducting relevant programs at least once a year, a 7% drop from 2021, with cost remaining the biggest barrier to achieving this target.
Insurers flee climate alliance after ESG backlash in the United States
The United Nations-convened net-zero alliance for insurers suffered more than three departures in May earlier this year, facing opposition from the country's Republican politicians. While other financial industries, such as banks, have not suffered many departures, the exit of many of the world's largest insurers is a blow to UN-led efforts to harness the power of coalescing financial institutions to try and drive emissions lower.
Singlife's ESG leader on insurer’s heritage and why United Nations’ Net-Zero Insurance Alliance departures does not matter
The head of sustainability has expressed commitment to their individual net-zero ambitions and transition plans. It has also been discussed separately on the importance of raising awareness of ESG, climate change, and other issues, including the need to comply with these upcoming regulations on reporting for companies to be in line with international standards.
ESG platforms, solutions and tools
J.P. Morgan Securities Services launches solution enabling investors to access and integrate ESG data from multiple providers
The newly released Sustainable Investment Data Solutions platform will help institutional investors extract and maximise the value of ESG data from multiple providers and will be made available on its cloud-based data management, analytics, and reporting platform. The solution aims to provide an opportunity to make data more easily accessible to sustainable investors by combining data, technology, and service at scale.
MAS and SGX Group to collaborate with the Climate Data Steering Committee (CDSC)
The collaboration aims to strengthen global access to climate transition-related data through the synergy of MAS Project Greenprint’s ESGenome disclosure portal and the CDSC’s Net-Zero Data Public Utility (NZDPU) global repository of climate transition-related data on Scope 1, 2, and 3 greenhouse gas emissions. It aims to affirm the climate transition commitments of companies at the global level, support greater transparency and accountability of net-zero data, and strengthen their credibility amongst peers and investors.
Sphera launches solution enabling users to measure and manage portfolio emissions
The ESG performance and risk management software solution will enable financial institutions to measure financed and portfolio emissions, assess climate-related risks and opportunities, and meet ESG reporting requirements.
Interesting reads
Using artificial intelligence to tackle ESG data challenges
Datasets tracking ESG factors often leave much to be desired, with most continuing to struggle with questions about ESG data collection and interpretation as data may not be readily available, making it difficult for issuers to produce accurate qualitative assessments. In this regard, the use of natural language processing algorithms can better read and categorise data, read articles, and extract sentiment for predictive indicators, allowing investors to better analyse ESG scores and exposures.
Singapore-based carbon exchange Climate Impact X launches global carbon spot trading exchange
The platform aims to boost the liquidity of carbon offset trading and set a benchmark price for carbon credits, marking a significant growth of the local carbon market and the nation's aspirations in becoming a global carbon trading and financing hub. Standard Chartered and DBS Bank are several companies whom are involved in the trading.
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Metaverse
The rapid roll-out of artificial intelligence (AI) models earlier this year also drew much attention to the technological shifts in the Web3 sector, prompting for new forms of global governance. This has prompted increased attention and international engagement to identify legal, administrative, and economic barriers, and to conduct surveillance to address the associated concerns in shaping an open and secure virtual world. Separately, developments in the industrial and enterprise metaverse have exceeded expectations, with an increasing number of firms leveraging Web3-related technologies to enhance training and onboarding, design and testing, production and delivery, service, and support.
Industry update
Financial services
HSBC seeks to launch seamless banking services in the metaverse
The bank aims to provide customers with convenient and integrated banking experiences, such as allowing users to perform transactions, access financial services, and manage their accounts within virtual worlds. By embracing the metaverse, HSBC aims to meet the evolving needs of digital-savvy customers and tap into the potential of this emerging space. The move signifies a further expansion of traditional financial institutions into the metaverse realm.
Buffett-backed Nubank prioritises its investments in the Artificial Intelligence (AI) industry
The bank has expressed expansion plans for AI investment to improve customer experiences and client relationships beyond the use of its current application. It aims to make Nubank accessible across all customer-facing aspects beyond just financial services to better engage and improve the experiences of its users. The bank has a client base of 80 million spread across Latin America and is targeted to launch digital checking accounts in Columbia by 2023.
Technologies
Apple enters the headset market as Meta plans new Quest 3
The technology firm has launched an augmented reality (AR) headset, the Apple Vision Pro, marking a shift forward in the technology that could help bring the realisation of the metaverse a step closer. The brand's first new product aims to work as a spatial computer that allows users to interact with digital content in a way that feels like it is physically present in their space. The firm is also set to launch a new, higher-resolution headset later in 2023.
Samsung Electronics accelerates development of new mixed reality device to compete with Apple's Vision Pro
The device will be equipped with a Qualcomm chipset and Google’s operating system to implement powerful and new concept features to keep up with the competition. The new and upgraded displays are set to be produced starting in November 2023, and the XR (Extended Reality) ecosystem is expected to shift in the first half of 2024 when Samsung Electronics and Apple set foot in the market.
Artificial intelligence (AI)
Singapore outlines six generative AI risks, with the establishment of a foundation to boost governance and guide adoption
The Infocomm Media Development Authority and Temasek-backed AI tech company Aicadium have published a framework for building an ecosystem for the trusted and responsible adoption of generative AI, including the need for disclosure standards and global interoperability. Additionally, the discussion paper has also highlighted the need for policymakers to address the unique characteristics and immediate concerns of generative AI, as outlined in the six key risks. It also discusses the investment needed to ensure governance outcomes in the long term.
Singapore National University Hospital (NUH) deploys AI tool for faster and more efficient care treatment
The hospital plans to adopt RapidAI, an AI triage tool that can quickly identify suitable patients by rapidly processing data from CT scans, establishing a new standard of care for stroke patients in the country. The AI-driven platform will significantly accelerate the turnaround treatment time for its acute ischaemic stroke patients and reduce the door-to-puncture time for patients, thereby enhancing patient outcomes. Since February 2023, all suspected stroke patients have been receiving care with the assistance of the tool, benefiting more than 400 patients thus far.
Public officers in Singapore to vet sensitive information for AI-generated work as ethical use of AI sparks concerns
Under the new guidelines issued by the Ministry of Communications and Information, public officers will be held accountable for fact-checking AI-generated content in line with copyright laws. Developers are encouraged to implement measures to test the accuracy and robustness of their AI apps and build tools into user interfaces to safeguard data security. The authority is expected to expand advisory guidelines under the Personal Data Protection Act to address the use of AI in late 2023.
Investments
Sony Network invests $3.5 million in Singaporean Startale Labs to drive Japan's Web3 adoption
The Japanese tech and entertainment giant's subsidiary has laid out plans to explore collaborative investment opportunities that will further accelerate the mass adoption and crucial development of Web3 technologies. In addition, a portion of the newly acquired funds will be allocated toward recruiting skilled professionals, and working with specialised players across various industries, such as wallets, indexers, and node providers, to address challenges and bridge the gap between real-world assets and the Web3 ecosystem.
The Middle East is taking a proactive approach in contributing to the metaverse
Saudi Arabia has set aside a $1 billion plan to invest in metaverse projects, with the aim of becoming a global technological hub. Separately, Dubai has also launched its metaverse strategy focusing on innovation in tourism, education, real estate, retail, and government services. The potential in the MENA region and benefits of the metaverse is expected to largely contribute to the economy of Saudi Arabia, and could reach up to $38.1 billion by 2035.
Italian banking group Sella group venture incubator dpixel makes strategic investments in four international start-ups
The Metaverse 4 Finance initiative marks the country's first acceleration programme aimed at identifying and supporting the growth of national and international startups for the development of innovative, economically viable, and sustainable, inclusive, and secure solutions in the metaverse applied to finance. The project, with an investment allocation of €3 million, seeks to fund four start-ups spanning across the United States, Italy, Switzerland, and Romania as part of a three-year plan.
Strategic alliances
AI Singapore (AISG) and the Singapore Armed Forces (SAF) Digital and Intelligence Service (DIS) sign a Memorandum of Understanding (MOU) enhancing the nation's AI capabilities for digital defence
The DIS will leverage AISG’s industry and talent development programs to expand its capacity for deploying advanced AI techniques to sharpen the SAF's digital cutting edge. Key activities will include augmenting ongoing efforts to build and sustain a strong and capable talent workforce. The MOU will further enhance collaboration and strengthen the DIS's capability development in harnessing the rapid pace of AI innovation and building a resilient pipeline of AI talents possessing the relevant expertise to protect digital borders and safeguard the nation.
China Mobile launches metaverse industry alliance
The state-owned telecommunications company has established the Metaverse Industry Alliance, which consists of 24 key members, such as Huawei, Xiaomi, and iFlytek. The alliance aims to foster collaboration, sharing of resources, and mutual development in the realms of metaverse content creation, XR devices, key technology, and computation networks. China Mobile has separately launched a funding initiative to offer financial services and support to alliance members, as well as introducing the first metaverse industry standard to guide the development of the mixed reality industry and promote the construction of metaverse industry standards.
The Sandbox to build regional reach through Singapore
The Web3 gaming firm has set sights on establishing a strong foothold by expanding the company’s reach to creators and brands in the Asia-Pacific region and strengthening its regional presence as a strategic hub through the Republic. With the Singapore market owning a sizeable share of the virtual space, the nation has been identified as an ideal location to develop its decentralised platform and launch activities, tapping into the supportive ecosystem and tech-savvy market to accelerate growth and foster partnerships in the region.
Key regulatory developments
The European Union (EU) has taken a major step towards passing the world's most comprehensive AI regulation
The AI Act will place new restrictions that will curtail the use of facial recognition software, while requiring makers of AI systems like the ChatGPT chatbot to provide data disclosure on the data used to create their programs. It aims to pave the way for global standards for primary technologies used, fraud detection at banks, and new transparency requirements for generative AI. The Act will apply to anyone who develops and deploys AI systems in the EU, including companies located outside the bloc. The vote is one step in a longer process, and a final version of the law is not expected to be passed until later in 2023.
Group of Seven leaders (G7) committed to draft standards for responsible AI
A working group has been established to strengthen cross border collaborations to tackle various issues on generative AI. An initiative dubbed as the Hiroshima AI process will be initiated by end 2023 to facilitate discussions on the development and adoption of technical standards to keep AI trustworthy, with the expected involvement of international bodies like Organisation for Economic Co-operation and Development (OECD) and Global Partnership on AI to jointly work to develop frameworks focusing on AI governance and interoperability.
The United States seeks creation of regulatory AI commission for regulating AI
A 20-member commission will be established to study AI regulation, including recommendations on new plans will also be introduced to oversee powerful AI systems and how they are regulated, including an evidence-based approach to regulations, building upon previous federal and international regulatory efforts. The bipartisan commission is expected to provide an initial report six months after the law is enacted, a final report one year after the passage of the final regulatory framework, and an additional report one year later new findings that may have emerged or revisions to AI recommendations.
Japan shaping softer AI rules than EU, amid hopes of boosting chip sector
The country aims to work out an approach for AI that will likely be closer to the attitude by the United States than the stringent rules championed by the EU by the year-end, as it seeks to cope with its population decline that is causing a labour shortage. The country has also voiced concerns about how regulation by the EU as a global benchmark has primarily focused on the accountability of large companies, with lesser focus on how to promote innovation.
Interesting reads
Hong Kong Police Force steps into the Metaverse with CyberDefender platform launch to counter digital threats
The local law enforcement agency is taking a proactive stance in bolstering cybersecurity measures within the metaverse, offering a range of cutting-edge tools and technologies to combat threats such as hacking, fraud, and digital identity theft. The platform seeks to integrate virtual reality simulations, AI-powered analytics, and blockchain-based evidence management systems to facilitate more efficient and effective investigations in the metaverse. With its commitment to prioritise privacy and ethical considerations, it aims to establish trust and confidence within the metaverse community.
Hong Kong launches the first AI curriculum and lessons on ChatGPT for junior secondary students
The curriculum aims to equip students with foundational knowledge and skills in AI, including understanding the capabilities and limitations of AI technologies. The inclusion of ChatGPT in the curriculum allows students to explore natural language processing and engage with AI-powered conversational agents. The initiative is part of the country's efforts to prepare youths for an AI-driven future and foster interest in science, technology, engineering, and mathematics fields. However, some concerns have been raised about potential ethical implications and the need for responsible AI education.
Spacetop launches world's first augmented reality laptop
Developed by Israeli company Sightful, the device seeks to deliver convenience through a virtual 100-inch screen, with the ability for users to perform work from any location through the use of a pair of connected AR glasses. Using a proprietary operating system known as Spacetop OS, the setup will allow multiple windows to be displayed side-by-side on a virtual screen. The device is currently available for purchase through an invitation-only early access program.
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Digital assets
The cryptocurrency market has entered a new era of growth and mainstream acceptance as the industry witnessed an increased interest from institutional investors and an expanding infrastructure. Progressively, regulatory advancements across the globe could be seen, with real use cases adopted on a national level.
Industry update
General market
Ethereum's staking platform witnesses exponential rise, surpassing 23.5 Million ETH milestone
The recent influx of 3.6 million staked ETH following the Shanghai upgrade continues to demonstrate the sustained high interest in Ethereum, and is expected to surpass the total amount of ether that is kept on all cryptocurrency exchanges.
Cardano mainnet gets a boost with latest node upgrade release
The upgrade will focus on reducing epoch transitions, which are time periods on the Cardano blockchain, in speeding up network processes during the change in epochs. The upgrade also contains fixes for issues related to peer-to-peer network communications and the Cardano-based domain name system.
Central Bank Digital Currency (CBDC)
MAS proposes digital money standards with major industry players
The local regulator has released a proposal for a common protocol specifying the conditions for use of various types of digital currencies, to be able to specify digital currency transaction, including a validity period and types of shops. The paper covers technical specifications outlining the lifecycle of the new purpose bound money concept, along with financial institutions and fintech firms that plan to pilot it.
China pilots power and network free CBDC metro payments
The pilot will allow digital yuan-paying customers to pay transport fees using their mobile devices, even if their phones are powered down or have no network coverage. The project has been organised by the Digital Currency Research Institute of the central People’s Bank of China, as well as the central bank’s Qingdao branch, along with the Qingdao Municipal Transportation Bureau.
Trading services
Binance CEO announces Spot dollar cost averaging to tackle market volatility
The innovative feature will allow users to automate their asset purchases and sales at predetermined price levels and frequencies, reducing the effects of market fluctuations, thereby mitigating the impact of market volatility and safeguard users' interests. Users will also be able to take advantage of average pricing over time, reducing the influence of short-term price fluctuations.
Coinbase empowers institutional investors with debut of Bitcoin and Ether futures contracts
The launch of these contracts will seek to address regulatory concerns and improve cryptocurrency exposure management and capital efficiency for institutional clients.
Financial sector
BlackRock refiles Bitcoin exchange traded fund application and collaborates with Coinbase for surveillance
The Nasdaq exchange has refiled its application to list BlackRock's proposed bitcoin exchange-traded fund, joining alliances with Coinbase to monitor the market in addressing regulatory concerns related to market manipulation and surveillance.
Andreessen Horowitz sets plans to build cryptocurrency hub in the United Kingdom
The venture firm's expansion move is seen as a positive development and a boost to the country's startup ecosystem, given the increased regulatory scrutiny on cryptocurrencies in the United States. The country is also keen to on providing regulatory clarity regarding how crypto businesses should register in the country.
Funding
OpenAI's Sam Altman raises $115 million for worldcoin cryptocurrency project
The project aims to create a global identity a device is used to scan irises to confirm their identity, after which they are given tokens for free. However, the firm has faced criticism for perceived privacy risks, as the firm has reportedly purchase detailed scans of people's irises in order to claim coins for the project.
Zero-knowledge (ZK) startup Lagrange Labs raises $4 million to build secure decentralised finance interoperability
The seed funding will be channelled towards developing its ZK system, enabling secure interoperability across different blockchain networks. The platform seeks to entice more users to decentralised finance by allowing developers to build decentralised applications that can operate across blockchain simultaneously, while alleviating the security threat that this may otherwise bring.
NFT
China’s AliExpress launch could shake up the non fungible token (NFT) market
The global online retail platform of e-commerce giant Alibaba Group will be working with artists and creators to develop new and original NFTs through The Moment3! Project. It aims to connect with real-world businesses and grant NFT owners benefits and exclusive rights beyond mere collectible values, targeted at a massive user base of over 1 billion people.
Binance launches NFT loan feature
The new service is aimed at bringing the advantages of decentralised finance to the Web3 marketplace NFT community, allowing users to unlock the potential of their NFT holdings without needing to sell them and provide a solution for liquidity needs in the process.
Key regulatory developments
MAS orders cryptocurrency firms to safeguard customer assets and restricts retail services
The regulator has mandated cryptocurrency service providers to deposit customer assets in a statutory trust by 2023 for enhanced customer protection. Additionally, the MAS has also restricted cryptocurrency service providers from facilitating lending and staking token to retail customers. The move comes as part of efforts to enhance customer protection and reduce risks associated with digital assets.
Interesting reads
Cryptocurrency market has reported over $656 million loss in cryptocurrency hacks, scams, and rug pull pulls in first half of 2023
A blockchain security firm has released a report highlighting the persistent risks associated with the cryptocurrency industry and the need for enhanced security measures.
Cryptocurrency travel rule implementation remains relatively poor
It was revealed that only 29 of 98 jurisdictions at the time passed the requirements needed as part of the travel rules, and a small subset of these jurisdictions had started enforcement. The United Nations body called on all member states to implement the travel rule without delay to close loopholes currently not protected by regulation.
Contact us
Wong Wanyi
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Emerging regulatory trends
The Basel III reform has introduced new material rule changes, including increased data granularity reporting requirements. Financial institutions should assess if current tools and processes are able to comply with the data quality and availability required. Increased digitalisation will drive cybersecurity threat exposure, and there are three imperative call to actions to stay ahead.
Key regulatory developments - Singapore
Updates on Securities & Futures (Reporting of Derivatives Contracts) Regulations
MAS responded to consultation paper of over the counter derivatives reporting. The new reporting (e.g. unique transaction identifier, revised data fields) is expected to commence in October 2024.
MAS publishes Frequently Asked Questions (FAQs) - Notice on Business Conduct Requirements for Corporate Finance (CF) Advisers
The local authority has issued the a set of FAQs to provide guidance on the regulatory scope and requirements. This Notice takes effect on all CF advisory engagements entered into on or after 1 October 2023.
MAS proposes to increase deposit insurance coverage from S$75,000 to S$100,000
The proposal will restore the percentage of fully-covered insured depositors to 91%, which will ensure that the vast majority of smaller depositors continue to be fully covered, in keeping pace with the growth in average deposit balances. There will be no revision of annual premium rates paid by deposit insurance scheme members.
Implementation timeline for the final Basel III reform in Singapore
Majority of the final Basel III reforms will come into effect from 1 July 2024, while allowing the industry sufficient time for proper implementation of systems needed to adopt the revised framework, with regulatory reporting through the data collection gateway managed by MAS.
Key regulatory developments - Global
Federal Deposit Insurance Corporation signals stricter capital rules for banks with over $100 billion in assets
Following the recent failures of banks, US federal banking agencies are considering applying the proposed Basel III reforms rules to banks with assets over $100 billion.
Granular Data Reporting (GDR) in a data intensive regulatory environment
The global trends toward GDR will impact data collection, management, aggregation and transformation, prompting of the required appropriate tools and expertise to cope with the speed of change.
Operational resilience
Safeguarding Operational Resilience: the Macroprudential Perspective
The interconnected use of technologies within the financial ecosystem can affect operational resilience at the system level and hence, macroprudential perspective shall be adopted.
Anti-money laundering trends and challenges
Strengthening Financial Institutions’ (FIs) Countering the Financing of Terrorism Controls
FIs should benchmark themselves against the practices and supervisory expectations set out. Specific remediation and enhancement measures should be promptly implemented to address the gaps.
MAS imposes S$3.8m fine across four financial institutions for anti-money laundering and countering the financing the terrorism (AML/CFT) breaches linked to Wirecard
The institutions were found to have inadequate AML/CFT controls in place, and prompt remedial actions have been taken to address the deficiencies identified by the regulator.
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Our leadership team
Alywin Teh
Justin Ong
Kwok Wui San
Paul Pak
Asset and Wealth Managed Services - Risk and Compliance Solutions Leader, Singapore, PwC Singapore
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