MAS

MAS to double individual limit on Singapore Savings Bonds, allow purchases via SRS funds

THE Monetary Authority of Singapore (MAS) will double the individual limit for holding Singapore Savings Bonds (SSB) and allow investors to buy the instruments using their Supplementary Retirement Scheme (SRS) funds, the financial sector agency announced on Monday.

The maximum amount of SSB that an individual can hold will be raised to S$200,000 from the current S$100,000, MAS said. Both changes will take effect from Feb 1, 2019.

The SSB programme has garnered about S$3.7 billion of investments from close to 100,000 individual investors since its launch in October 2015, MAS said. During this time, the authority has received requests from the public to allow the purchases of the bonds using SRS funds, which are voluntary retirement savings contributed by Singapore workers above the national CPF scheme.

"Taking into account public feedback, MAS has worked with the banks to enable SRS funds to be invested in SSB. This will expand the range of products available to SRS members and help them save and plan for retirement," MAS said in a press statement.

To apply for SSB using SRS funds, investors may apply through the internet banking portals of their respective SRS operators, which are the local banks – DBS, POSB, OCBC Bank and United Overseas Bank. As with cash applications, the minimum application amount is S$500, and a S$2 transaction fee deducted from the SRS account for each application.

The new increased individual limit on SSB holdings will apply to SSB purchased with cash and with SRS funds.

MAS will also launch a "My Savings Bonds" portal in March for investors to view their consolidated SSB holdings via the SSB website.

MAS proposes legally-binding cyber security measures for all Singapore financial institutions

THE Monetary Authority of Singapore (MAS) has moved to tighten the rules on cyber security for financial institutions (FIs) in Singapore by proposing to make legally binding a set of six essential cyber security measures to protect their IT systems.

      THE Monetary Authority of Singapore (MAS) has assembled a group of industry players to help the financial sector regulator develop a guide on the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.  The 10-member Fairness, Ethics, Accountability and Transparency (Feat) Committee will be co-chaired by MAS chief data officer David Hardoon and PrimePartners co-founder Hsieh Fu Hua, the MAS said in a statement on Monday.  Also on the committee are Senior Counsel V K Rajah, Singtel non-executive independent director Teo Swee Lian, Allianz chief data scientist Raymond Au; DBS chief data and transformation officer Paul Cobban, Standard Chartered Bank chief data officer Shameek Kundu, United Overseas Bank chief data officer Richard Lowe, OCBC Bank head of group customer analytics and decisioning Donald MacDonald, and Singapore Exchange head of fintech and data Kelvin Tan.  The MAS is aiming to complete the guide by the end of the year, and will be engaging the industry in the second quarter of 2018.  The guide will "set out key principles and best practices for the use of artificial intelligence and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse", the MAS said in a statement.  The MAS is also working with Singapore's Infocomm Media Development Authority on developing a broader understanding of artificial intelligence governance across sectors.

THE Monetary Authority of Singapore (MAS) has assembled a group of industry players to help the financial sector regulator develop a guide on the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.

The Quiet Singaporean's Loud Revolution

The Quiet Singaporean's Loud Revolution

His words don't carry a fraction of Fed Chair Janet Yellen's power to move markets; nor do his actions possess the strength of Haruhiko Kuroda's balance-sheet maneuvers at the Bank of Japan. He isn't an intellectual in the mold of economist Andy Haldane at the Bank of England, or Raghuram Rajan, the former governor at the Reserve Bank of India.