The Monetary Authority of Singapore (MAS) has invited feedback on two consultation papers regarding regulatory requirements for licensed companies.
Proposed amendments to capital requirements for locally incorporated RMOs
At present, there is greater diversity in the entities that are pursuing an RMO recognition. It is necessary to review if the capital requirements imposed on RMOs are suitable for these new market operators, in addition to addressing the key risk that RMOs pose. The MAS has issued proposed amendments which include:
Identity Verification
MAS recently issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity (also known as e-KYC). These proposed requirements come against the background of greater digitalisation of financial services, new biometric technologies and the proliferation of identity theft and impersonation scams.
If you would like to share your views, RSVP your slot today.
Meet Our Moderator
Ch’ng Li-Ling Partner RHTLaw Asia | Ch’ng Li-Ling is one of the founding members of RHTLaw Asia and heads the Financial Services (Regulatory) Practice. Her areas of practice include corporate and securities laws, capital markets, mergers and acquisitions, securities and financial services regulatory compliance, and corporate governance. She advises financial institutions, FinTech firms and investors on acquisitions and capital-raising, on MAS licensing and regulatory requirements for capital markets services providers, operators of organised markets and payment services providers on digital token issuances and the establishment of digital assets exchanges and e-payments platforms. |
| Aaron Lee Of Counsel RHTLaw Asia | Aaron Lee is a law graduate of the National University of Singapore and has 20 years’ experience in international and business law, policy-making and government relations, in both the civil service and financial institutions. His career included 14 years in governance and regulatory compliance (including responsibility for the Asia-Pacific region) for European banks in Singapore. He has been appointed expert witness in a number of court cases involving banks and financial crime. Since 2017, he has advised fintech companies in the payments services sector. |
Meet Our Speakers
| Thomas McMahon Chief Executive Officer AirCarbon Exchange | Thomas is an exchange architect with a combined 30 years of experience across US and Asian Exchange and Regulatory frameworks, with a focus on the development of Exchange traded Cleared Futures and OTC products. His experience in exchange architecture and strategic development includes: West Texas Intermediate Petroleum Advisory Board, LPG product development and trading; Chairman Natural Gas Advisory, launched Henry Hub contract 1991, LNG, LPG product development and trading traded as market maker and was Ring Chairman; BitGold, early adopter of the platform for purchase and payments based on physical gold holdings. His role as Independent Director of SDAX is to provide strategic advice and guidance on the operations of an exchange. |
| Branson Lee Chief Executive Officer ecxx.com | Branson is currently running a digital asset exchange, ecxx.com, the first exchange in Singapore to connect to the national registry, MyInfo for quick onboarding. ecxx.com recently acquired approval from MAS to operate a digital securities exchange in the fintech sandbox express under RMO regime. In 2018, Branson co-founded and successfully launched an ICO that went on to raise USD 10m. He has over 15 years of experience working and leading teams in business information and technology companies like Gartner, LinkedIn, Sun Microsystems and so on spanning across regions in Asia. Passionate in blockchain technology, he has conducted and taught blockchain courses for private bankers, management associates, branch managers in UOB, People’s Association, Singapore Polytechnic, Nanyang Business School, Standard Chartered and other financial institutions. Branson also wears multiple hats serving on the Executive Committee for Singapore Fintech Association as well as a founding member of the Blockchain Association of Singapore. |
| Jayaprakash Jagateesan Chief Executive Officer RHT Fintech Holdings | Prakash is the Founding member of RHTLaw Asia and RHT Group of Companies. He has over 20 years of experience in managing professional services firm including top law firms in Singapore with regional and global focus. His responsibilities include the strategic alignment of business groups and their subsidiaries and the development of an eco-system of professional business services serving clients from diverse industries through every stage of their business life cycle. In addition, he also manages the growth, development, restructuring, diversification and regional expansion of businesses in the areas of corporate finance and advisory, governance, compliance, risk management, communications and public relations and fintech platforms covering digital assets exchanges, tokenization and blockchain. |
| Alphonsus Chia Chief Operating Officer SDAX | Alphonsus has senior management experience in the public and private sectors and has served as Senior Director at Ministry of Trade and Industry, Deputy CEO of IE Singapore and CEO of Singapore Cooperation Enterprise. In the private sector, he has held senior positions, e.g. notable as Chief Operating Officer, Asia Pacific, of Reed Exhibitions, Deputy CEO of XMH Holdings Limited, and General Manager of SilkAir. His role as Chief Operating Officer of SDAX is to oversee and manage the business operations of the Exchange. |
| Joe Tusin Chief Executive Officer Chynge | Joe Tusin has over thirty years of tech industry experience comprising management consulting, enterprise software, cloud computing and mobility, and financial technology (FinTech) across the United States and Asia Pacific. He is the Founder and CEO of Chynge, a Singapore payments company holding an MPI license. |
| Chionh Chye Kit Chief Executive Officer Cynopsis Solutions | Chionh Chye Kit is the Co-Founder & CEO of Cynopsis Solutions, an award-winning end-to-end RegTech solution provider headquartered in Singapore with offices in United Kingdom, Abu Dhabi, Vietnam and Taiwan. Cynopsis Solutions focus on simplifying complex know-your-customer (KYC) and anti-money laundering (AML) requirements by automating and digitising essential regulatory processes for clients in both financial and non-financial services sectors. Under his leadership, Cynopsis Solutions is named as a Top 10 Fastest Growing Company in Singapore 2020 by The Straits Times and Top 50 High Growth Company in Asia Pacific 2020 by The Financial Times. |
| Payal Patel Managing Director FINTRAIL | Payal combines her legal education and extensive compliance experience to build ‘best-in-class’ anti-financial crime programmes for clients and is focused on enabling innovative business whilst balancing risk and regulatory demands. She brings over 14 years of experience in financial services across multiple regions, focusing recently on FinTech and crypto. She has led engagements with regulators on new business models and has worked with a wide range of organisations globally on international best practices. Payal leads the FINTRAIL business in Asia. |
| Tony Yeow Associate Director RHT Compliance Solutions | Tony Yeow has over 15 years of experience in Compliance, Operational Risk, Investigation and Intelligence with major international banks. Leading a team of experienced and certified professionals, he provides compliance, governance and risk solutions to a broad range of clients – regulators, markets, payment system providers, banks, investment banks, broker-dealers, commodities firms, fund managers, financial advisers, trust companies, FinTech companies and corporates. Tony has proven track record in implementing internal controls, leading numerous transformational projects, managing complex fraud investigations, building best-in-class programmes based on data-driven strategies and technology. |
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