Market advantages and Crypto Bans. All foreigners intending to work in Singapore must have a valid pass (also known as work visa) before they can commence work. In addition, the Full Sponsor is responsible to ensure that the company continues to comply with the listing obligations after they have been listed. Moreover, before fintech businesses can onboard clients, they would have to comply with and complete the requisite KYC processes as required by the MAS. Join our community, be part of SFA, and enjoy awesome benefits and great network … MAS is also a key member of the Global Financial Innovation Network (“GFIN”), an association of 29 regulators with a common mission to promote innovation and share experiences and approaches in supervising fintech activity. Yet even for asset managers that do not wish to engage heavily with fintech or are not looking to be a leader in innovation, the increasing regulatory pressure around organizational resilience demands a response. 5.1        In broad terms, what is the legal framework around the hiring and dismissal of staff in your jurisdiction? He was one of the guest speakers at the panel on ‘Financial Technology, challenges and rewards, and the role of prudential supervision.” It is easy to see why. Other than common law principles (such as the law on confidential information) that would apply, there is legislation that operates to govern these mechanisms for the registering of an IP right. 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 … Let me first thank the organisers for inviting me to this important forum. Fintech regulation: Balancing risk and innovation. Shares. Fintech / Regtech Singapore Launches Regional Research Institute for Digital Finance. Startup SG Loan – provides loan schemes applicable for startups via the Enterprise Financing Scheme. If the contract of service does not provide for termination of the employment contract, the relevant provisions of the EA will come into play. 5.2        What, if any, mandatory employment benefits must be provided to staff? Examples of regulations that will likely be applicable to the fintech … Real Estate Investment Trusts and Business Trusts who have met the S$300 million market capitalisation test but do not have historical financial information may apply under this rule if they are able to demonstrate that they will generate operating revenue immediately upon listing. Singapore’s key cyber security legislation includes: There are no cybersecurity laws and regulations directed specifically at fintech businesses, but these businesses will nonetheless be expected to comply with the general cybersecurity laws and regulations that are in force in 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. 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. Therefore, employers are prohibited from dismissing employees due to their age if they are below 62 years old. Payment Services Act 2019, which provides for the licensing and regulation of payment service providers and payment services in Singapore. Fintech innovations continue to shape the financial sector around the globe. Enabling policies . Our privacy policy has been updated since the last time you logged in. This was sparked by the much anticipated Payment Services Act, which came into effect on 28 January 2020. 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. 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. MAS is the integrated regulator and supervisor of financial institutions in Singapore. This would typically involve the collection of the prospective client’s personal data. 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. The firm said it intends to fulfil existing commitments to employees, partners and vendors, and work with the relevant authorities to ensure adherence to local laws and regulations. tax incentive schemes for enterprise investment or venture capital investment? The Computer Misuse Act, the purpose of which is to secure computer material against unauthorised access or modification. 3.3        Are financial regulators and policy-makers in your jurisdiction receptive to fintech innovation and technology-driven new entrants to regulated financial services markets, and if so how is this manifested? ... Later, they write, “With an optimal level of regulation, Singapore … Fintech innovations promise a myriad of opportunities, from greater efficiency in financial transactions through to the transformation of the business. Innovations and inventions that are man-made are classified as intellectual property (“IP”). Join our community, be part of SFA, and enjoy awesome benefits and great network insights! 9. The Singapore government designed a digital identity system for Singapore residents and businesses (including fintechs) to transact digitally with the government and private sector in a convenient and secure manner. Companies with 10 or more full-time employees who are looking to hire foreign employees on Employment Passes for positions where the fixed monthly salary is below S$15,000 must advertise the positions at the National Jobs Bank Portal for at least 14 days. In many jurisdictions, the regulatory focus is currently on supervisory activity rather than rule changes. The regulatory body overseeing the Payment Services Act is the MAS. If the cryptocurrency/cryptoasset has the attributes of a commodity, the Commodity Trading Act is the relevant legislation. 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”. On the other hand, there are significant concerns that existing risks, especially surrounding cybersecurity and fraud, are becoming heightened by fintech’s growth. In watching recent regulatory changes and related discussions, it is clear that regulators are beginning to fundamentally rethink what ‘good conduct’ looks like in an age when contact is entirely digital — and may not involve human actors at any point. Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. The PDPC may grant the requested exemption subject to any conditions it deems fit to impose. 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. Together with the Singapore FinTech Association, MAS has also published the FinTech. If a company wants to list on the Catalist Board of the SGX-ST, they will need to be brought to list by a Full Sponsor. The MAS has issued several Notices relating to Anti Money Laundering and Countering the Financing of Terrorism (“AML/CFT”). 2019 was an important year for Singapore’s “Smart Nation” initiative: the country’s national bid to become “a leading economy powered by digital innovation” by growing and supporting the implementation of technological innovations across a number of different sectors.. Are there any regulatory ‘sandbox’ options for fintechs in your jurisdiction? Diana was joined by other leading voices from the 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. Covering every jurisdiction within ASEAN and some of the other key Fintech markets to throw light on regulation/soft regulation, and regulatory guidelines. Click anywhere on the bar, to resend verification email. However, the vibrancy of the industry indicates that more fintech businesses will follow suit in time to come. Apart from governmental funding, there are many angel investing networks, venture capital firms, private equity firms, startup incubators and accelerator programmes that can assist new fintech businesses in raising capital. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. 6.2        Please briefly describe how ownership of IP operates in your jurisdiction. In Singapore, you can either register a trademark or seek protection under the common law right of “passing off”. 2.1        Broadly, what types of funding are available for new and growing businesses in your jurisdiction (covering both equity and debt)? 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. Headquartered in Singapore, GoBear employs 165 staff in six offices across Asia. 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)? 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. 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. Companies will have to pay semi-skilled foreigners a minimum salary of S$2,400. Russia: Fintech Laws and Regulations 2020. Singapore is a global fintech hub, but why, what does that mean, and do the authors' arguments stack up? Another industry trend is the rise of fintech solutions geared towards payments; both domestic and cross-border. MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and … Moreover, the concentration of FinTechs in Singapore and their diversity in terms of their business models demonstrate that Singapore is an attractive FinTech centre. The amount of the employer’s contribution is 17% of the employee’s salary. We are a full stop ecosystem builder with a digital and physical presence and we … 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 … For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. 6.1        Please briefly describe how innovations and inventions are protected in your jurisdiction. FinTech funding has risen steadily to fuel this growth, exhibiting resilience amidst the pandemic. The country now has nearly 10,000 employees related to the fintech … Startup SG offers several different schemes depending on the startup applying for the funding. There is different legislation enacted for the different types of services/products offered. 8 . The Singapore Government is keen to develop Singapore as an IP hub of Asia and in doing so, recognises that there are several ways to help companies who are more IP rich than asset rich to monetise such assets. 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? Bookmark the permalink . FinTech may also be subject to directions, guidelines and notices issued by the HKMA and the MAS. There are several other conditions companies will need to comply with in order to list either on the Main Board or the Catalist Board. 3.4        What, if any, regulatory hurdles must fintech businesses (or financial services businesses offering fintech products and services) which are established outside your jurisdiction overcome in order to access new customers in your jurisdiction? The panel discussed how COVID-19 has catalysed the need for the digitisation of financial services - with regulation being no exception. MAS seeks to create a smart financial centre, relying on technology to increase efficiency and allow for better risk management. Additionally, the recent increase in fintech regulations and guidelines evinces Singapore’s desire to maintain her sound financial system while encouraging fintech innovation. Startup SG Talent – provides support for talent souring and international entrepreneurs. Employees are also entitled to paid holiday on a public holiday that falls during the time that he is employed. In "Singapore: The Fintech Nation", authors Varun Mittal and Lillian Koh seek, and mostly succeed, to unpack why Singapore is a global fintech hub. Is Singapore – and more importantly, the Singapore model – the future of fintech? Distributed leger technology (DLT), such as blockchain, is one area under particular scrutiny. However, the regulations for starting your own online financial platform can be complex. Published: … 8. The employer is free to dictate or negotiate the terms of its employee’s employment. Regulation and supervision Fintech is moving rapidly from ‘under the regulatory radar’ and is attracting growing regulatory responses and supervisory scrutiny. Insurance Act, which regulates the insurance business in Singapore, insurers, insurance intermediaries and related institutions. Fintech regulation: Balancing risk and innovation. 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). 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. Fintech innovations can provide important competitive advantages, including benefits to the top line, bottom line and overall client experience. One of the Asian Institute of Digital Finance's first projects is to build a data-sharing platform that can … Apart from the more conventional way of monetising IP by way of licensing IP rights, there are other ways companies can monetise IP in Singapore. The digital age has brought significant shifts in every jurisdiction around the world, and financial regulations have not kept pace. In general, the sanctions provided under the PDPA are in the form of either a fine or an imprisonment term. Varun Mittal and Lillian Koh have come out with a book that argues yes. In Singapore, the authorities have also issued high-level principles for firms to follow in controlling these risks. 4.4        Does your jurisdiction have cyber security laws or regulations that may apply to fintech businesses operating in your jurisdiction? Singapore has also made efforts to remain at the forefront of regulation and best practice. Once registered, a trademark can be licensed or sold to third parties. Other areas of growing regulatory concern include: robo-advice; crowdfunding, with some regulators proposing simplified rules for securitiesbased crowdfunding platforms; and continued interest in the implications of AI and big data. Are there any particularly onerous requirements or restrictions that are frequently encountered by businesses? Yet even for asset managers that do not wish to engage heavily with fintech or are not looking to be a leader in innovation, the increasing regulatory pressure around organizational resilience demands a response. Singapore is actively moving towards being a smart nation and the fintech sector is one of the fastest growing sectors in the country. OPEN BANKING / CONSUMER-DIRECTED FINANCE DEVELOPMENTS; On January 31, 2020, the Advisory Committee on Open Banking issued its first report (the "CDF Report") in connection with the … Fintech Innovation Hub- what makes Singapore the best Fintech Hub? To date, Ayondo Ltd remains the only fintech business listed on SGX-ST. All employees in Singapore, with the exception of seafarers, domestic workers and public officers, are covered under the EA. In June 2006, Ayondo Ltd disposed of its entire stake in Ayondo Markets Limited to a Netherlands-registered company for S$10.2 million. 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. Indeed, this is a key theme o… In recent months and years, we have seen regulatory bodies worldwide attempt a careful balancing act. 2.2        Are there any special incentive schemes for investment in tech/fintech businesses, or in small/medium-sized businesses more generally, in your jurisdiction, e.g. 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 … You will not continue to receive KPMG subscriptions until you accept the changes. For the avoidance of doubt, any person guilty of an offence under the PDPA, for which no penalty is expressly provided for, shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding three years or to both. Do your data privacy laws restrict international transfers of data? 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. RegPac is an end to end Global Regulation Technology (RegTech) Ecosystem builder and Knowledge Sharing Platform. 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. (Section 3 of the PDPA.). 4.3        Please briefly describe the sanctions that apply for failing to comply with your data privacy laws. Are there any notable fintech innovation trends of the past year within particular sub-sectors (e.g. The growth trajectory of Singapore’s FinTech industry has been impressive to date. 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 … 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. WHAT WE SAW IN 2020 . Since the last time you logged in our privacy statement has been updated. Related topic hubs RHT Law, Aaron Lee 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. 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. In this regard, companies should carefully peruse the Main Board listing rules or the Catalist Board listing rules in order to ensure complete compliance with all conditions before listing. 6.4        How do you exploit/monetise IP in your jurisdiction and are there any particular rules or restrictions regarding such exploitation/monetisation? Different notices are addressed to regulated entities in different sectors. Moreover, the owner can also license (exclusive or non-exclusive) the work to third parties. Find out how KPMG's expertise can help you and your company. regulation in Singapore, aimed at facilitating innovation in payment services. In Singapore, the Managing Director of MAS acknowledged that there is no "One-Size-Fits-All" approach for FinTech, and pointed out that regulation cannot front-end innovation. 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. Among other things, this new fintech-friendly supervisory regime would allow cryptocurrency-based businesses to go to market while being accountable to ensure best market and prudential practices. The penalty for a particular breach is normally provided within the section in the PDPA setting out the breach. A startup-focused investor ecosystem: Singapore has taken the lead in FinTech funding in Southeast Asia, and government-linked funds have played an important role in kickstarting the FinTech ecosystem, particularly in their support of earlier-stage startups. However, the onus is on the employer to ensure that this contract of service complies with the provisions under the EA. Fintech innovations can provide important competitive advantages, including benefits to the top line, bottom line and overall client experience. The regulations that apply depend on the type of cryptocurrency/cryptoasset in question. Previous Post Previous Mexico: Fintech. Regulators, financial institutions and investors are showing growing interest in FinTech development. Some of the more notable legislations include: the Copyright Act; Registered Designs Act; Patents Act;  and the Trade Marks Act. 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. 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. The MAS has been fully committed to nurturing a fintech environment that supports innovation in financial services. An exemption is granted in writing but may be varied or revoked by the PDPC at any time. Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight and maintenance of security and data protection processes. For example, in 2014, the Singapore Government through IPOS, launched an IP Financing Scheme to help IP rich companies monetise their IP for business growth and expansion. Fintech Singapore “Singapore’s regulator is skillfully strengthening its stake to become an important fintech hub,” reads Kapronasia’s Regulating Fintech in Asia report. 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? Fintech regulation Drivers . Its Cybersecurity Bill, which received assent 2 March 2018, established a robust framework for oversight … In 2019, the Monetary Authority of Singapore (“MAS”) announced that it would award up to five digital banking licences. This is quite logical, as these issues have become a major theme in the ongoing dialogue between the public and the private sectors. In this regard, the Computer Misuse Act sets out the various penalties for the different cybersecurity offences. Specifically, Singapore’s fintech … They are insiders (Mittal is EY’s fintech partner and an investor; Koh is a senior academic) who have been engaged in the country’s fintech agenda from the start. Copyright – There is no official registration of copyrights before the right exists. Further, all employers are required to contribute to their employee’s Central Provident Fund. 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. 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. deep talent pools in financial services, technology and regulation; and December 8, 2020. There are no Singapore rules on the hiring of foreigners that are particular to fintech businesses. Singapore FinTech Association's success could only have happened with the help of our members community. Standard Singapore Company Incorporation Compliance According to the Ministry of Finance (MAS) “All [fintech] businesses must be registered with the Accounting and Corporate Regulatory … Supra note 43. The Strategic Goods (Control) Act, the purpose of which is to control the transfer and brokering of strategic goods technology, goods and technology capable of being used to develop, produce, operate, stockpile or acquire weapons capable of causing mass destruction, and missiles capable of delivering such weapons. Startup SG Founder – provides mentorship and startup capital support for first-time entrepreneurs. The rules as originally written assumed a world in which people conducted business face-toface, with physical signatures on paper. 3.1        Please briefly describe the regulatory framework(s) for fintech businesses operating in your jurisdiction, and the type of fintech activities that are regulated. 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. Get the right to vote in committee member elections. The Copyright Act, which relates to copyright and matters related to copyright. 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. Since 2014, when Singapore began its journey towards being the world’s first Smart Nation, the MAS set its sights on establishing Singapore as a Smart Financial Centre. You will not receive KPMG subscription messages until you agree to the new policy. ... will be looking at closely in the fintech industry during a speech at the Singapore Fintech … Employers should carefully consider the scope and terms of employment of the foreigner before applying for the relevant work passes. Moneylenders Act, which regulates moneylending, the designation and control of a credit bureau, and the collection, use and disclosure of borrower information and data. A patent, according to IPOS, “is a right granted to the owner of an invention that prevents others from making, using, importing or selling the invention without his permission”. The GFIN conceptualised a “global sandbox” in which fintech firms can pilot and scale their solutions in multiple jurisdictions simultaneously. Trends show that regulators want to see that individual asset management firms have not only the necessary financial capability, but also the technological capability to operate in the current and evolving digital climate. Despite the conclusion of this scheme, it is increasingly common for companies to use their IP as collateral for loans and to create a security over their IP. Regulators are also increasingly interested in operational resilience. 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 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. 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. The EA also provides that parties are also entitled to terminate the contract of service without notice by paying the other party a sum equal to the amount of salary at the gross rate of pay which would have accrued to the employee during the period of the notice. Although the rules and regulations in fintech are always changing, companies that manage to stay on top of them – like the aforementioned TechToPay – will see long term success. 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. The list of regulatory and supervisory … 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… 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 owner can also agree (in writing) to assign all or part of the rights to third parties. 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