MAS seeks more teeth to regulate financial services amid emerging cyber risks
The proposed new laws will also allow the central bank to issue orders prohibiting individuals it deems unsuitable from operating in the industry
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Kelly Ng
Singapore
THE Monetary Authority of Singapore (MAS) is proposing new laws that will give it more teeth to regulate financial services in the Republic amid emerging risks, such as those brought on by the wider provision of digital services.
The additional powers proposed will allow the central bank to impose on financial institutions certain requirements to manage technology risks, license and regulate providers of digital token services overseas and issue orders prohibiting individuals it deems unsuitable from operating in the industry.
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