Government bodies also have a fair-dealing role
Add BT as a preferred sourceI REFER to the article, "New scheme to link up Singapore fintech firms with legal expertise on compliance issues" (BT, Sept 7).
The pilot programme by the Monetary Authority of Singapore (MAS) and Singapore Academy of Law (SAL) has the well-intended aim of connecting fintech enterprises to legal services providers. The devil, however, is in the details.
The programme provides customer access to a very select group of law firms invited by the MAS and SAL. No explanation has been provided on how these law firms were selected. As a result, there may be a perception that the MAS or SAL prefers those particular law firms to be appointed for fintech initiatives, rather than other law firms or even alternative professional services providers (for example, regulatory consultants capable of providing similar compliance advice).
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