iAdvisor receives MAS’ approval
Developed in partnership with Hong Kong-based B2B Fintech firm Quantifeed, iAdvisor digital advisory platform (robo advisory) has been used by Jachin Capital for nearly two years to manage its customers' investments. iAdvisor is a digital investment platform with 28 portfolios including cyber security and driverless cars. The Monetary Authority of Singapore (MAS) has approved its application for Capital Markets Services License, and to offer iAdvisor in Singapore.
MAS to ease rules for banks in non-bank activities
The Monetary Authority of Singapore will streamline the regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses. The regulator is proposing rules that will make it easier for banks to invest in non-financial businesses such as e-commerce and digital platforms. The idea is to allow supporting areas can easily ally with banking functions and potentially forge niche solutions in future.
Singapore and USA:
In June 2017, the Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) signed a memorandum of understanding to bolster fintech ties between Singapore and the Americas. The MOU provides a framework for fintech cooperation between Singapore and the 36 ASBA member countries.
Arising from an existing MoU between Singapore and the USA to facilitate business exchanges between Singapore and US fintech companies, Singapore companies recently participated in a US fintech investment summit. The MoU was signed between the Ministry of Trade and Industry (MTI) and the Department of Commerce during Prime Minister Lee Hsien Loong's official visit to the US in 2016. As a follow up, US officials have invited Singapore to participate in the 2017 SelectUSA Investment Summit from Jun 18 to 20.
Singapore and Abu Dhabi:
Abu Dhabi’s special economic zone, the ADGM, which also serves as its financial centre, entered into agreement with the Monetary Authority of Singapore (MAS) last month to increase financial entrepreneurship. The MoU describes cooperation on human resources and knowledge surrounding new and entrepreneurial finance-related startups. Abu Dhabi currently has around 340 banks and companies, and seeks to develop its expertise and global presence in the technology, finance and media sectors.
Singapore and IFC:
Last month the International Finance Corporation (IFC), a member of the World Bank Group and the Monetary Authority of Singapore (MAS) signed a memorandum of cooperation to co-develop the ASEAN Financial Innovation Network (AFIN).
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