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☆ Singapore c.bank bars 3AC founders from market activity
▼ + stars: | 2023-09-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside/File Photo Acquire Licensing RightsSINGAPORE, Sept 14 (Reuters) - Singapore's central bank said on Thursday it has barred the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) from market activity in the city-state for nine years. The Monetary Authority of Singapore (MAS) said in a statement it had issued orders, which, effective from Sept 13, prohibit 3AC founder Zhu Su and Kyle Livingston Davies from performing any regulated activity and from managing any capital market services firms in Singapore. "Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors," Loo Siew Yee, MAS Assistant Managing Director said. Representatives for Zhu and Davies could not immediately be reached for comment.

Persons: Darren Whiteside, cryptocurrencies Luna, TerraUSD, Zhu Su, Kyle Livingston Davies, Loo Siew Yee, Zhu, Davies, Kanupriya Kapoor Organizations: Monetary Authority, REUTERS, Rights, Arrows, British Virgin Islands, Monetary Authority of Singapore, MAS, Thomson Locations: Singapore, Rights SINGAPORE, British Virgin

☆ Ripple buys crypto infrastructure startup in its second acquisition of 2023
▼ + stars: | 2023-09-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Founded in 2021 by Scott Purcell, an entrepreneur with a background in equity and debt crowdfunding, Fortress Trust aims to help large enterprises interact with digital currencies. The company uses a blockchain-based messaging system, akin to SWIFT, to approve speedy transactions between a network of banks and other financial institutions. A Ripple spokesperson declined to comment on the size of the deal but said that it is less than the sum Ripple paid to buy Metaco. Ripple also obtained a Nevada trust with its acquisition of Fortress Trust, adding to its growing list of regulatory permits globally. The company told CNBC previously it was also looking to get an e-money license with the Irish central bank.

Persons: Brad Garlinghouse, Ripple, Scott Purcell, Purcell, BitGo, SWIFT, Britain's, Singapore's, XRP, Stu Alderoty Organizations: Trust, Prime Trust, SBI, U.S . Securities, Exchange Commission, MoneyGram, CNBC, Monetary Authority of, Fortress Trust Locations: Austin , Texas, Nevada, U.S, Swiss, Fortress Trust's, York, New York, Monetary Authority of Singapore, Irish

☆ Economists cut Singapore 2023 growth and inflation forecasts - survey
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 6 (Reuters) - Economists have downgraded Singapore's 2023 growth forecasts and inflation expectations, according to a survey by the country's central bank published on Wednesday, with spillovers from an external growth slowdown cited as the top risk. The median inflation forecast is for headline consumer prices to rise 4.7% this year, down from 5.0% predicted in June. The median forecast for MAS core inflation, which excludes private road transport and accommodation costs, is 4.1%, unchanged from the previous survey. Both headline inflation and MAS core inflation are expected to ease in 2024, to 3.1% and 2.8% respectively. About 69% of survey respondents cited the impact of a slowdown in external growth as the downside risk to the domestic outlook.

Persons: Yantoultra Ngui, Chen Lin, Kanupriya Kapoor Organizations: Monetary Authority of Singapore, Gross, MAS, Thomson Locations: SINGAPORE, Singapore

☆ Economists cut Singapore 2023 growth and inflation forecasts, survey shows
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: +1 min

Economists have downgraded Singapore's 2023 growth forecasts and inflation expectations, according to a survey by the country's central bank published on Wednesday, with spillovers from an external growth slowdown cited as the top risk. The median inflation forecast is for headline consumer prices to rise 4.7% this year, down from 5.0% predicted in June. The median forecast for MAS core inflation, which excludes private road transport and accommodation costs, is 4.1%, unchanged from the previous survey. Both headline inflation and MAS core inflation are expected to ease in 2024, to 3.1% and 2.8% respectively. About 69% of survey respondents cited the impact of a slowdown in external growth as the downside risk to the domestic outlook.

Organizations: Economists, Monetary Authority of Singapore, Gross, MAS Locations: Singapore, Marina

☆ Singapore’s wealth boom hits most sensitive phase
▼ + stars: | 2023-09-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +5 min

REUTERS/Edgar Su Acquire Licensing RightsSINGAPORE, Sept 6 (Reuters Breakingviews) - Singapore’s wealth boom may be set for a pause. The amount involved has almost doubled and banks, realtors and jewellery dealers have been caught up in the ring. It is the most eye-catching saga since 2015 when Singapore’s banks were involved in the 1MDB Malaysian sovereign fund mess. As Singapore’s success as a financial centre grows, so too does its vulnerability to dirty money. A thornier problem is Singapore’s desire to avoid perceptions it is capitalising on the troubles of China, its top trade partner.

Persons: Edgar Su, Una Galani, Katrina Hamlin, Pranav Kiran Organizations: REUTERS, Rights, Reuters, realtors, DBS, Deutsche Bank, Bloomberg, Reuters Graphics Reuters, Monetary Authority of, U.S, Police, Thomson Locations: Marina Bay, Singapore, Rights SINGAPORE, China, Malaysian, Hong Kong, Monetary Authority of Singapore

☆ Singapore’s central bank boss faces a tough start
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 5 (Reuters Breakingviews) - Central banks pride themselves on being predictable. He is a former deputy to Menon, and currently a permanent secretary at the manpower ministry after spending 18 years in various stints at the central bank. He has led MAS’ financial stability assessment of the city state and completed a two-year secondment to the International Monetary Fund. During his 12-year term, he built up Singapore’s reputation as a global fintech hub and boosted its appeal as a leading financial centre. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ravi Menon, Chia Der, There’s, Chia, Menon, Pernod Ricard, Una Galani, Katrina Hamlin Organizations: Reuters, Monetary Authority of, MAS, International Monetary Fund, X, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, Singapore, China

☆ Singapore picks Chia Der Jiun as central bank head from next year
▼ + stars: | 2023-09-04 | by ( ) www.cnbc.com time to read: +1 min

Singapore named Chia Der Jiun as chief of its central bank on Monday, replacing Ravi Menon, the city state's longest-serving central banker, the Monetary Authority of Singapore (MAS) said. Menon, who turns 59 this year, had been re-appointed as recently in May for two more years in his role but will retire from public service after more than a decade at the central bank, MAS said. Chia, a permanent secretary at Singapore's manpower ministry, had previously spent 18 years at the MAS and led major functions from implementing monetary policy to managing reserves. Singapore's central bank was one of the earliest to tighten monetary policy as the country of 5.6 million exited the COVID-19 pandemic. Regardless of who is at the helm the independence and high standing of the central bank is unlikely to change," said OCBC economist Selena Ling.

Persons: Chia Der Jiun, Ravi Menon, Menon, Chia, Selena Ling Organizations: Monetary Authority of Singapore, MAS Locations: Singapore

☆ Singapore braces for 'partisan' vote for president, guardian of its vast reserves
▼ + stars: | 2023-08-30 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

Presidential candidate Tan Kin Lian (left) waves as he arrives at the nomination center for the presidential election in Singapore on August 22, 2023. Song is standing in the city-state's 2023 presidential election. Presidential candidate Tharman Shanmugaratnam waves to his supporters at the nomination center for the upcoming presidential election in Singapore on Aug. 22, 2023. Xinhua News Agency | Xinhua News Agency | Getty ImagesThe full scale of Singapore's reserves is not publicly available, though public information of some institutions charged with investing its reserves offer a glimpse into the size of the reserves. Local independent news outlet Jom estimated that only 0.044% of Singaporean adults qualify to run as Singapore president.

Persons: —, incorruptibility, Eugene Tan, Tan Kin Lian, Roslan Rahman, Tan, Ng Kok, Lee Kuan Yew, Tharman, Ng, Shanmugaratnam, Tan Meng, Singapore's, Lee Kuan, Kevin Tan, Cherian, Halimah Yacob —, Cherian George, who's Organizations: Getty, SINGAPORE, Observers, Singapore Management University, NTUC, Afp, Monetary Fund, Party, CNBC, Bloomberg, Presidential Advisors, Xinhua News Agency, Temasek, Singapore, Monetary Authority of, Cherian George National University of Singapore, Hong Kong Baptist University, Malay, National University of Singapore, Hong, Hong Kong Baptist University's School of Communication Locations: Singapore's Marina Bay, Singapore, State, Monetary Authority of Singapore, Hong, Hong Kong

SummaryCompanies ATM, branch, card services restored -OCBCBank on standby to deploy additional resourcesLarger peer DBS faced 6.5-hour disruption in MayAug 28 (Reuters) - Singapore's second-biggest bank, Oversea-Chinese Banking Corp (OCBC) (OCBC.SI), restored ATM, branch and card services on Monday after grappling with technical problems that disrupted various banking channels. OCBC, which is also Southeast Asia's second biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m.Internet banking, mobile banking and Velocity arrangements were still affected, an OCBC spokesperson said in a response to Reuters. "We are on standby to deploy additional resources at branches and extend branch banking hours," the spokesperson added. "Our channels were impacted by a technical problem, affecting consumer and business banking customers." On May 5, the digital banking services of larger peer DBS (DBSM.SI) faced a 6-1/2-hour disruption.

Persons: Tharman Shanmugaratnam, Lavanya Ahire, Yantoultra Ngui, Kim Coghill, Clarence Fernandez Organizations: OCBC Bank, DBS, Chinese Banking Corp, Reuters, Monetary Authority of Singapore, Thomson Locations: Oversea, Bengaluru, Singapore

[1/5] A view of watches seized during a police raid, in Singapore, in this handout picture released on August 16, 2023. The raids on at least nine locations netted assets totalling a staggering S$1 billion, police said. A police statement said the group was suspected to be laundering proceeds from overseas organised crime, including scams and online gambling. Singapore has in recent years seen an influx of foreign money. ($1 = 1.3618 Singapore dollars)Reporting by Xinghui Kok; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: David Chew, Xinghui Kok, Raju Gopalakrishnan Organizations: Singapore Police Force, Facebook, REUTERS Acquire, Rights, Cypriot, Police, Monetary Authority, Thomson Locations: Singapore, Orchard, Sentosa, tony, China, Cambodia, Cyprus, Vanuatu, Chew

☆ Asia promotes crypto clarity amid regulatory uncertainty in the U.S.
▼ + stars: | 2023-08-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Earlier this month, Hong Kong officially opened crypto trading to retail investors and upgraded licenses of two exchanges. "This will further boost investor confidence, making Hong Kong more attractive as a potential global virtual asset hub," said Lai. He concluded some crypto firms could leave the U.S. for more progressive jurisdictions as a result. Asia's regulatory clarityAcross the Pacific, Singapore and Hong Kong offer far more operational clarity for many industry players "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. watch nowSingapore's Payment Services Act — a framework for regulating payment services and the provision of crypto services to the public — came into effect in January 2020.

Persons: Ben Charoenwong, Lennix Lai, Lai, Ong Chengyi, Chainalysis, Hong, Blockchain.com, Ripple, Hong Kong, Janice Goh, Coinbase, Binance, Brad Garlinghouse, Goh Organizations: Getty, Nurphoto, National University of Singapore Business School, Monetary Authority of, Cavenagh, U.S . Securities, Exchange Commission, SEC, CNBC, MAS Locations: Victoria Harbour, Hong Kong, China, Asia, U.S, Hong Kong . Hong Kong, Singapore, Monetary Authority of Singapore, Thailand, Indonesia, Hong, Pacific

☆ Ten foreigners arrested as $735 million in cash and assets seized in Singapore
▼ + stars: | 2023-08-17 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

CNN —Ten foreign nationals have been arrested in Singapore on suspicion of committing offenses such as forgery and money laundering after about S$1 billion ($735 million) worth of cash and assets were seized in raids across the country. Two gold bars, more than S$23 million ($17 million) in cash, more than 250 luxury bags and watches, more than 270 jewelry items, more than 120 electronic devices and 11 documents related to virtual assets were seized, according to police. Also targeted were 94 properties and 50 vehicles, with an estimated total value of more than S$815 million ($599 million), police added. Prohibition of disposal orders were issued against 50 vehicles and 94 properties -- with an estimated total value of more than S$815 million ($599 million). If found guilty, individuals charged with money laundering could face up to 10 years in prison and/or a fine of up to hundreds of thousands of dollars.

Persons: David Chew, Ho Hern Shin Organizations: CNN, Singapore Police Force, Police, Facebook, Reuters, Cypriot, Commercial Affairs Department, Financial Intelligence, Monetary Authority of Singapore, MAS, Gallup’s Global Locations: Singapore

☆ Singapore among world's first to agree stablecoin crypto regulation
▼ + stars: | 2023-08-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Singapore's financial regulator on Tuesday said it had finalized rules for a type of digital currency called stablecoin, putting it among the first jurisdictions globally to do so. Stablecoins are a type of digital currency designed to hold a constant value against a fiat currency. The stablecoin market is valued at around $125 billion, with two tokens — Tether's USDT and Circle's USDC — dominating roughly 90% of the market cap value. The Monetary Authority of Singapore's (MAS) framework spells out some key requirements:Reserves that back stabelcoins must be held in low-risk and highly-liquid assets. These rules will apply to stablecoins that are issued in Singapore and mimic the value of the Singapore dollar, or of any G10 currency, such as the U.S. dollar.

Persons: — Organizations: Monetary Authority, Singapore's, Singapore, U.S . Locations: Singapore

SINGAPORE, Aug 15 (Reuters) - Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore (MAS). The central bank has to hold legislative consultations before Parliament passes amendments that would bring the framework into force. Single-currency stablecoins are a type of cryptocurrency pegged to a traditional asset like national currencies. The reserve assets must be at least at 100% of the outstanding single-currency stablecoins that are in circulation.

Persons: Xinghui Kok, Simon Cameron, Moore Organizations: Singapore, Monetary Authority of Singapore, MAS, UST, U.S . House Financial Services, Thomson Locations: SINGAPORE, Singapore, U.S

☆ Singapore downgrades GDP outlook, avoids recession
▼ + stars: | 2023-08-11 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Goss domestic product (GDP) expanded a seasonally-adjusted 0.1% quarter-on-quarter in April to June, slower than 0.3% growth seen in the government's advance estimate. Manufacturing will remain weak, dampened by a protracted downturn in electronics, while finance and insurance sectors will likely be subdued, MTI said. The ministry narrowed its GDP growth forecast to 0.5% to 1.5% this year from 0.5% to 2.5% previously. Analysts are expecting no change to monetary policy at MAS's October meeting, despite cooling momentum. MAS left its policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state's growth outlook.

Persons: Feline, Goss, MTI, Yong Yik Wei, Brian Tan, Chen Lin, Tom Westbrook, Kanupriya Kapoor, Jacqueline Wong Organizations: Port, REUTERS, MAS, Ministry of Trade and Industry, The Straits Times, Monetary Authority, Singapore's, Barclays, Thomson Locations: Port of Singapore, MTI, SINGAPORE, Singapore, Asia

☆ Singapore dodges recession after slight growth in Q2
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. She said that while Singapore had escaped a technical recession for now, there was a possibility that final GDP figures for the second quarter could be revised lower due to recent signs of softening growth in China. On an annual basis, the economy expanded 0.7% in the second quarter, data from the Ministry of Trade and Industry showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll. The ministry has projected GDP growth of 0.5% to 2.5% for this year down from 3.6% in 2022.

Persons: Selena Ling, Brian Tan, Tan, Chen Lin, Tom Westbrook, Martin Petty, Jacqueline Wong Organizations: SINGAPORE, Ministry of Trade, Industry, Barclays, Capital Economics, Singapore, U.S ., Monetary Authority of, Thomson Locations: Singapore, China, Monetary Authority of Singapore

☆ Singapore's economy grows slightly in Q2, averts recession
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, July 14 (Reuters) - Singapore's economy narrowly escaped a technical recession after posting modest growth in the April to June period, preliminary government data showed on Friday, as global demand weakened and China's slowdown dragged on trade. The economy grew a seasonally adjusted 0.3% quarter-on-quarter, following a 0.4% contraction in the first quarter. Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. On an annual basis, the economy expanded 0.7% in the second quarter, Ministry of Trade and Industry advanced estimates showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll.

Persons: Chen Lin, Martin Petty Organizations: Ministry of Trade, Industry, Monetary Authority of, Thomson Locations: SINGAPORE, Monetary Authority of Singapore

☆ Singapore avoids technical recession as economy grows 0.7% year-on-year in second quarter
▼ + stars: | 2023-07-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Singapore's economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter, advanced estimates showed. Economists polled by Reuters expected to see growth of 0.3% quarter-on-quarter and 0.6% year-on-year. In the first quarter, Singapore's economy contracted by 0.4% quarter-on-quarter on a seasonally adjusted basis and saw marginal growth of 0.4% year-on-year. The latest data comes after the Monetary Authority of Singapore, the city-state's central bank and financial regulator, warned of an "uncertain" growth outlook earlier this month. In it annual review, MAS estimated the gross domestic product for 2023 to ease to a range of 0.5% to 2.5%, lower than the growth of 3.6% in 2022.

Organizations: Reuters, Monetary Authority of, MAS Locations: Monetary Authority of Singapore

☆ How Singapore has become a leading force in tech innovation
▼ + stars: | 2023-07-07 | by ( Sponsor Post | Created Insider Studios With Edb Singapore | ) www.businessinsider.com time to read: +8 min

Over 13 years ago, AvePoint, a SaaS solutions provider based in New Jersey, recognized the potential of Southeast Asia and found its entry point in Singapore. "While Singapore is a very small country, the country's focus on talent development and productivity results in it leading the forefront of innovation with a strong tech ecosystem for talent and corporate success," he said. In Singapore, ServiceNow was able to access a unique business partnership with Singapore Airlines, the world's most-awarded airline and one of the region's largest customers, developing a system called SQNow, which streamlines and manages IT workflows. "Being successful in Singapore is often a gateway into other markets around Southeast Asia," Nehammer added. Why Singapore's brand continues to thriveSingapore's ascent as a global tech powerhouse is anchored on the pillars of innovation, business networks, and robust tech infrastructure.

Persons: Tianyi Jiang, ServiceNow, it's, Jiang, Nehammer, AvePoint Organizations: ASEAN, Association of Southeast Asian Nations, Singapore government's Smart, Smart, Singapore, Singapore Airlines, NCS, Tech, Monetary Authority of Singapore, MAS, Higher, Insider Studios, Singapore Economic Development Board Locations: Singapore, New Jersey, Southeast Asia, Asia, Rhode

☆ Singapore growth outlook uncertain, fight against inflation still on, says central bank
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +1 min

Singapore's central bank warned on Wednesday that the near-term growth outlook for one of Asia's top financial hubs "remains uncertain with downside risks" even as the effects of its monetary tightening cycle work towards cooling inflation. In an annual review by the Monetary Authority of Singapore, or MAS, chief Ravi Menon on Wednesday said Singapore's near-term growth would remain weak as prospects had dimmed but inflation should reduce by year-end, although he stressed the fight to contain it was not yet over. MAS now forecasts 2023 headline inflation at 4.5% to 5.5%, slower than the 5.5% to 6.5% seen earlier, Menon told a press conference. Core inflation would be significantly lower at 2.5% to 3.0%, he added. The central bank's monetary policy remains "steadfastly focused on medium term price stability", he said.

Persons: Ravi Menon, Singapore's, Menon, Tharman Shanmugaratnam Organizations: Monetary Authority of, MAS Locations: Monetary Authority of Singapore

☆ Singapore names Deputy Prime Minister Lawrence Wong as chairman of the central bank
▼ + stars: | 2023-07-03 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The Monetary Authority of Singapore, the city-state's financial regulator and central bank, has named Deputy Prime Minister Lawrence Wong as chairman of its board of directors effective July 8. Wong, who is the country's finance minister, will replace Tharman Shanmugaratnam, who held the role for 12 years since May 2011, the release said. Wong, who was deputy chairman of MAS since June 2021, will serve as chairman until May 31, 2026, according to the press release. He previously served as a member of the MAS Board from June 2011 to August 2016. Singapore's Minister for Trade and Industry Gan Kim Yong will be appointed deputy chairman of the MAS Board for the same period, from July 8 to May 31, 2026.

Persons: Lawrence Wong, Wong, Tharman Shanmugaratnam, Shanmugaratnam, Industry Gan Kim Yong Organizations: Monetary Authority of, MAS, Singapore's, Trade, Industry, MAS Board, CNBC Locations: Monetary Authority of Singapore, Singapore

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

☆ Singapore has pledged billions to fight climate change. Experts say it's not enough
▼ + stars: | 2023-06-21 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +5 min

Bloomberg | Bloomberg | Getty ImagesSingapore, a tiny city-state with an import-dependent economy, is especially vulnerable to rising sea levels, heat waves and other adverse effects of climate change. Around the globe, financing for climate adaptation has traditionally lagged behind mitigation investments that are focused on slowing or stopping the rise in fossil fuel emissions. Singapore's climate challengesIn 2019, Singapore prime minister Lee Hsien Loong said climate change was a matter of "life and death" for the city-state. An initiative of London's Imperial College and Singapore Management University, SGFC was launched in 2020 to advance climate financing solutions. In 2020, Vena Energy became the first Singapore-based company to issue green bonds in U.S. dollars with a $325 million five-year green bond aimed at refinancing existing corporate loans for green projects.

Persons: Xinying Tok, Lee Hsien Loong, Grace Fu, Emirhan Ilhan, SGFC, issuances, Vena Organizations: Bloomberg, Getty Images, Singapore, Carbon Trust, National University of Singapore Business School, Green Finance Institute, City State, Singapore Green Finance, London's Imperial College, Singapore Management University, Monetary Authority of, Insurance, Vena Energy, Resources Locations: Getty Images Singapore, Singapore, Southeast Asia, City, Monetary Authority of Singapore

☆ Crypto firm Ripple gets in-principle payments license in Singapore
▼ + stars: | 2023-06-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Blockchain company Ripple said Thursday it received in-principle regulatory approval to operate in Singapore, in a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States. Ripple said that it was granted in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country's central bank. But Ripple also operates a blockchain-based international messaging system called RippleNet to facilitate massive transfers of funds between banks and other financial institutions, similar to the global interbank messaging system SWIFT. Ripple denies the SEC allegations, contending that XRP is a currency rather than a security that would be subject to strict rules. Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.

Persons: Brad Garlinghouse, Ripple, Christian Larsen Organizations: Monetary Authority of, The Securities, Exchange Commission, SEC Locations: Austin , Texas, Singapore, United States, Monetary Authority of Singapore, San Francisco, XRP

☆ Singapore economic czar Tharman Shanmugaratnam to run for president
▼ + stars: | 2023-06-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Singapore's veteran economic policymaker Tharman Shanmugaratnam has signaled his intention to contest upcoming presidential elections in Singapore that must be held by September this year. Singapore's veteran economic policymaker Tharman Shanmugaratnam is planning to run in the upcoming presidential elections in Singapore that must be held by mid-September. The prime minister is the head of government in Singapore. Among his past global appointments, Shanmugaratnam was the first Asian chair of the International Monetary and Financial Committee, the IMF's key policy forum. He was also Singapore's deputy prime minister from 2011 to 2019, and previously served as finance minister and education minister.

Persons: Shanmugaratnam, Lee Hsien Loong, policymaker Organizations: International Monetary Fund, Party, Singapore Prime, Monetary Authority of, Global Commission, United Nations, International Monetary, Financial Locations: Singapore, Monetary Authority of Singapore

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