Ong Ye Kung on Banking (Amendment) Bill
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Ong Ye Kung on Banking (Amendment) Bill(Updated: )
The Monetary Authority of Singapore will have enhanced regulatory powers with proposed changes under the Banking (Amendment) Bill. During the second reading of the Bill in Parliament on Monday (Jan 6), Minister for Education Ong Ye Kung, on behalf of the Minister-in-charge of MAS, highlighted the expanded powers. One key change deals with expanded grounds on which MAS can revoke bank licences. MAS can now revoke a foreign bank's licence if the parent bank's licence is withdrawn. The regulator can also exercise its greater power when it assesses that it is in "the public interest" to do so.