Hoon Hian Teck on Financial Services and Markets Bill

A fit-for-purpose regulatory framework that supports the integrity of personnel and financial institutions and is resilient to technological disruptions and increased cross-border activities. Such a framework will lead to trust, said NMP Hoon Hian Teck. Speaking in Parliament on Monday (Apr 4), he said the facilitation of financial intermediation that would benefit customers and investors in a modern economy requires a system of secure property rights that remains appropriate under different circumstances. Digital transformation has the potential to disrupt the way businesses are conducted, even while it provides new opportunities for customers. He said the new digital world of more anonymous transactions may require public enforcement, such as through financial sector-wide regulation encapsulated in the Bill to protect the rights of parties to a financial contract.