Neil Parekh Nimil Rajnikant on Financial Institutions (Miscellaneous Amendments) Bill
An amendment Bill put up for debate in Parliament on Thursday (Mar 7) reflects the Monetary Authority of Singapore’s (MAS) recognition of rapid evolution in the fintech sector and the need for a more comprehensive regulatory framework, said NMP Neil Parekh Nimil Rajnikant. He said that “despite the short-term pain, there will be long-term gain” for Singapore as the Bill will enhance its stature as a well-regulated leading global financial hub. Mr Parekh did, however, seek clarity on three issues. First, what are the guidelines for MAS to manage regulated institutions in the development of unregulated financial products? Second, how will SMEs be supported to understand and comply with the new regulations? Third, how will MAS handle investigations and seizure of evidence involving digital data stored in cloud services?
An amendment Bill put up for debate in Parliament on Thursday (Mar 7) reflects the Monetary Authority of Singapore’s (MAS) recognition of rapid evolution in the fintech sector and the need for a more comprehensive regulatory framework, said NMP Neil Parekh Nimil Rajnikant. He said that “despite the short-term pain, there will be long-term gain” for Singapore as the Bill will enhance its stature as a well-regulated leading global financial hub. Mr Parekh did, however, seek clarity on three issues. First, what are the guidelines for MAS to manage regulated institutions in the development of unregulated financial products? Second, how will SMEs be supported to understand and comply with the new regulations? Third, how will MAS handle investigations and seizure of evidence involving digital data stored in cloud services?
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