Latest news with #MAS
Independent Singapore
16 hours ago
- Business
- Independent Singapore
Asia must stay flexible and avoid revenge moves, warns top economist
Monetary Authority of Singapore (Credit: MAS) SINGAPORE: Edward S. Robinson, Deputy Managing Director (Economic Policy) and Chief Economist at the Monetary Authority of Singapore (MAS), warned Asia's economies against getting involved in or initiating punitive trade measures as trade barriers surge all over the world. Speaking at the 12th Asian Monetary Policy Forum, Robinson advised that such reactions can do more damage than good, especially for Asia's tiny, open economies that profoundly depend on transnational trade, as reported by the Singapore Business Review. 'For Asia's small open economies, global tariffs pose a major challenge,' Robinson said. 'With trade dependencies in the region sometimes exceeding 100% of GDP (gross domestic product), the ripple effects may be severe: reduced production, and possibly, renewed capital outflows.' Tariffs hurt both sides of the trade divide Robinson stressed that isolationist strategies such as tariffs regularly do not carry their envisioned economic gains. Rather than fixing trade disparities, they escalate costs for households and businesses, and hinder economic productivity. He contended that the genuine drivers behind the deterioration in manufacturing employment rest in deeper operational deviations such as computerisation and ever-changing consumer behaviors, not trade shortages. 'Both the targeted and tariff-imposing economies suffer,' he said, underscoring the broader economic fallout from such policies. Call for integration and structural reforms Instead of engaging in trade wars, Robinson advised Asian legislators and politicians to exert more effort in strengthening regional trade integration and transition toward high-growth domains such as services and digital economies. He also underscored the necessity of systemic reforms, including workforce competency building, to better adjust to the changing international economic scenario. Robinson highlighted that régimes must prudently install and position the suitable policy mechanisms, steered by cautious and calculated forecasting, to direct the international economy toward a stable, well-adjusted, and sustainable fine-tuning path. He cautions that any unexpected or inept movements, labeled as 'fragmented impulses,' could undermine the international monetary structure. Such unsystematic moves, he warns, bring the danger of activating grave financial disturbances, possibly ending in a protracted and extensive global downturn. Thus, attaining stability requires not only the appropriate tools but also lucid and concerted global policymaking. See also N. Korea warns US-S. Korea drills will affect nuclear talks According to Robinson, 'These efforts will not only help manage short-term shocks but also build long-term resilience across Asia's economies.'
Yahoo
a day ago
- Business
- Yahoo
Investbanq Reflects on the Road Ahead After a Successful Meet the Drapers Finale
SINGAPORE, June 3, 2025 /PRNewswire/ -- As the season seven finale of the global startup reality show Meet the Drapers aired, Singapore-based fintech startup Investbanq took a moment to reflect on what the experience meant—not just as a recognition of its product, but as a turning point in its journey. One of seven finalists to be named winners of the competition, Investbanq presented its next-generation AI-powered wealth operating system built for financial institutions. The pitch stood out for its focus on enabling the next generation of wealth managers and family offices with scalable, intelligent financial tools. During the finale, Silicon Valley investor Tim Draper encouraged the team to explore a new dimension—education—as part of their broader mission. As the episode closed, Draper extended his hand to CEO Oz Zhiyenkul, offering a mysterious, yet promising remark: "Soon to be congratulations." "Initially, I was disappointed we didn't walk away with a definitive deal," said Zhiyenkul. "But the production team shared that outcomes like ours are rare—and often signal something deeper could be in the works. That helped reframe it. For us, it was not just a pitch, but a catalyst." This milestone builds on Investbanq's growing international momentum, which includes sustained revenue growth, institutional interest, and a recent industry award for Best WealthTech Solution – Artificial Intelligence from Global Private Banker. Inspired by Draper's feedback, Investbanq has begun developing an AI-driven financial education module to support the next generation of investors—further reinforcing its mission of inclusion and accessibility in wealth management. "Looking back, Meet the Drapers wasn't just a stage—it was a mirror. It reflected where we are, and more importantly, where we're headed," said Zhiyenkul. About Investbanq Co-founded by Kazakhstani entrepreneurs Oz (Olzhas) Zhiyenkul and Tk (Talgat) Kantayev, Singapore-based Investbanq aims to redefine the future of wealth management by building a more inclusive, modular, and AI-native financial infrastructure. Its platform offers a full-stack digital infrastructure for banks, asset managers, and family offices, digitizing onboarding, CRM, portfolio management, compliance, and reporting. AI is central to Investbanq's architecture, not a bolt-on. Features like the Advisor Co-Pilot and LLM integrations deliver automation, personalization, and real-time insights—transforming how advisors serve clients. Investbanq is headquartered in Singapore, with offices in Kazakhstan and the UAE, and holds regulatory approvals from MAS, AIFC, and DFSA (IPA). About Meet the Drapers Meet the Drapers is a premier startup reality show where founders pitch their ventures to the legendary Draper family, a Silicon Valley dynasty known for backing early-stage game-changers. Finalists compete for funding, exposure, and access to a worldwide investor network. Watch Investbanq's finale pitch: View original content: SOURCE Investbanq Sign in to access your portfolio
Arabian Post
2 days ago
- Business
- Arabian Post
Singapore Enforces Overseas Crypto Service Ban for Unlicensed Firms
The Monetary Authority of Singapore has mandated that all locally based digital token service providers without a valid license must cease offering services to overseas clients by 30 June 2025. This directive, issued without a transitional grace period, underscores Singapore's commitment to aligning with global anti-money laundering and counter-terrorism financing standards. Under the Financial Services and Markets Act , entities operating from Singapore and providing digital token services abroad are required to obtain a DTSP license. This regulation applies to both individuals and corporations, regardless of whether they are already licensed under the Payment Services Act or the Securities and Futures Act . The MAS has clarified that exemptions are limited, primarily for technical service providers that do not handle client funds or digital tokens. The licensing process is stringent, with the MAS indicating approvals will be granted only in exceptional cases. Applicants must demonstrate a sound business model and provide valid reasons for operating from Singapore while serving overseas markets. Minimum requirements include a base capital of SGD 250,000 for companies and partnerships, or a cash deposit of the same amount for individuals. Additionally, firms must have at least one local resident director or partner and maintain a physical office in Singapore with staff present for a minimum of 10 days per month. ADVERTISEMENT Licensed DTSPs are subject to ongoing regulatory obligations, including comprehensive AML/CFT measures such as customer due diligence, transaction monitoring, and compliance with value transfer requirements. They must also adhere to standards for technology risk management, cyber hygiene, and business continuity planning. Regular submission of regulatory returns and clear disclosure of risk warnings to customers are mandatory. The MAS has emphasized that there will be no transitional arrangements for firms currently operating without a license. Entities must halt all overseas digital token services immediately unless they secure the necessary authorization. Failure to comply will result in regulatory penalties. This move by the MAS reflects a broader effort to prevent regulatory arbitrage and ensure that digital asset service providers operating from Singapore adhere to international standards. By enforcing strict licensing requirements and eliminating transitional leniency, Singapore aims to bolster its reputation as a secure and compliant hub for digital financial services.
Memri
3 days ago
- Politics
- Memri
Imam Tom Facchine At Staten Island Islamic Center: The Nation of Israel Must Be Abolished – We Cannot Settle for Anything Less; Allah Will Topple the Zionist Regime Within a Decade
During a May 21, 2025 panel discussion titled The Nakba Never Ended at the Muslim American Society (MAS) Staten Island Center, Imam Tom Facchine of Utica, New York stated that the pro-Palestine movement must unify around the message that Israel must be abolished. He said that advocating for a 'generic freedom' is not enough—the 'nation of Israel must be abolished,' and declared: 'We cannot settle for anything less.' Facchine claimed that Zionists will not stop until they 'change the Quran,' citing EPIC City as an example, and added: 'It's everything or nothing.' He asserted that a maximalist Zionist world is one without Muslims or Palestinians. According to Facchine, Allah has promised Muslims victory if they simply try, and he expressed absolute confidence that within a decade Allah will topple 'the Zionist regime.' The panel was moderated by Abdullah Akl, an activist with Within Our Lifetime and the political director of the Islamic center. Other participants included British activist Sami Hamdi and Abdelrahman Badawy, imam and resident scholar of MAS Staten Island.
AsiaOne
3 days ago
- AsiaOne
'It can happen to you': Doctor who almost lost $4m to fake government officials scam, Singapore News
SINGAPORE — While seeing a patient, Dr L (not her real name) received a call from someone claiming to be a Monetary Authority of Singapore (MAS) officer working with the police. The man told her she was in trouble with the authorities. Following his instructions, Dr L, 36, wanted to transfer almost $4 million from her bank account to another account for 'safekeeping', in what she thought was a secret anti-money laundering operation. But as she was communicating with the fake official in a video call, a real policewoman called her to warn her that she was talking to scammers. Confused, Dr L struggled to discern who was lying and who was telling the truth. In a media interview arranged by the police on May 28 at Police Cantonment Complex, Dr L said the scammers were very convincing. The general practitioner said: 'I wasn't even second-guessing whether the person (fake cop) I was speaking to was really the police.' Thankfully, she trusted the legitimate authorities and did not lose any money. Sharing screen On April 8, a man with a local accent claiming to be a bank officer called Dr L just as she started her shift at a private clinic. She was not a client of the bank and was surprised to hear the man read the last four digits of her NRIC. He told her someone had used her identity to register a bank card. Her call was transferred to a purported MAS officer. Through a video call, she saw that he was sitting in a meeting room with a backdrop with the Singapore Police Force (SPF) and MAS logos. He claimed she was one of about 200 people who had their identities stolen, and that she was a suspect in a nationwide money laundering investigation. The man spoke into a walkie-talkie and referred her to his superior, a purported senior investigation officer named 'Alan Tan', who sent her an arrest warrant on WhatsApp and a photo of his MAS identification card. [[nid:718334]] 'Alan Tan' said gravely: 'If your identity has been stolen, what else is at risk now? Is the money in your account safe?' Dr L, who is single, grew anxious as her parents' life savings were in the account. She said: 'To be honest, I was more worried about protecting my parents' money.' The scammers told her not to tell anyone as investigations were confidential. So for the next two hours, she locked her consultation room door and stayed on the line. She added: 'With a profession like mine, cooperation with the authorities is seen as a sign of good character.' 'Alan Tan' told her to transfer her money to another bank account to prevent identity thieves from accessing it. Dr L opened the bank app on her phone and shared her screen over WhatsApp for him to guide her through the transfer process. Believing she was setting up a bank account in her name, Dr L followed his instructions to transfer $29,999. She later learnt from the real police that the funds were being transferred to an account belonging to an unknown merchant. Battle for trust Bank employees stationed at the SPF's Anti-Scam Command flagged the transfer and quickly alerted Assistant Superintendent of Police Lynn Tan, a senior investigation officer working in the same office. The bank blocked the transfer and ASP Tan immediately called Dr L. Dr L was still on a video call with 'Alan Tan' when ASP Tan's call came in. Seeing the notification on Dr L's shared screen, 'Alan Tan' told her to answer it but warned that there were scammers impersonating the police. Hesitantly, Dr L hung up on the scammers and answered ASP Tan's call. ASP Tan said: 'I could tell she was very confused, because she thought I was the fake police.' Assistant Superintendent of Police Lynn Tan, a senior investigation officer in SPF's Anti-Scam Command, called Dr L in time and convinced her she had fallen for a scam. PHOTO: Lianhe Zaobao To win Dr L's trust, ASP Tan sent her an SMS via the account, which is accessible only to legitimate government officials. ASP Tan asked Dr L if she had been speaking to 'Alan Tan', a name commonly used by syndicates. Other names include 'Inspector Yang', 'Jason' and 'Kenny'. Finally convinced, Dr L ignored the scammers' subsequent calls. She headed to Police Cantonment Complex to meet ASP Tan, and lodged a report. Dr L said: 'The main feeling I have is gratitude, for the police working with the bank to protect us.' The doctor was surprised at how she had fallen for a scam, as she typically ignores calls from foreign numbers, and is not into investment schemes promising quick gains. To highly educated people who assume they would not fall for scams, Dr L said: 'It can happen to you.' In 2024, victims lost $151.3 million to government official impersonation scams, up from $92.5 million in 2023. ASP Tan urged members of the public to always verify details of people claiming to be government officials through official channels. She said the police would never ask anyone to open bank accounts or transfer money. ASP Tan added: 'I don't think this (government official impersonation scams) will die down any time soon. We need people to be educated and to be aware.' ALSO READ: DBS staff, police stop 2 victims from losing $820k to government official impersonation scams This article was first published in The Straits Times. Permission required for reproduction.
