Latest news with #MonetaryAuthorityofSingapore
Straits Times
9 hours ago
- Business
- Straits Times
Stomper and his mum have thousands stuck in crypto exchange ceasing operations in S'pore
Stomper and his mum have thousands stuck in crypto exchange ceasing operations in S'pore A Tokenize Xchange user said he and his mother were unable to withdraw their money after the cryptocurrency exchange announced that it will be ceasing its Singapore operations. Stomper STL shared a screenshot of the email making the announcement he received on July 17. The email from Tokenize Xchange said there would be a separate email to notify Singapore users on their "relevant period" for asset withdrawal. The Stomper said: "Currently, I can only view my balance in USD. I'm unable to withdraw to my SGD account. When I queried, they sent the following reply below." The reply said: "USD fiat withdrawal has already ceased since January 2025." The Stomper's mother is affected as well. He said: "My mum has an account in SGD and is also unable to make withdrawals." His mother has S$9,500 in her account while the Stomper has US$5,000 ($3,900) in his. The Straits TImes reported that users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17. "Based on personal experience, that's not accurate," said the Stomper. He added that he would be following up with the Monetary Authority of Singapore and making a police report. "Yes, I am worried, but thankfully, I had moved most of my holdings to Coinbase last year," he said. "For now, I'm still hoping to get my money back." Founded in 2017, Tokenize Xchange will cease its operations in Singapore from Sept 30. Click here to contribute a story or submit it to our WhatsApp Get more of Stomp's latest updates by following us on:
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Nikkei Asia
a day ago
- Business
- Nikkei Asia
Singapore taps JP Morgan, two other asset managers to boost stocks
Markets An initial SG$1.1bn will go toward improving liquidity and expanding investment The Monetary Authority of Singapore has appointed three asset managers to its plan to boost the local stock market. © Reuters DYLAN LOH SINGAPORE -- The Monetary Authority of Singapore said on Monday it has appointed three companies, including JP Morgan Asset Management, to jumpstart a program worth 5 billion Singapore dollars ($3.9 billion) to encourage more investment in local stocks. The financial regulator said the other two are Fullerton Fund Management and Avanda Investment Management. They will manage a starting sum of SG$1.1 billion aimed at "improving liquidity and broadening participation in Singapore equities" as part of the national program announced in February.
The Star
a day ago
- Business
- The Star
Singapore central bank to place S$1.1bil with asset managers to boost stock market
A view of the Monetary Authority of Singapore's headquarters. REUTERS/Darren Whiteside/ SINGAPORE: Singapore's central bank will place S$1.1 billion ($856.36 million) with three asset managers as part of a S$5 billion programme to boost the stock market, it said on Monday, with more co-investments to be announced late this year. The move comes as part of an ongoing probe into the local stock market by the Monetary Authority of Singapore and a review group set up in August last year, with the aim of strengthening the way the market functions. The fund managers selected as part of Singapore's Equity Market Development Programme (EQDP) are Avanda Investment Management, JP Morgan Asset Management and Fullerton Fund Management, which is owned by Singapore's sovereign fund Temasek. MAS said it considered "a range of factors" when choosing the managers, including the "alignment of their proposed fund strategies with EQDP objectives" and their commitment to contribute to the growth of Singapore's asset management capabilities. It added that more than 100 global, regional and local asset managers have shown interest in receiving funds for co-investment under the development programme, and that it will review the submissions in batches to speed up the appointment of asset managers and the deployment of capital. In February, MAS and the Financial Sector Development Fund (FSDF) announced that the S$5 billion programme would invest in strategies managed by Singapore-based asset managers that "have a strong focus on Singapore listed equities and broaden investor participation beyond large-cap stocks", the central bank said. Since Singapore announced that it would set up the review group to revive the stock market in August last year, the benchmark Straits Times Index had gained 23.9% as of July 18. ($1 = 1.2845 Singapore dollars) - Reuters
BusinessToday
a day ago
- Business
- BusinessToday
S'pore Dollar Pressured By Tariff Threats And MAS Easing Signals
The Singapore dollar is facing mounting pressure amid fresh US trade tensions and rising speculation that the Monetary Authority of Singapore (MAS) could ease its policy stance this month. In what may be a turbulent few weeks ahead, analysts say the city-state's currency is likely to weaken further against the US dollar. On Monday morning, it stood at S$1.2846 per greenback. But that figure may slide closer to S$1.30 soon, especially if US inflation stays elevated and pushes back expectations for a rate cut by the Federal Reserve. 'The tariff uncertainty, with higher tariffs on pharmaceuticals likely Aug. 1, could add to growth headwinds for Singapore in the second half,' said Moh Siong Sim, currency strategist at Bank of Singapore. US President Donald Trump's threats of fresh levies on pharmaceuticals and semiconductors — two of Singapore's key exports — have added a layer of uncertainty to the outlook. The potential for further economic headwinds is prompting expectations that the MAS may act sooner rather than later. Barclays economists, in a note last week, projected the MAS will flatten the slope of its Singapore dollar nominal effective exchange rate (S$NEER) policy band by 50 basis points to zero when it meets this month — a more dovish move than waiting until October. Unlike central banks that tweak interest rates, the MAS manages inflation through adjustments to the S$NEER band. Currently, the exchange rate is trading near the top end of that band. A flatter slope would effectively limit the currency's strength against its trading partners. 'With the MAS likely to stay on an easing path and flatten the slope of the S$NEER this month, our bias is for further Singapore dollar weakness,' said Priyanka Kishore, principal economist at Asia Decoded. She also warned that Singapore may be hit with a rise in the US base tariff rate from 10%, on top of specific sectoral duties. 'Singapore is not only at a disadvantage from the prospect of sectoral tariffs on pharmaceuticals and semiconductors, but may also see an increase in the base rate of 10% on Aug. 1,' she said. Economists widely expect core inflation data due July 23 to come in at just 0.7% year-on-year for June — a key factor reinforcing the case for MAS policy easing. Meanwhile, Bloomberg Intelligence analysts have flagged that the Singapore dollar is increasingly used in funding carry trades. According to their models, investors are already going long on the Indonesian rupiah while shorting the Singapore dollar — a strategy that reflects weakening sentiment on the city-state's currency. As trade pressures mount and monetary policy turns more dovish, the road ahead looks rough for the Singapore dollar. Bloomberg Related
Straits Times
a day ago
- Business
- Straits Times
$1.1 billion allocated to three fund managers to boost Singapore stock market: MAS
Find out what's new on ST website and app. The $1.1 billion forms part of the $5 billion set aside under the Equity Market Development Programme announced by MAS in February. SINGAPORE - An initial $1.1 billion will be allocated to three asset managers to invest in the Singapore stock market, in a move aimed at deepening market liquidity, the Monetary Authority of Singapore (MAS) said on July 21. The three fund managers are Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management. The $1.1 billion forms part of the $5 billion set aside under the Equity Market Development Programme announced by MAS in February, aimed at boosting SGX-listed stocks and revitalising Singapore's stock market. The programme will allocate capital to a range of funds managed by local as well as foreign fund managers based in Singapore. Eligible fund strategies include those focused on Singapore equities, or with a significant allocation to them as part of regional or thematic portfolios. The three fund managers were selected based on how well their proposed fund strategies align with the programme's objectives, as well as the strength of their plans to draw third-party capital into their strategies alongside MAS' funding. They were also chosen for their commitments to 'expand or contribute to the growth of the asset management and research capabilities in Singapore', MAS added. 'In particular, the fund strategies should have a clear focus on improving liquidity and broadening participation in Singapore equities, with significant allocation to small and mid-cap stocks,' it noted. Top stories Swipe. Select. Stay informed. 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The asset managers under the programme are responsible for day-to-day investment and portfolio management decisions. MAS said it does not guarantee their investment performance. MAS said that it has received interest from over 100 global, regional and local asset managers, and that it is reviewing the submissions in batches to speed up the appointment of more asset managers and the process of capital deployment. The next batch of fund managers is expected to be announced by the fourth quarter of 2025. MAS deputy chairman Chee Hong Tat told the media that it is not just about injecting funds into the Singapore market, but developing the fund management industry. Mr Chee, who is also Minister for National Development, said: 'At the same time, we also want these asset managers to be able to crowd in private capital, and to be able to then promote greater interest liquidity into Singapore equities, especially our small-to-mid cap companies.' Enhance investor protection Additional measures to strengthen investor protection were also announced as part of the shift towards a more disclosure-based regulatory regime. 'Investors should be able to seek civil recourse should there be losses suffered due to market misconduct,' MAS said, adding Hence, facilitating investors in seeking civil recourse is important to bolstering confidence and upholding the reputation of Singapore's capital markets, it noted. Mr Chee added that there has been feedback from investors that they face barriers in seeking recourse through civil action, and that it may take too long and may be difficult to organise ground efforts. He added: 'The proposals that we are putting out for public consultation seek to strike a balance between lowering the barriers and making it easier for investors to seek recourse in genuine cases, versus avoiding overly litigious operating environment where we have a lot of lawsuits.' MAS deputy chairman Chee Hong Tat told the media that it is not just about injecting funds into the Singapore market, but developing the fund management industry. PHOTO: LIANHE ZAOBAO MAS said it will consult on proposals to enhance current legal provisions that can allow investors to ride on a court action or civil penalty to seek compensation. It will also consider proposals to allow designated representatives to organise and initiate legal action on behalf of investors. This is intended to facilitate not-for-profit assistance for investors, including by bodies like the Securities Investors Association Singapore, or Sias. MAS will consult on establishing a grant scheme to help cover the costs of organising investors and pursuing legal action in cases of market misconduct. Mr David Gerald, president of Sias, said that MAS' announcement of new investor recourse avenues is good news for retail investors and will be hugely beneficial for capital markets. 'Capital markets should not be litigious and courtroom resolution should always be the last resort. Sias strives to resolve company disputes in the boardroom amicably in a tripartite manner, working closely with the boards and senior managers, as well as regulators, to achieve the best desirable outcome for all parties,' he said. He added that MAS' support to lower the cost of investor recourse will increase investor confidence in Singapore. Strengthen equity research MAS will set aside $50 million over the next three years to strengthen equity research and listing support. This will be used to enhance the Grant for Equity Market Singapore scheme (Gems), which helps to boost the equity research ecosystem. The scheme, which previously was valid till Dec 31, 2026, will be extended till Dec 31, 2028. Equity research can facilitate price discovery and fair valuation of companies, allowing investors to make informed and timely decisions, MAS said. 'Industry feedback has indicated that research coverage, particularly in the small and mid-cap segment, could be improved,' it noted. 'More efforts can also be made to engage younger investors through digital media channels, and to expand upstream research coverage of pre-IPO companies to support potential IPOs.' MAS will also enhance the research development grant under Gems. It will provide additional funding of $1,000 for each research report, with a further $1,000 if the report initiates research coverage or covers pre-IPO stage and newly-listed companies. This means the current maximum funding of $4,000 can go up to $6,000 per research report. 'This enhanced funding aims to boost investor awareness and trading interest in under-researched segments, particularly small- and mid-cap enterprises,' MAS said. There will also be new grant funding for research houses to defray costs of disseminating their research. MAS will also provide new funding to support research on private companies with strong local presence. Those seeking funding for research on such companies may submit proposals to MAS. In addition, the listing grant under Gems will be expanded to enhance product diversity and trading liquidity. The overall funding per primary listed exchange-traded fund (ETF) will be increased from $100,000 to $250,000. A new funding sleeve will also support cross-listed and feeder ETFs, with $180,000 per listing. 'This will facilitate more ETF listings in Singapore, adding to the range of listed investment products to provide more investor choice,' MAS said. There will also be a new funding sleeve to provide $40,000 per depository receipt issuance, to cover Singapore depository receipts and foreign depository receipts with underlying Singapore stocks. Mr Chee said: 'We do want to see more participation from retail investors, not to see the stock market as short term punts, but really how to make longer term investments, to grow their investment nest egg, which I think will also be helpful for the young and the middle aged before they grow older, to provide better retirement adequacy.' Looking ahead, other enhancements to boost the Singapore market are also being studied, Mr Chee noted. These include ways for companies to engage shareholders better, enhancing the attractiveness of the Catalist board as a platform for fundraising, and promoting retail investor participation in the market.
