Latest news with #MonetaryAuthorityofSingapore
Arabian Post
20 hours 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.
Malay Mail
a day ago
- Automotive
- Malay Mail
Grab gears up to enter Singapore's motor insurance game
SINGAPORE. June 2 — GrabInsure, the insurance arm of the ride-hailing giant Grab, is preparing to roll out its own motor insurance offerings in Singapore, The Straits Times (ST) reported today. According to ST, the company took a key step in May by joining the General Insurance Association (GIA), having secured a general insurance licence from the Monetary Authority of Singapore (MAS) late last year. Since then, Grab has quietly been building up a motor insurance team, with recent job listings and recruitment activity pointing to an imminent market debut. A job advertisement reviewed by ST showed GrabInsure is seeking a lead in motor claims to drive its claims strategy, profitability and systems development. The role, based at the firm's one-north campus, will work with its Operational Product Technology team to build a motor claims system from scratch. Grab is also reportedly working with headhunters to hire actuaries and underwriters, with interviews already under way. When approached, a Grab spokesman confirmed that the company is 'in the early stages of exploring motor insurance products, alongside other propositions'. She added that the offerings are being developed to meet the needs of its driver-partners, and that the company 'will share further updates as plans develop'. Grab's entry into the motor insurance sector comes as no surprise to some in the industry, given its existing foothold in the insurance space. The company launched its first consumer insurance product in 2020 through a partnership with Chubb, offering travel insurance via its app. It has since added personal accident coverage, also underwritten by Chubb. Industry observers told ST the next step into motor insurance is a strategic one. 'The ability to have mass outreach via the Grab app to hundreds of thousands of consumers simultaneously trumps any marketing and distribution channels available to incumbents like Income,' said one veteran insider, who declined to be named. 'Grab will not need to spend on commissions or marketing — known as 'acquisition costs' — giving it a major cost advantage.' According to data from the Land Transport Authority (LTA), Singapore had 90,383 private-hire cars at the end of 2024 — a potential captive market for GrabInsure's offerings. Income Insurance currently leads the motor insurance segment with S$92.3 million (RM304.6 million) in gross written premiums in Q1 2025, capturing a 25 per cent market share.
AsiaOne
2 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.
Straits Times
2 days ago
- Straits Times
‘It can happen to you': Doctor who almost lost $4 million to fake government officials scam
Believing that she was speaking to real government officials, Dr L (not her real name) almost transferred her life savings to them. PHOTO: LIANHE ZAOBAO 'It can happen to you': Doctor who almost lost $4 million to fake government officials scam 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. '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.' Christine Tan is a journalist at The Straits Times reporting on crime, justice and social issues in Singapore. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
2 days ago
- Business
- Straits Times
How CPF Life can enable retirees above 65 to have new credit cards
Retirees who have planned for high monthly payouts from CPF Life will have no problem meeting the $15,000 annual income threshold. PHOTO: LIANHE ZAOBAO If you have been topping up your CPF Retirement Account to plan for higher payouts from age 65, here's another piece of good news – the lifelong monthly income from CPF Life will give your creditworthiness a boost should you need to apply for a new credit card or loan. Monetary Authority of Singapore (MAS) rules state that people who are over 55 and retired must show they have an annual income of at least $15,000 if applying for an unsecured loan facility such as credit cards. Join ST's Telegram channel and get the latest breaking news delivered to you.
