Malaysia joins digital banking revolution – Bank Negara Malaysia issues Exposure Draft on Licensing Framework for Digital Banks

14 January, 2020
On 27 December 2019, Bank Negara Malaysia (BNM) issued an exposure draft on the Licensing Framework for Digital Banks (Exposure Draft). According to BNM, up to five licences may be issued to applicants to establish digital banks that conduct either conventional or Islamic banking business in Malaysia. BNM’s move to promote the development of digital banks is in line with the direction taken by regulators in Singapore and Hong Kong, which have each issued similar licensing frameworks in the past two years. Read more

Global report on M&A in 2020

09 January, 2020
We have published our latest global M&A report in which we look at the themes that we expect to see in M&A transactions in 2020. In the report we focus on four trends: Environmental, social and governance (ESG) issues are now mainstream and can no longer be considered an afterthought in M&A decision making. Public-to-private … Read more

Are you ready to be licensed? MAS issues payment service provider licence application forms

31 December, 2019
As 2019 draws to a close, the Monetary Authority of Singapore (MAS) has been busy putting the finishing touches on its new regulatory framework for payment services. The Payment Services Act 2019 (PS Act) will commence on 28 January 2020, changing the payment services landscape in Singapore. In particular, payment service providers will only need one licence to conduct specified payment services, and MAS’ regulatory ambit will be extended to also cover digital payment token (DPT) services (“dealing in DPT”, i.e. buying or selling DPT such as Bitcoin, and/or “facilitating the exchange of DPT”, i.e. establishing or operating a DPT exchange) and merchant acquisition services. Read more

Digital Banking Licences have arrived for non-bank players in Singapore

03 July, 2019
On 28 June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital bank licences, which will effectively open digital banking business to non-bank players in Singapore. Announcing the measures at the 46th Annual Dinner of The Association of Banks in Singapore, Mr Tharman Shanmugaratnam, Senior Minister and … Read more

Singapore payments and fintech update

21 January, 2019
In this bulletin we cover the following key developments in the payments and fintech space: Payment Services Bill: On 14 January 2019, the Payment Services Bill (Bill) was passed by the Singapore Parliament. When it comes into force, the Payment Services Act (as the enacted Bill will be known) will introduce two regulatory frameworks: a designation … Read more