Grab and Sea urge MAS to lift deposit cap to win the digital banking race

Grab and Sea are lobbying Singapore’s Monetary Authority to lift deposit caps for their digital banks, citing the need for sustained business models, increased cash flow, and investment in technology and cybersecurity. While the cap safeguards consumers, the banks view it as limiting their lending ability and hindering profitability.

Four individuals imprisoned in Singapore for market-rigging scheme

Four Singapore individuals have been sentenced for manipulating Koyo International Limited’s share prices, resulting in approximately $3.28 million losses.

MAS records largest net loss of S$30.8 Billion amid strong Singapore dollar

The Monetary Authority of Singapore (MAS) has posted a record net loss of S$30.8 billion due to a rise in the Singapore dollar, offsetting concerns over inflation but raising uncertainty over growth.

Lawrence Wong appointed Chairman of MAS Board of Directors, replacing Tharman

The Monetary Authority of Singapore (MAS) has announced that Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, will take on the role of Chairman of the MAS Board of Directors from 8 July. Wong to chair MAS Board, succeeding Tharman Shanmugaratnam after 12 years. Gan Kim Yong appointed Deputy Chairman. Wong also named GIC’s investment strategies committee Chairman.

Singapore’s Core Inflation Declines 4.7% in May, prompting moderate outlook for inflation in H2 2023

Singapore’s core inflation fell to 4.7% y-o-y in May, declining from 5.0% in April. A joint statement by MAS and MTI highlighted the decrease in inflation for services and food as the driving factor. MAS expects further moderation in MAS Core Inflation in H2 2023 due to reduced imported costs and the easing of tightness in the labor market.

MAS launches commemorative $10 coin to honor Singapore’s Founding Prime Minister Lee Kuan Yew

The Monetary Authority of Singapore (MAS) has unveiled a special $10 coin to commemorate the 100th birth anniversary of Singapore’s founding Prime Minister, Lee Kuan Yew. The coin, designed by artist Weng Ziyan, features an intricately designed portrait of Lee Kuan Yew and iconic Singapore landmarks. Singaporean citizens and permanent residents can apply for the coin online and collect it from September 2023. Speculation surrounds the ruling party’s strategy to garner support ahead of potential early elections tied to Lee Kuan Yew’s birthday commemorations. Dr. Lee Wei Ling has cautioned against excessive hero worship and emphasized the importance of working for the well-being of Singapore and its people.

Singapore boosts gold reserves by 30% in Jan 2023, ranks third for largest gold reserve increase in past decade

Singapore’s gold reserves surged by 30% in January 2023, marking the largest single central bank gold purchase of the year. This increase positions Singapore third globally for the largest rise in gold reserves over the past decade. The move comes amid growing concerns over inflationary pressures and a global shift towards reducing reliance on the US dollar.

MAS imposes additional capital requirement on DBS bank following repeated service disruptions

The Monetary Authority of Singapore (MAS) imposed an additional S$1.6 billion capital requirement on DBS Bank following repeated service disruptions in March and May 2023. MAS directed DBS to improve its system resiliency and recoverability, while the bank’s CEO apologized for the outages and committed to implementing recommendations from a comprehensive review.

Singapore doubles ABSD to 60% for foreign property buyers in effort to “prioritise housing for owner-occupation”

Singapore announced increased Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market which will take effect from 27 April. Foreigners buying residential property will see ABSD rise from 30% to 60%, while entities will face a raise from 35% to 65%. Singapore citizens and permanent residents will also experience rate increases. The government says that it aims to manage investment demand and ensure housing supply meets demand. The ABSD rate adjustments will affect approximately 10% of residential property transactions. Transitional provisions will apply to certain cases.

Singapore’s inflation to remain elevated in the short term, but expected to moderate in H2 2023

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said that Singapore’s import prices have declined on year-on-year terms, easing global supply chain frictions. However, unit labor costs are expected to rise further in the near term. Overall, MAS core inflation is expected to stay elevated in the next few months before slowing more discernibly in H2 2023.