On 4 February 2025, the Monetary Authority of Singapore (MAS) released a written reply to a Parliamentary Question (PQ) on non-compliance with the Buy Now Pay Later (BNPL) Code of Conduct and the availability of data on BNPL customers. The Chair of MAS confirmed that no breaches have been reported by the four accredited BNPL providers. The Chair also noted that MAS does not collect data on individual users who reach their BNPL limits. Nevertheless, it was highlighted that there are consumer protection measures in place to mitigate the risk of excessive debt accumulation among users. For more information, please click here.

On 5 February 2025, MAS released a written reply to a PQ on job creation by single family offices (SFOs). The Chair of MAS stated that, when specifically focusing on tax-incentivised SFOs that meet established annual criteria and contribute to the growth of the asset management sector, the estimated number of jobs created is around 2,200. For more information, please click here.

On 5 February 2025, MAS released a written reply to a PQ on the licensing of SFOs under the Securities and Futures Act (SFA). The Chair of MAS stated that while SFOs are currently exempt from licensing, MAS will implement a framework that requires SFOs to notify MAS of their operations and adhere to anti-money laundering regulations. Furthermore, the Chair confirmed that the number of SFOs receiving tax incentives has risen significantly from 400 at the end of 2020 to 2,000 by the end of 2024. For more information, please click here.

On 5 February 2025, the MAS released a written reply to a PQ on reviewing the definitions of specific investor types under Section 4A of the Securities and Futures Act 2001. The Chair of MAS emphasised that this section outlines the accredited investor (AI) eligibility criteria, which was last updated in 2018. Financial institutions are required to treat all customers as retail investors initially. Individuals who meet the AI criteria may opt in for broader access to financial products, however this comes with diminished regulatory safeguards. It is essential to note that investor responsibility is paramount, regardless of an individual's status as an AI. For more information, please click here.

On 13 February 2025, MAS’ Equities Market Review Group submitted its tax proposals to the Government. The Group has introduced its initial measures aimed at enhancing Singapore's equities market, which include tax incentives to stimulate more listings and investments. By engaging a diverse range of stakeholders, the Group has recognised the challenges posed by global market concentration. Its primary goal is to bolster market competitiveness, thereby increasing investor interest and facilitating listings while streamlining the regulatory process for initial public offerings. A detailed update on these measures was scheduled for 21 February 2025, with additional proposals anticipated in the second half of 2025. For more information, please click here.

On 17 February 2025, MAS, the Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) released a joint advisory regarding unauthorised card transactions involving contactless payments. From 1 October to 31 December 2024, there were at least 656 reports related to phished card credentials, resulting in losses exceeding $1.2 million. MAS, along with SPF and CSA, is collaborating with banks, mobile wallet providers and card service providers to implement measures aimed at combating this growing trend. For more information, please click here.

On 21 February 2025, MAS’ Equities Market Review Group announced its first set of measures to strengthen the competitiveness of Singapore’s equities market. MAS announced that it is launching a S$5 billion Equity Market Development Programme to enhance trading liquidity and attract investments in Singapore stocks. Key measures include tax exemptions for fund managers and adjustments to the Global Investor Programme to focus on Singapore-listed equities. Additionally, tax rebates for new listings and streamlined regulatory processes will improve the attractiveness of the market. Ongoing reviews aim to bolster investor confidence through enhanced disclosures and targeted interventions, with further consultations expected by mid-2025. For more information, please click here.

On 21 February 2025, MAS published the remarks given by Mr Chee Hong Tat, its Deputy Chairman, at the Equities Market Review Group media conference. In this presentation, the speaker provided an in-depth explanation of the rationale behind the formation of the Review Group, detailing the challenges faced by Singapore's equities market and the feedback gathered from stakeholders. He outlined the Group's conclusions and introduced the specific measures that will be implemented to enhance market attractiveness and investor confidence. For more information, please click here.

On 27 February 2025, MAS released a written reply to a PQ on its strategies to enhance Singapore’s appeal to investors. The Chair of MAS answered that global competition for foreign investment has increased due to geoeconomic shifts. Despite the increased pressures, in 2024, Singapore attracted S$203 billion in foreign direct investment, up from S$178 billion in 2023. Factors such as political stability and MAS' monetary policy continue to enhance Singapore's investment appeal, fostering sustainable growth. MAS continues to maintain medium-term price stability whilst attempting to grow Singapore’s status as an international financial centre. For more information, please click here.

On 28 February 2025, MAS released a written reply to a PQ on the rising use of BNPL schemes among young customers. MAS reported that BNPL transactions made up about 1% of total card payments in the first half of 2024. While currently unregulated, BNPL firms follow a Code of Conduct with safeguards. MAS promotes financial education through MoneySense and will monitor the BNPL sector for necessary regulatory adjustments. For more information, please click here.

On 28 February 2025, MAS and SPF released a joint advisory alerting the public to remain vigilant against scams impersonating staff from Shopee, Union Pay and MAS. Victims of a scam received unsolicited calls from impersonators claiming to be Shopee staff, discussing fictitious insurance fees. They were redirected to another scammer pretending to be a UnionPay representative, who requested personal information and directed them to transfer money for "policy cancellation." In some instances, victims were misled by scammers posing as MAS officers regarding money laundering. Shopee, UnionPay and MAS warn users to be cautious and report any suspicious communications immediately. UnionPay and MAS remind users that they will never request personal information or payments through unsolicited communications. For more information, please click here.

On 28 February 2025, MAS addressed the cuts from the Committee of Supply (COS) 2025 debate regarding the equities market and bank accounts for ex-offenders. MAS noted the challenge of global capital concentration in the U.S., where U.S. stocks account for two-thirds of market capitalisation. The Equities Market Review Group aims to enhance Singapore's appeal for listings, particularly for smaller regional companies, through a S$5 billion Equity Market Development Programme (referenced above) to boost investor interest and liquidity, alongside regulatory reforms for corporate governance. Feedback from industry partners will refine strategies for attracting more listings. Regarding bank accounts for ex-offenders, MAS clarified that while banks can open accounts, they may offer limited purpose bank accounts with restricted functions for those with financial crime histories. For more information, please click here.

On 28 February 2025, MAS released a written reply to a PQ on the anti-corruption disclosure score for Singapore listed companies. The Chair of MAS responded that all Singapore-listed companies met anti-corruption disclosure criteria, but overall scores declined due to increased focus on topics like sustainability. Singapore Exchange Regulation (SGX RegCo) will engage with companies to enhance disclosure practices. For more information, please click here.