Financial regulation
Regulatory bodies
Which bodies regulate the provision of fintech products and services?
Generally, the provision of fintech products and services is predominantly regulated by MAS, Singapore’s central bank and financial regulatory authority. Particular aspects relating to competition and data privacy issues may be specifically regulated by the Competition and Consumer Commission of Singapore and the Personal Data Protection Commissioner (PDPC). The Intellectual Property Office of Singapore has also launched a fintech fast-track initiative to expedite the file-to-grant process for fintech patent applications.
MAS has launched various initiatives pertaining specifically to fintech, such as the FinTech and Innovation Group and FinTech Regulatory Sandbox. MAS has also promulgated regulations relating to aspects of fintech.
Regulated activities
Which activities trigger a licensing requirement in your jurisdiction?
Depending on the nature and scope of services or products offered, licensing requirements under the Securities and Futures Act (Chapter 289) (SFA) or the Financial Advisers Act (Chapter 110) (FAA), or both, may apply.
The following activities are regulated…
