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Singapore reinforces fintech hub bid with AI, quantum computing at its helm
Singapore pours $74.3 million into investing in AI and quantum computing technologies as part of its grand vision to propel innovation in the financial sector.
Singapore pours $74.3 million into investing in AI and quantum computing technologies as part of its grand vision to propel innovation in the financial sector.
While Monetary Authority of Singapore has elevated the risk factor for digital asset exchanges, it noted that there are currently no known terrorist financing cases in the city-state.
While it considers legacy banking as the biggest risk for money laundering, the Monetary Authority of Singapore believes that digital payment tokens are becoming increasingly significant.
Deutsche Bank says that in the face of lower fee income, banks must be innovative to survive, and its collaboration with Monetary Authority of Singapore on tokenized funds is a first step.
The proposed bill gives the Singapore central bank the power to issue written directions on minimum standards for companies that offer ‘unregulated products’ such as BTC futures.
The Monetary Authority of Singapore and People's Bank of China have signed the MOU to allow Chinese and Singaporean tourists to utilize cross-border payments with digital currencies in both countries.
The Monetary Authority of Singapore is proposing stricter digital currency guidelines to regulate Digital Payment Token service providers and protect retail investors from unsafe activities.
Singapore is embracing artificial intelligence cautiously, drawing from digital currency lessons, securing substantial investments, emphasizing safety, and implementing robust regulations amid growing generative AI adoption.
Ravi Menson, chief of the Monetary Authority of Singapore, plans AI-driven crackdown on money laundering, enhancing surveillance and regulatory insights.
As part of Singapore's exploration of asset tokenization, the Monetary Authority of Singapore is teaming up with U.K. and Japan regulators in a project focusing on advancing legal, policy, and accounting handling of digital assets.
In Project Mariana's proposed design, central banks do not need to control the underlying platform but will rely on smart contracts that follow industry best practices.
The Bank for International Settlements has released the Project Mariana report, exploring challenges and solutions in a wholesale CBDC pilot for cross-border FX transactions using blockchain.