The Monetary Authority of Singapore (MAS) has recently assured the public that the operations of UBS and Credit Suisse in Singapore will remain uninterrupted despite the ongoing legal issues faced by both banks. This announcement was made by Fintech Singapore, a leading news source for financial technology in the country.
UBS and Credit Suisse have been embroiled in legal battles in recent years, with UBS facing a fine of $8 million for failing to prevent unauthorised trading activities by its employees, while Credit Suisse has been fined $536 million for its involvement in a corruption scandal in Malaysia.
Despite these challenges, MAS has stated that it will continue to work closely with both banks to ensure that their operations in Singapore remain stable and secure. This includes monitoring their compliance with regulatory requirements and providing support where necessary.
MAS has also emphasised the importance of maintaining a strong and stable financial sector in Singapore, which is crucial for the country’s economic growth and development. As such, the authority is committed to working with all financial institutions operating in Singapore to ensure that they operate in a responsible and sustainable manner.
In addition to its regulatory oversight, MAS has also been actively promoting the development of fintech in Singapore. The authority has launched several initiatives aimed at fostering innovation and collaboration between traditional financial institutions and fintech startups.
One such initiative is the MAS Fintech Awards, which recognises innovative fintech solutions that have the potential to transform the financial industry. The awards are open to both local and international fintech companies, and winners receive funding and support from MAS to further develop their solutions.
Overall, MAS’s assurance of uninterrupted operations for UBS and Credit Suisse in Singapore is a testament to the authority’s commitment to maintaining a strong and stable financial sector in the country. With its focus on regulatory oversight and fintech innovation, MAS is well-positioned to support the growth and development of the financial industry in Singapore for years to come.
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- Source: Plato Data Intelligence.