Singapore

Financial Services Briefings 

KPMG's Financial Services Briefings is a quarterly newsletter discussing topical issues, changes and updates of interest to institutions in the financial services sector.
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    2014
  • Issue 12 | January 2014 (PDF, 978KB)
    With the emergence and positioning of Singapore as a global financial hub, its financial services industry has experienced rapid changes to the way it conducts business and manages systems & operations.

    To ensure sound technology risk management and information security practices, the Monetary Authority of Singapore (MAS) has recently issued an updated guidance to financial institutions to address existing and emerging technology risks within the financial services industry.


  • 2013
  • Issue 11 | September 2013 (PDF, 242KB)
    Recent enhancements proposed by the Monetary Authority of Singapore (MAS) to the tax and regulatory framework of the Islamic finance sector in Singapore demonstrate that the authorities have renewed their commitment to developing Islamic finance services.

    Signalling a shift towards exploring non-fiscal means to boost the industry, the authorities have included proposals to shorten the approval processes and provide greater clarity and certainty for the regulatory and tax treatment of Islamic finance products.


  • Issue 10 | July 2013 (PDF, 948KB)
    As procurement functions mature, it becomes increasingly difficult to achieve competitiveness by leveraging traditional price levers. Many functions today are therefore seeing the optimisation of their end-to-end supply chains as one way of doing so.

  • Issue 09 | April 2013 (PDF, 909KB)
    The Financial Action Task Force (FATF) released the revised Anti-Money Laundering and Countering the Financing of Terrorism (CFT) recommendations in February 2012. In response to the recommendations, Singapore has designated serious tax offences under the relevant sections of the Singapore Income Tax Act and Goods and Services Tax Act as a money laundering predicate offence

  • Issue 08 | January 2013 (PDF, 877KB)
    In a world where most IT environments source their requirements from a multitude of service providers, service integration is the key to unlocking the benefits of this multi-sourced environment. It reduces risk, drives cost savings and improves the quality of service provided to the end user. Whilst beneficial, it also presents significant governance challenges in ensuring the service quality and efficiency an organisation is looking to achieve. Service Integration - which is the coordination of people, processes and tools/technology across multiple service providers, helps to manage the quality and effectiveness of delivery to the end user.

  • 2012
  • Issue 07 | September 2012 (PDF, 578KB)
    Late last year, regulators in the United States and Britain launched an investigation into London's interbank rate setting process. These concerns have prompted scrutiny of lending benchmark rates in many parts of the world. Singapore has announced reviews of the way interbank benchmark rates were set.

  • Issue 06 | June 2012 (PDF, 210KB)
    Tighter regulatory regimes, especially in the fight against money laundering and the financing of terrorism, have become one of the key themes in the regulatory framework for financial centres and financial institutions. Senior management in financial institutions need to know the key risks impacting their businesses and advise regulators on the controls that are in place to mitigate associated money laundering risks.

  • Issue 05 | February 2012 (PDF, 445KB)
    In this issue, we discuss one area of growing interest - the Advanced Persistent Threats (APTs). This form of cyber attack focuses on the unique vulnerabilities of the target and is coordinated by an organisation to attack a specific target. We talk about how these risks can be mitigated and why it is important to do so right now. This issue will also include a section featuring recent updates in regulatory issues, accounting standards and tax legislation which may be of interest to you.

  • 2011
  • Issue 04 | November 2011 (PDF, 352KB)
    Financial institutions around the world are facing the renewed vigour of enforcement in existing rules and regulations, and managing new regulatory directives. It is no longer enough for compliance departments to simply communicate rules and regulations. They must also play a lead role in managing behaviour.

  • Issue 03 | August 2011 (PDF, 926KB)
    KPMG in Singapore has released the results from a recent analysis, looking at the significance of fair value disclosure for financial institutions as required under Singapore FRS 107. The findings will be revealed within the article. This issue will also include a section featuring recent updates in regulatory issues, accounting standards and tax legislation which may be of interest to you.

  • Issue 02 | May 2011 (PDF, 849KB)
    In this issue, our feature focuses on the upcoming Foreign Account Tax Compliance Act (FATCA). Soon to go into effect, FATCA requires foreign banks and other financial institutions to provide the U.S. Government with information about the financial holdings of U.S. tax-obligated persons. Failure to cooperate can trigger stiff penalties.

  • Issue 01 | January 2011 (PDF, 766KB)
    In this first issue, our anchor topic focuses on domiciled fund vehicles in Singapore - the tax incentives and operational benefits they enjoy, local standards of professionalism and their impact on the cost of doing business, and some of the benefits that funds accrue when they use independent directors.