Financial institutions around the world are facing greater operational and compliance risks with the emergence of the recent pandemic, COVID-19.
Financial authorities and organisations everywhere are acknowledging these difficulties with the US Securities and Exchange Commission offering relief and guidance to registered funds and their investment advisers. In the EU, financial authorities have provided initial guidance to ensure continuity of business under financial stress.
In Singapore, the Singapore Exchange (SGX) has rolled out a US$5 million care package to provide support and relief measures amid the outbreak. The SGX care package will benefit Singapore-listed companies as well as SGX employees and contract staff. The move was introduced by the financial community to reinforce the city-state’s resilience as a global marketplace.
According to a Verint whitepaper, Financial Compliance in 2020: Asia Leader’s series, the Singaporean government is recognised by the industry at large as being particularly supportive of proven financial regulatory technology (regtech) offerings.
By contrast, the UK government was found to be comparatively reluctant to promote regtech offerings, tending instead to identify issues without offering specific solutions.
It is expected that Singapore will continue