Financial Services Bulletin January 2025

23 January 2025

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Competition & Foreign Investment Review

CCCS gives positive guidance in first case under streamlined process for business collaborations pursuing environmental sustainability objectives

Corporate / M&A

ACRA (Registry and Regulatory Enhancements) Act 2024 facilitating digital communications and enhancing ACRA regulatory framework in operation from 9 December 2024 except Part 8

Dispute Resolution

SIAC launches 7th edition SIAC Rules

Employment, Health & Safety

Workplace Fairness Bill passed in Parliament to protect employees from discrimination

ESG & Public Policy

Singapore and Malaysia exchange Agreement on the Johor-Singapore Special Economic Zone

China-Singapore Free Trade Agreement Further Upgrade Protocol in force from 31 December 2024

Singapore and Australia expand cooperation on AI

Financial Regulatory & Compliance

Protection from Scams Bill passed to empower Police to issue restriction orders to banks to restrict banking transactions of scam targets

Restructuring & Insolvency

Bill passed in Parliament to revamp and make permanent Simplified Insolvency Programme to support financially distressed companies

SIAC consults on draft SIAC Insolvency Arbitration Protocol

Singapore High Court grants funding creditor prospective priority for funding claw-back actions and clarifies scope of court’s powers in granting authorisation to liquidators to appoint solicitors

Tax

Multinational Enterprise (Minimum Tax) Act 2024 in operation on 1 January 2025

General

Electronic Gazette and Legislation Bill passed providing for Electronic Gazette to be authoritative version

Regional News

Indonesia

Indonesia Financial Services Authority sets out framework for trading of digital financial assets in new regulation

Malaysia

Online Safety Bill 2024: Enhancing online safety in Malaysia

Malaysia Parliament passes Data Sharing Bill 2024

Companies Commission of Malaysia introduces new qualifying criteria for audit exemption

Bank Negara Malaysia issues code of conduct for insurers and takaful operators-repairers

Myanmar

Myanmar confirms income tax on MMK salaries can be paid in local currency regardless of contract terms

Myanmar amends Motion Picture Law to expand its application and implement new licencing requirements

Vietnam

Vietnam’s new Data Law to come into effect 1 July 2025

Key highlights of Vietnam’s new Electricity Law

Publications

Practical Law: Capital Markets in Singapore - Regulatory Overview

Practical Law: Key Agency and Distribution Considerations - Singapore

Cambridge Journal of Artificial Intelligence: Data protection and generative AI - Policy, regulation, and the way forward

Deals

US$2 million Series A fundraising round in Heli Care Pte. Ltd. by Cercano Management Asia

News

Admission of new Partners and Counsel 2025

Register now for the ESG Masterclass by Global Reporting Initiative and Allen & Gledhill!

Awards & Rankings

A&G Asia continues to be recognised for its leading position in the region by Chambers and Partners in its 2025 rankings

A&G Asia continues to be recognised for its top tier rankings in the region by The Legal 500 Asia Pacific 2025

Dr Stanley Lai, SC recognised in Asian Legal Business Asia Top 15 Intellectual Property Lawyers 2024

AGI Legal, an associate firm of Allen & Gledhill, recognised in Asian Legal Business Indonesia Firms to Watch 2024 list