Financial Services Bulletin February 2025

26 February 2025

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Special Feature

Key trends for 2025 by Allen & Gledhill Managing Partner Jerry Koh

Capital Markets

Singapore updates Green Bond Framework and reports on green budgeting progress

Cybersecurity & Data Protection

ASEAN Guide on Data Anonymisation among three guides unveiled at ASEAN Digital Ministers’ Meeting 2025

Dispute Resolution

Amendments clarifying that egregious abuse of court process amounts to contempt of court in force

Third phase of amendments under Criminal Procedure (Miscellaneous Amendments) Act 2024 to refine criminal case disclosure and unsoundness of mind regimes takes effect

ESG & Public Policy

Singapore submits 2035 Nationally Determined Contribution

Singapore and the US sign Memorandum of Understanding Concerning Strategic Civil Nuclear Cooperation

Discussions for Costa Rica’s accession to Digital Economy Partnership Agreement substantially concluded

Essential best practices to mitigate greenwashing

Financial Regulatory & Compliance

MAS and ABS to establish new payments entity to consolidate administration and governance of Singapore’s national payment systems

Provisions of Financial Institutions (Miscellaneous Amendments) Act 2024 enhancing and rationalising MAS’ powers in relation to financial institutions in force

Trade Finance Registry and SGTraDex launch Bill of Lading Genuineness Check to further strengthen trade finance risk mitigation

MAS publishes guidance on incorporating Basic Financial Planning Guide into financial advisory processes

FinTech

Three key FinTech trends in 2024

Real Estate

URA releases revised Guidelines for Developers on Anti-Money Laundering and Counter Financing of Terrorism

Tax

Budget 2025: Summary of key tax changes and initiatives

Technology, Media & Telecoms

Singapore announces new AI safety initiatives

Regional News

Indonesia

Indonesia Financial Services Authority streamlines regulation of financial conglomerates

Indonesia expands permitted banking business activities

Indonesia amends peer-to-peer lending services framework

Malaysia

Malaysia’s new Finance Act introduces tax on dividends

Myanmar

Foreign companies in Myanmar allowed to locally source and export certain domestic commodities

Myanmar reinstates use of reference rate to calculate import/export and customs duties

Payment of taxes on imports and exports in Myanmar Kyat at market trading rate from 1 January 2025

Vietnam

Vietnam expands foreign investors’ capabilities in pharmaceutical sector

Vietnam introduces simplified processes and expands investment opportunities

Publications

SMA News: Cybersecurity protection for private practice - A legal perspective

Practical Law: Services Contracts quick compare charts

The Legal Industry Reviews: Singapore (Edition 2, December 2024)

Deals

Issue of S$950 million fixed rate green notes by Housing and Development Board

Issue of US$500 million fixed rate perpetual capital securities by The Great Eastern Life Assurance Company Limited

S$643 million term revolving and bank guarantee facilities to Nxera DCT Pte. Ltd.

US$5 million seed funding of Keplr

Awards & Rankings

Allen & Gledhill recognised as a top tier firm by World Trademark Review 1000