[Singapore] AIC Submits Comments on the New Omnibus Act for the Financial Sector (Aug 2020)

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On behalf of the Asia Internet Coalition (AIC) and its members, I am writing to express our sincere gratitude to the Monetary Authority of Singapore (MAS) for the opportunity to submit comments on the Consultation Paper on the New Omnibus Act for the Financial Sector. AIC is an industry association comprising leading Internet and technology companies in the Asia Pacific region with an objective to promote the understanding and resolution of Internet and ICT policy issues.

We commend the MAS efforts on steering this public consultation, which seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.