The Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have rolled out a pilot programme to connect FinTech with legal service providers, in a move expected to enhance Singapore's appeal as a FinTech hub.
Legal and compliance has had a golden decade since the 2008 financial crisis. While the majority of those working in finance have laboured under cutbacks and stiff capital requirements, their headcount and clout has grown. The plethora of regulations, covering everything from capital and corporate governance to disclosure and diversity has led to financial institutions bulking up their workforce.
A total of $16.8 million SGD in financial penalties and settlements was slapped on 42 financial institutions here as part of enforcement actions taken by the Monetary Authority of Singapore (MAS) between July 2017 and December 2018. In a complex regulatory landscape, professionals who ensure their employer plays by the rules of an ever-changing game are in high demand. A global study of risk and compliance officers at 800 financial firms in 2018 found that 43% expected their team to grow in the next 12 months.
