Regulating Fintech in Singapore

The video discusses a regulatory framework focusing on an activity-based approach rather than an entity-based one. This method tailors regulations to specific activities, such as payments and deposit holding, rather than applying a full range of regulations to all entities. The approach aims to balance risk management with a customized regulatory burden. The video also compares this approach with those of other countries, highlighting a collaborative effort with industry players to build regulatory architecture, including E KYC utilities and payment systems.

What is the primary focus of an activity-based regulatory approach?

• Applying regulations based on specific activities

• Exempting fintech companies from regulations

• Imposing a full range of regulations on all entities

• Regulating based on the type of entity

How does the activity-based approach benefit fintech companies?

• By increasing their regulatory burdens

• By treating them as traditional banks

• By applying only relevant regulations to their activities

• By exempting them from all regulations

What is a key aspect of the regulatory approach discussed in the video?

• Ensuring a level playing field and managing risks

• Avoiding collaboration with industry players

• Leaving fintech activities unregulated

• Focusing solely on traditional financial entities

How does the approach differ from other developed countries?

• It is entirely distinct and unrelated

• It avoids any form of central bank involvement

• It imposes stricter regulations than others

• It focuses on collaboration with industry players

What role do central banks play in this regulatory approach?

• They impose strict regulations without industry input

• They facilitate collaboration and industry efforts

• They are not involved in the regulatory process

• They focus only on traditional banks