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oh my god... hope passengers will be safe...

Source: https://mustsharenews.com/fake-notes-singapore/ Fake S$50 notes allegedly circulating in Singapore Concerns have been raised over counterfeit S$50 notes reportedly circulating in Singapore, following a series of social media posts. One such post, shared on 8 Sept, featured two side-by-side images of S$50 notes — one genuine and the other counterfeit. The main difference between the two notes was the absence of the kinegram, the octagonal foil on the front of the note, which serves as a key security feature on genuine notes. Other than this, the two notes appeared nearly identical. Retailers taking extra precautions Some retailers have already been affected by these counterfeit notes. When Shin Min Daily News spoke to stallholders, many shared that they were aware of the issue and had been extra cautious when handling cash. Mr He, a 53-year-old grocer in Toa Payoh who has been in business for over 20 years, said he believed most vendors could spot a counterfeit note by touch as they handle cash regularly. “I’ve heard of colleagues who’ve encountered fake notes, but they were able to identify them on the spot,” he shared. Meanwhile, Ms Huang, owner of Crante Money Changer at Chinatown Complex, noted that counterfeiters typically target currencies with a larger global circulation, such as the United States (US) dollar or Chinese yuan. She added that counterfeiters are less likely to focus on the Singapore dollar, which is not as widely used internationally. “The ultimate goal of counterfeit syndicates is to profit, so they tend to print currencies that are more widely circulated,” she explained. Fake Singapore notes rare, but a serious concern In response to MS News’ inquiries, a spokesperson from the Monetary Authority of Singapore (MAS) said that they are “aware of a few social media posts claiming that retail outlets have received counterfeit Singapore S$50 notes”. While instances of counterfeiting remain rare, the spokesperson emphasised the importance of public vigilance and advised people to familiarise themselves with the security features built into every note. “The notes shown in the posts appeared to be missing the kinegram,” the spokesperson explained. “It is possible for the kinegram of very old notes to be worn out due to wear and tear. Such notes would be deemed unfit for public use and are removed from circulation when they are returned by banks to MAS.” Other features, such as the watermark, security thread, and microprints, are more durable and can be used to verify the authenticity of a note. How to check your cash MAS recommends using the Look-Tilt-Feel method to verify notes. Further details about each security feature can be found on the MAS website. While authorities stress that Singapore’s counterfeiting rate is “low”, they remind the public that complacency is risky. The MAS spokesperson highlighted that possessing or using counterfeit notes as genuine currency is a “serious” offence. Anyone convicted of using counterfeit currency notes will face imprisonment and a fine.

The process for nominating insurance beneficiaries currently involves hard-copy submissions and in-person witnessing. Source: https://sg.news.yahoo.com/mas-allow-online-nomination-insurance-beneficiaries-074628557.html SINGAPORE – The Monetary Authority of Singapore (MAS) announced on Wednesday (26 July) that insurance policy owners can soon nominate their beneficiaries online. "Amendments have been made to the Insurance (Nomination of Beneficiaries) Regulations 2009 to enable insurers to provide these options from 2 January 2024," MAS said in a statement. The process for nominating beneficiaries currently involves hard-copy submissions with in-person witnessing. MAS explained that robust alternatives to physical witnessing are now possible through digital means given technological advancements and the development of national digital infrastructures. How can you nominate insurance beneficiaries online? There will be two ways an insurance policy owner can nominate beneficiaries online, and these are: Online witnessing: The witnessing of the policy owner signing the online form can be done via an audio-visual link instead of in-person. Online attestation: An attestor can make an online declaration on the policy owner's circumstances instead of witnessing the signing of the form online. MAS said that secure electronic signatures must be used for online submissions. An example of a secure electronic signature provider is Sign with Singpass, which uses signing certificates issued by Singapore's National Certificate Authority. "Both the online witness and online attestor, as the case may be, will have to declare that, to the best of his/her knowledge and belief, the policy owner is not under any undue pressure and understands the purpose and effect of making the nomination," MAS said. Dennis Tan, the president of the Life Insurance Association of Singapore, and CEO of Prudential Assurance Company Singapore, said, "Nomination of beneficiaries is important to ensure the payable benefits are paid out to the intended persons according to the wishes of our customers. We welcome this enhancement by MAS to provide customers with greater flexibility and convenience to nominate beneficiaries and will work with our members to roll out progressively."

No offence but I feel sad for Mr. Lee Kuan Yew, as he continues to be "milked" by the current government. What's next, a new $10 note in 2025 to mark his 10th death anniversary, or a special $80 note to mark his wedding jubilee with Mdm. Kwa? Source: https://www.channelnewsasia.com/singapore/lky100-lee-kuan-yew-commemorative-coins-unveiled-mas-3488726 SINGAPORE: A commemorative S$10 coin marking the 100th birth anniversary of Singapore's founding Prime Minister Lee Kuan Yew was unveiled by the Monetary Authority of Singapore (MAS) on Monday (May 15). Minted in aluminium bronze, the gold-coloured LKY100 coins will be available at face value by application. The coins will have a diameter of 30mm, making them about 22 per cent larger than the Third Series S$1 coins currently in circulation. "The coin pays tribute to his strategic vision, boldness and indomitable spirit that transformed Singapore from a regional trading port to a global manufacturing, business and financial hub, creating opportunities for all Singaporeans," MAS said in a news release. "The design features a portrait of Mr Lee Kuan Yew, accompanied in the foreground by the Marina Barrage, representing Mr Lee's vision to build a freshwater reservoir in the city, strengthening Singapore's water resilience," the central bank added, describing the design on the coin's reverse. "The backdrop is the skyline of the Raffles Place financial district, and two heritage buildings which have witnessed significant milestones in Singapore's history – Fullerton Hotel (formerly the Fullerton Building/General Post Office) and National Gallery Singapore (formerly the Supreme Court and City Hall)." In addition to the Singapore Coat of Arms, the front of the coin features Mr Lee's name, his years of birth and death, the words "100th Birth Anniversary" and a dual latent image that shows the year 1923 when viewed from one angle and the year 2023 when viewed from another. The coin was designed by local artist Weng Ziyan, whose previous works include banknotes commemorating Singapore's 50th year of independence, Singapore's bicentennial and the 50th anniversary of the Brunei-Singapore Currency Interchangeability Agreement. Applications for the coins can be made from Monday until Jun 9 via a dedicated application website. Only Singapore citizens and permanent residents can apply, and each applicant can apply for up to five coins. "If demand is high, applicants may not be allocated the quantity of coins requested, but can be assured of being allocated at least one coin," MAS said. Each applicant will be required to indicate their identity number, mobile phone number and preferred bank branch for the collection of the coins. No upfront payment will be requested. Successful applicants will pay for their coins when collecting them at their selected bank branches. Banks participating in the distribution of the coins include DBS and POSB, OCBC and UOB as well as the Bank of China, HSBC, Maybank and Standard Chartered. Those who require in-person assistance to submit their applications can approach any community club or community centre, or the ServiceSG centres at Our Tampines Hub and One Punggol. Successful applicants will receive SMS notifications from mid-August, and the coins will be available for collection from September. Coins that are not exchanged during the collection window will be made available for exchange at banks by the general public, including non-Singaporeans. The number of coins to be minted will be determined after applications close, MAS said. The commemorative coin was announced earlier this year as part of a series of initiatives to mark the centenary of Mr Lee's birth. The late Mr Lee, who also co-founded the ruling People's Action Party, was born on Sep 16, 1923. He died on Mar 23, 2015, at the age of 91.

A Malaysia Airlines flight from Amsterdam to Kuala Lumpur has crashed in eastern Ukraine, Russian news agency Interfax reported Thursday. Google for more. Above from CNN

Hi all, Asking on behalf for my friend who just start working in a bank. Anyone familiar with the below question "For MAS reporting on derivatives thru DTCC, what are the products required to be reported? Thanks.

Walieww.....better travel wif juz a piece of sarong onli if u fly MAS...... https://sg.news.yahoo.com/rough-flight-mab-baggage-limit-232400653.html

One of many adverts blatantly disregarding MAS's loan restriction. Is MAS enforcing it rules at all?

http://sg.finance.yahoo.com/news/mas-eases-tdsr-restrictions-104737968--sector.html Will MAS do the same for car loan?

The current car loan restrictions will be lifted by the Monetary Authority of Singapore (MAS) for a period of 60 days for the purchase of used cars that were part of car dealers' inventory before 25th February 2013. Used cars registered as of 4th March 2013 will also be eligible for this concession as dealers have up to seven days to register used cars under the LTA's Temporary Transfer Scheme (TTS). The inventory of used cars acquired by dealers at relatively high in-built Certificate of Entitlement (COE) values has made it particularly challenging to adjust to the new market conditions. Demand has also fallen more sharply in the used car market compared to that for new cars. Thus MAS has therefore decided to temporarily lift the restrictions for the limited pool - comprising less than 7,000 cars. This concession takes effect from 6th April 2013 and will be in place for a period of 60 days, after which, the financing restrictions will apply. Also, the previously announced loan restrictions has been extended to all entities that finance car purchases - including those not regulated by MAS. MAS also announced it will continue to monitor developments in the car market and COE premiums, and will recalibrate the financing restrictions for new and used cars when appropriate.