Vithu T.

Singapore's leaders and systems have demonstrated exceptional foresight and adaptability, ensuring the nation's ability to navigate global challenges and secure prosperity for its people. The emphasis on safe and resilient digital financial services, fair dealing, and building new capabilities in sustainability, AI, and quantum technology underscores Singapore’s commitment to innovation and excellence. The government’s proactive measures, including anti-scam initiatives and the promotion of sustainable finance, position Singapore as a leading international financial hub. The MAS continues to set high standards, ensuring that the nation remains a safe and attractive place for legitimate wealth while upholding rigorous regulatory standards. These achievements and future plans highlight the dedication and vision of Singapore's leaders, ensuring the best outcomes for the country and its people. Newgen Software GovTech Singapore Monetary Authority of Singapore (MAS) Singapore Economic Development Board (EDB) Der Jiun Chia Carrie Tan Gan Kim Yong #PMO

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The Global Layer One (GL1) as proposed by Monetary Authority of Singapore (MAS) initiative aims to develop a versatile, shared ledger infrastructure utilizing DLT, envisioned to be developed by regulated financial institutions for the financial industry. I appreciate the phrase "developed by regulated financial institutions for the financial industry," as it precisely captures the essence of our mission at SWIAT. In the following a short description of GL1's design principles and high-level architecture overview. GL1's design principles: ➡️ Open and Standards-Based: Technology specifications will be public and open, using industry standards and open-source protocols for ease of application development. ➡️ Compliant with applicable regulations and accessible to regulators: The platform will comply with legal and regulatory requirements, with jurisdiction-specific controls at the application layer. ➡️ Well Governed: Clear and transparent governance and rules will ensure responsibility and accountability. ➡️ Neutral: Designed to prevent control concentration within any single entity or region, with decisions based on technical merits. ➡️ Fair: Ensures fair competition among financial institutions, avoiding biased decisions. ➡️ Accessibility: Financial institutions meeting criteria can participate, with membership costs promoting network integrity and stability. ➡️ Financially Self-Sustainable: Operates as an industry utility, using revenues from fees for operational costs and reinvestment to ensure sustainability. Architecture overview: ➡️ Access Layer, facilitates user access to digital services on the GL1 platform, with service providers responsible for offering wallet capabilities, performing KYC checks, onboarding clients, and providing direct services. Non-designated financial institutions must be onboarded through designated ones. ➡️ Service Layer, involves regulated financial institutions and trusted third parties creating and deploying applications such as interbank transfers and collateral management, adhering to GL1’s settlement functionality standards and allowing for the development of custom smart contract logic. ➡️ Asset Layer supports the issuance and tokenization of various assets, including cash, securities, commodities, and more, ensuring technological compatibility across GL1 applications and service providers. ➡️ Platform Layer comprises the blockchain infrastructure, including the ledger and consensus mechanism, ensuring asset transfer and cross-app communication, and adhering to financial sector technology risk management controls, with validators ensuring transaction integrity and potentially being remunerated through fees.

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𝐅𝐫𝐚𝐮𝐝 𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐨𝐧 𝐌𝐚𝐝𝐞 𝐄𝐚𝐬𝐲: 𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐅𝐚𝐜𝐞 𝐕𝐞𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞'𝐬 𝐁𝐚𝐧𝐤𝐬!🔒💳 Major retail banks in Singapore are taking a significant step towards enhancing security and user convenience by introducing Singpass face verification for digital banking services. This innovative move aims to tackle the growing concerns around fraud and identity theft in the digital landscape 🔐💻 https://lnkd.in/g3MSYJ4n 🔑 𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬: 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: The integration of face verification technology will provide an additional layer of security for online banking transactions 🛡️ 𝐔𝐬𝐞𝐫 𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞: Customers can enjoy a seamless experience without the need for multiple passwords or authentication methods. ✨ 𝐅𝐫𝐚𝐮𝐝 𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐨𝐧: This initiative is designed to combat the rising incidents of fraud, ensuring that only authorized users can access their accounts. 🚫💳 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭:The banks are working closely with the government to implement this technology effectively, showcasing a strong public-private partnership. 🤝🏛️ Do you think this technology will significantly reduce fraud in digital banking? 🤷‍♂️🤷‍♀️ What other measures do you believe should be taken to protect consumers in the digital space? 📉🔍 #DigitalBanking #FraudPrevention #Security #Biometrics #Innovation #Singapore #FinTech #CustomerExperience image credits to atmarketplace

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Small business, big dreams, real challenges. 🌟 Watch on as Hiro Kiga breaks down why cross-border payments can pose a major headache for SMEs – from currency conversion woes to reconciliation nightmares. 💸🌀 Discover why SMEs are choosing Wallex to navigate the complexities of cross-border payments, offering them the speed, support, and savings they need to thrive on a global stage. 🌍 🎥 Catch the full video and share your thoughts in the comments below if you've encountered similar cross-border payment struggles! 💬 #CrossBorderPayments #B2BPayments #Fintech #SME

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Who's the real winner in this #digital partnership? Just noticed this on my Maybank App, super easy to add a #creditcard on to Google pay. Imho the real winner is #visa or #mastercard. Their growth mirrors global sales in perpetuity. #ewallets were supposed to supplant them, but instead accelerated sales further; and now #digitalbanks, #etrading and #crypto credit card loans capping gains that were previously a point of diminishing return. Unless #ewallets come together and form a #consortium that unifies point of sales (to accept any wallets and profit share sans credit card); #retail/#ecommerce #fintechs are practically funnelling #VC money right into #visamaster's growth. Love them!

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In the fast-paced world of software development, test automation stands out as a critical tool that too often is misunderstood or underutilized. As we advance, it becomes increasingly clear that relying solely on manual testing methods is not only inefficient but also insufficient to meet the demands of modern software products. A common misstep in many organizations is the lack of understanding and skills in modern testing methodologies. Test automation not only speeds up the process but also enhances the accuracy and reliability of the results, enabling quicker feedback and faster iterations. Moreover, testing should not be seen as a siloed responsibility of a designated quality assurance team. It is a collective responsibility, integral to the development process. Every team member should be involved in writing tests for the features they develop. This approach ensures that everyone has a stake in the quality and effectiveness of the output, fostering a culture of accountability and excellence. Let's advocate for and invest in training and tools that support test automation. By doing so, we empower our teams to deliver superior software products that are robust, scalable, and aligned with user needs. #TestAutomation #SoftwareDevelopment #QualityAssurance #Teamwork

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Trust Bank Singapore’s Savings Pots make saving for life goals easy, automated, and rewarding, helping customers build healthy financial habits with a unique twist. Evonne Low, Head of Deposits & Payments, shared: “Saving money can be a daunting task. That’s why we launched Savings Pots to provide our customers with an easy tool to automate savings and track their progress toward financial goals in a simple and delightfully different way.” Aditya Gupta, Chief Product Officer, added: “Trust Savings Pots were developed directly using customer feedback to offer an easy, automated, rewarding, and fun way to grow savings, empowering customers with greater control over their money.” https://lnkd.in/gZpQHVXr

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Much like how the iPhone came and forever changed the mobile device market in 2007, the banking sector is undergoing a tidal shift unlike anything it has experienced in the past 4 decades. -with Backbase Jouk Pleiter Karan Oberoi Thomas Fuss https://lnkd.in/e_CXJvCU #fintech #digitalbanking #innovation #digitaltransformation

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Much like how the iPhone came and forever changed the mobile device market in 2007, the banking sector is undergoing a tidal shift unlike anything it has experienced in the past 4 decades. -with Backbase Jouk Pleiter Karan Oberoi Thomas Fuss https://lnkd.in/e_CXJvCU #fintech #digitalbanking #innovation #digitaltransformation

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MAS is aware of a global outage affecting the IT systems of organisations around the world, including Singapore. The Singapore Dollar (SGD) money market and foreign exchange market functioned normally today. MAS asked major financial institutions to report the impact of the outage. They reported no or limited impact to customers and their key operations. Some experienced disruptions to internal-facing systems used by staff but in all cases, critical systems were unaffected. Access to SGX’s post trade system was temporarily disrupted, but other critical trading and clearing services were not affected. MAS’ systems, including MAS Electronic Payment System (MEPS+), the real time gross settlement system for SGD payments, have not been affected. As a precautionary measure, MAS extended the operating hours of MEPS+ by two hours to 9pm, to ensure smooth settlement of SGD payments by MEPS+ participants. MAS continues to monitor the situation closely. Read here: https://lnkd.in/gsER-vCY

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In the dynamic realm of corporate banking, institutions are navigating a transformative journey fueled by technological innovation, functional expertise, and user-centric design. This evolution enhances operational efficiency while delivering unparalleled client experiences. Read more from Ramkumar Seshadri, VP & Head of Corporate and Commercial Banking at Virtusa, on how technology, functionality, and design converge to drive innovation in corporate banking. Click here: https://splr.io/6042lVo2Y #EngineeringFirst #BankingInnovation #CorporateBanking #TechInnovation

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Addressing uncollected debts is crucial for maintaining a healthy cash flow today – particularly for Singapore SMEs. By being proactive and utilising the right tools and strategies, you can mitigate the impact of overdue payments and set your business on a path to financial stability. We are sharing some of signals we have observed as a credit collections professional for nearly 50 years now. Read all about it here - https://lnkd.in/grtitVcu #CashFlow #FinancialHealth #BusinessFinance #Collections #ExperianCollections #ExperianSingapore

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Curious about how we leverage AI to drive success? Read this article by our Head of Group Technology and Operations Lawrence Goh to learn how we use AI to deliver personalised banking experiences at scale and detect potential money laundering and fraud risks. #AI #personalisation #AML

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APAC foreign exchange markets are dynamic and volatile, requiring up-to-the-minute data to ensure opportunities are maximised while risks are minimised. Read more here: https://lnkd.in/gYskY7qZ Currencycloud #fintech #payments #FX

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