Developments in Singapore include a review of the nation’s corporate governance code and consultation on takeovers and mergers; Hong Kong publishes April’s monetary statistics; and South Korea finalises virtual asset sale guidelines.
Singapore
In late May, Singapore’s Monetary Authority (MAS) announced that the Corporate Governance Advisory Committee (CGAC) will undertake a review of the Code of Corporate Governance (CG Code).
In a press release, MAS said: “The review seeks to build on established good practices in corporate governance and disclosures among listed companies, and complement the ongoing work of the Equities Market Review Group.”
Chia Der Jiun, Managing Director, Monetary Authority of Singapore, spoke at the Qatar Economic Forum on 20 May 2025. Key points in the speech included.
- “There are cyclical and structural factors determining the pricing and confidence in US Dollar (USD) and USD assets.
- “On the cyclical side, markets are pricing in slower growth, the prospect of higher inflation and questions over the fiscal trajectory in the US, as well as rotation into other regions and hedging of overweight exposures.
- “On the structural side, the US Treasury market is fundamental and systemic to the global financial system, and there is no alternative at this point. The outlook for the structural advantage of USD assets is relatively stable for now. Could this change? This depended on the fiscal trajectory and policies in the US, whether they reinforce or take away confidence of market participants.”
Also, Edward S Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, Monetary Authority of Singapore (MAS) spoke at the 12th Asian Monetary Policy Forum on May 23, 2025.
The speech focussed on the current global economic landscape, the economics of protectionism, the impact on Asian economies, policy adjustments and the pathway ahead.
On May 15, 2025 MAS asked for feedback on proposals to streamline prospectus requirements and broaden investor outreach channels for initial public offerings (IPOs).
“These proposals seek to smoothen the listing process for issuers and widen options to reach out to potential investors,” the regulator said in a press release.
According to MAS, the proposals will focus on three key areas, including:
- streamlining prospectus disclosures for IPOs;
- simplifying the process for secondary listings;
- providing greater flexibility and scope for issuers to gauge investor interest earlier in the IPO process.
And in the first week of May 2025, the Securities Industry Council (the Council) issued a consultation paper on proposed amendments to the Singapore Code on Take-overs and Mergers (the Code).
“The proposed amendments seek to enhance the regulation of takeovers and mergers in Singapore by protecting the competitive process of takeover and merger transactions, improving certainty and timeliness of schemes of arrangement, and enhancing disclosures to investors and shareholders,” MAS said in a press release.
Hong Kong
In the last week of May, the Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for April 2025.
“The number of mortgage applications in April decreased month-on-month by 7.8% to 7,795,” the HKMA said in a press release.
On 30 May 2025, the HKMA also published the monetary statistics for April 2025.
In a press release the regulator said: “Total deposits with authorised institutions increased by 0.6% in April 2025.”
“Among the total, Hong Kong dollar deposits decreased by 0.7%, while foreign currency deposits increased by 1.6% in April, mainly reflecting fund flows of corporates,” the press release added.
In the same week, a Memorandum of Understanding (MoU) was signed between the HKMA and the School of Business and Management of the Hong Kong University “to strengthen collaboration in applied cybersecurity research tailored to the needs of Hong Kong’s financial sector.”
An HKMA press release said: “The MoU establishes a strategic framework for joint efforts to advance research and knowledge in the critical area of cybersecurity.”
And in another key development, Hong Kong’s Legislative Council passed the Stablecoin Bill on 21 May 2025 “to establish a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong.”
HKMA said the Bill aims to “further enhance Hong Kong’s regulatory framework on virtual-asset (VA) activities, thereby fostering financial stability and encouraging financial innovation.”
South Korea
The virtual asset committee at South Korea’s Financial Services Commission (FSC) finalised the guidelines on sale of virtual assets by non-profit corporations and virtual asset exchanges last months.
In a press release, the FSC said the guidelines includes details regarding “permission on the issuance of real-name account for the purpose of virtual asset disposal and requirements to prevent money laundering and conflicts of interests.”
Also in May, the FSC proposed a rule change to Increase Maximum Deposit Protection Coverage to KRW100m ($73,217) from September 1 this year.
A press release from the FSC said, “For the first time in 24 years, the revised rule will increase the maximum deposit protection coverage to KRW100m from the current level of KRW50m from September 1, 2025.”
“The increased deposit protection limit will apply to both banks and savings banks whose deposit protection is covered by the Korea Deposit Insurance Corporation (KDIC) and mutual finance institutions whose deposit protection is covered by their own federation funds,” the press release added.
