MAS REVIEWING CAS
He even responded to two inquiries about urging financial institutions to be concerned when marketing their products and protecting retail investors.
He referred to a “recent event” involving a platform for customers to make deposits right away on a debit card linked to their assets.  ,
Prior to now, Chocolate Finance had a debit card that would allow users to withdraw up to S$ 20 000 ( US$ 15 000 ) per day. Last month, deals on the debit cards were also paused before they resumed with a S$ 250 cap.
The item terms and conditions contained the problems and limitations, but Mr. Tan said that they might not have been helpful in providing customers with a comprehensive knowledge.  ,
He claimed that although product features do not actually need regulatory authorization, robust risk management and apparent statements are necessary.  ,
According to him, “MAS is looking into this particular case in relation to these requirements, as well as how to make sure investment platforms apply these requirements effectively.”