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An application for a moratorium by a group of eight companies, including Autobahn Rent A Car, was dismissed by the Singaporean High Court on Friday, the Business Times reported. The group had sought a six-month moratorium and a scheme of arrangement in an application heard by Judicial commissioner Sushil Nair. In earlier court filings seen by The Business Times, 22 creditors opposed the application. With an extended moratorium no longer on the cards, it opens up the group to creditor actions and insolvency proceedings, which may include being wound up.
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Suspicious accounts continued to operate on Binance even after the world’s largest exchange agreed to stricter AML controls as part of a 2023 settlement with the U.S., according to a report in the Financial Times. In November 2023, Binance settled with FinCEN and OFAC for sanctions violations and violations of the Bank Secrecy Act, agreeing to pay a total penalty of $4.368 billion.
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A Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday, Reuters reported. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue.
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A Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday, Reuters reported. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue.
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Singapore on Friday upgraded its economic outlook for 2025 as third-quarter gross domestic product growth beat market expectations and initial estimates, Reuters reported. GDP rose 4.2% in the third quarter from a year earlier, government data showed, faster than the 2.9% official advance estimate released last month. On a quarter-on-quarter seasonally adjusted basis, GDP expanded 2.4% from the second quarter. The trade ministry raised its GDP growth forecast for 2025 to "around 4.0%" from a previous range of 1.5% to 2.5%. It forecast 2026 GDP growth at 1.0% to 3.0%.
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Singapore’s financial regulator is preparing to introduce new rules for stablecoins and expand central bank digital currency (CBDC) trials as part of a broader effort to build out its framework for digital assets, Decrypt.com reported. The Monetary Authority of Singapore’s (MAS) managing director, Chia Der Jiun, said Thursday that stablecoins could play a key role in future financial networks if they are properly supervised. “Unregulated stablecoins have a patchy record of keeping their peg,” Chia told the Singapore FinTech Festival 2025.
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