MAS lays out plan to facilitate robo-advisory services

It intends to refine the licensing and business conduct requirements.

The Monetary Authority of Singapore (MAS) released a consultation paper on proposals to facilitate the provision of digital advisory services in Singapore. The proposals seek to support innovation in financial services by recognising the unique characteristics of digital platforms.

Financial institutions currently regulated under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) can already provide digital advisory services, and some have started to do so. More recently, MAS has also received indications of interest from new entities intending to offer digital advisory services to retail investors.

The availability of digital advisory services will widen investor choice to low‐cost investment advice. To make it easier for entities offering digital advisory services to operate in Singapore, MAS intends to refine the licensing and business conduct requirements.