Singapore

The Monetary Authority of Singapore (MAS) has published an AI risk management toolkit specifically for the financial services sector. This toolkit provides practical guidance for financial institutions to identify, assess, and mitigate AI-related risks while implementing robust governance structures.

Singapore has introduced new climate risk management expectations for banks, investors, and insurers, establishing compliance requirements for financial institutions. This represents a regulatory change in the ESG domain that creates new obligations for financial sector entities operating in Singapore.

The Monetary Authority of Singapore (MAS) has finalized its Guidelines on Environmental Risk Management – Transition Planning, setting supervisory expectations for banks, asset managers, and insurers to manage climate-related transition and physical risks. Financial institutions must embed climate risk into governance structures with board oversight, integrate it into risk appetite and business strategy, and build climate data capabilities through engagement with clients and portfolio companies.

Singapore's IRAS and IMDA have announced a phased extension of the GST InvoiceNow requirement to all GST-registered businesses between 2028 and 2031. This Peppol-based e-invoicing mandate requires direct transmission of invoice data to tax authorities, with implementation tiered by business size starting with small businesses and new registrants in 2028.

Singapore's Cybersecurity (Amendment) Act 2024 has come into force, significantly expanding regulatory oversight to include third-party-owned critical information infrastructure (CIIs) and overseas CIIs. Essential service providers must now secure contractual commitments from vendors regarding security standards, information sharing, and incident reporting, with key provisions effective October 31, 2025.

Singapore Exchange (SGX) has implemented mandatory ISSB-aligned climate disclosure requirements for listed companies, including Scope 1, 2, and 3 greenhouse gas emissions reporting. The rules feature phased compliance timelines based on company size and require third-party assurance for data reliability, representing a significant ESG regulatory development in the region.