Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

SPF, IMDA and MAS block unregulated overseas online trading platform

MAS, Monetary Authority of Singapore, central bankThe Singapore Police Force (Police), the Infocomm Media Development Authority (IMDA) and the Monetary Authority of Singapore (MAS), have taken action to block the website of an unregulated trading platform – Arotrade. The Police received complaints from at least 40 Singapore residents about the online platform, allegedly registered in Belize purporting to offer trading in Contracts for Difference (CFDs) for different asset classes such as stocks, foreign exchange, commodities, cryptocurrency and indices.

The individuals had transferred over S$330,000 in total to trade through the platform but either subsequently experienced unauthorised trades in their accounts or encountered difficulties withdrawing their monies. Arotrade has been linked to fraudulent marketing tactics, including the use of fake news articles falsely claiming that prominent individuals, including Singapore’s Political Office Holders, have endorsed investments in cryptocurrency, which misled and channelled people to the website.

Based on information gathered, the Police and MAS have assessed that the services on Arotrade’s website offered to residents are in breach of the Securities and Futures Act (SFA). Consequently, IMDA has determined that the information on the website constitutes prohibited content under the Internet Code of Practice (ICOP). IMDA has directed Internet Access Service Providers (IASPs) to block access to Arotrade’s website from Singapore residents, and all IASPs have effected the restriction.

The Police and MAS advise members of the public to exercise caution when dealing with unregulated online trading platforms. Most unregulated online trading platforms are located outside Singapore and pose a greater risk of fraud since the credibility of their operations cannot be easily verified. Members of the public will face challenges in pursuing claims against operators based overseas. Online trading platforms may also require payment for trades to be made using credit or debit cards, which gives rise to further risk of unauthorised card transactions.

Members of the public can first verify if an online trading platform has a valid capital markets services licence issued by MAS by checking MAS’ Financial Institutions Directory. They can also check MAS’ Investor Alert List, which contains unregulated persons and entities who, based on the information received by MAS, may have been wrongly perceived as being licensed or authorised by the central bank.

Related IBS Intelligence Research

Related Posts


NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »