So this idea a lot of people seemed to have that, after Brexit, Britain could shed a load of regulations and become a haven for a more buccaneering approach to business, like Singapore…it seems Singapore, for its part, has decided regulations are a good idea.
According to the Out-Law news service, the the Monetary Authority of Singapore (MAS) is likely to end up with more power than it has at the moment to oversee what’s happening in the banking world, particularly in terms of outsourcing, and it will have rights in particular when it comes to requirements for contracts.
It’s embryonic stuff and it’s not law yet. But the emphasis on due diligence looks sufficiently like common sense for it to take root pretty quickly.
Singapore is a particular case in its own right, in which not all of the diligence some people might expect is enshrined in law. This is undoubtedly an attempt to tighten up on that, no more. Yet it’s instructive: at a time when a lot of people of a particular political calling are demanding that the UK should become more like Singapore, the people who actually are running Singapore are looking at introducing further regulation.
That probably tells us quite a lot.