July saw several MAS developments relevant to fund managers, financial institutions and market participants, with a strong focus on fund product innovation, liquidity risk management, cyber resilience, AI governance and cross-border cooperation.

On 2 July, MAS updated the Code on Collective Investment Schemes and issued the revised Guidelines on Liquidity Risk Management Practices for Fund Management Companies [SFA 04-G08], together with its response to the consultation. Fund management companies should review their liquidity risk frameworks, especially where they manage open-ended funds, less liquid strategies or funds with redemption features.

On 9 July, MAS proposed regulatory changes to facilitate faster approvals of new fund types and issued a consultation paper on proposed amendments to the CIS Code to support retail fund product innovation. This signals MAS’ continued push to broaden Singapore’s fund product ecosystem while maintaining appropriate investor safeguards.

Technology and cyber risk remained a key theme. On 3 July, MAS announced that it is partnering the industry to develop safeguards for AI agents in finance and published a white paper titled “Safeguards for Agentic Finance at Runtime (SAFR)”. Later in the month, MAS and the Bank of Thailand signed an MOU on cybersecurity cooperation and digital fraud protection. MAS and the Association of Banks in Singapore also established a taskforce to strengthen cyber and technology resilience against AI-driven threats. Financial institutions should continue to review AI governance, cyber incident response, vendor oversight and fraud prevention controls.

MAS also published its Sustainability Report 2025/2026, Annual Report 2025/2026, FSDF Annual Report 2025/2026, and the Macroeconomic Review Volume XXV Issue 3. These publications provide useful context on MAS’ supervisory priorities, Singapore’s financial sector development agenda and macroeconomic outlook.

Cross-border cooperation was also highlighted, with MAS and the China Securities Regulatory Commission (CSRC) reaffirming their commitment to enhance capital markets and supervisory cooperation.

Operationally, firms should note the Industry Questionnaire on Unregistered Foreign Companies, Trusts and Complex Arrangements issued via MAS-Tx on 24 July, and FDD Cir 05/2026 on Tax Incentive Schemes for Funds issued on 31 July. Firms should check MAS-Tx to determine applicability and required follow-up.

Finally, MAS published the results of the Singapore Asset Management Survey on 30 July and updated its FAQs on the Licensing Exemption Framework for Single Family Offices on 31 July.