A former head of the Financial Services Regulatory Authority at Abu Dhabi Global Market has joined the advisory board of industry advocate Blockchain Association Singapore (BAS).
- The appointment of Richard Teng comes at a time when the country's institutional interest, innovation and tightening regulations are increasing, the association said in a press release Monday.
- Teng, who has become a member of the board, brings a wealth of experience from the financial and fintech sectors across multiple countries.
- "Singapore is a jurisdiction that has strict regulations with clear and transparent guidance on digital assets," said Chia Hock Lai, co-chairman of BAS. "Teng's experience will be a valuable asset in our journey to build a conducive ecosystem, encouraging legitimate players to discover solutions and promote best practices in a collaborative, open, and transparent manner."
- Before his time in Abu Dhabi, Teng served as Singapore Exchange's chief regulatory officer, where he oversaw policy and framework relating to trading, clearing, and settlement.
- The new member is also a former director of corporate finance of the Monetary Authority of Singapore, where he oversaw the formulation and administration of the Securities and Futures Act, according to his LinkedIn page.