The Monetary Authority of Singapore has reprimanded 20 banks in Singapore for rigging key financial rates following a review of their rate-setting process, and plans to introduce a new regulatory framework to criminalise future rate-fixing activities. Commenting on the authority’s move, SMU Vice President (Business Development and External Relations) and Associate Professor of Finance Annie Koh said Singapore is the first market in Asia to do so, and this reflects how serious Singapore takes its reputation as a global financial centre.