On Jul. 16, 2025, SIN MAS updated question 2 of its FAQs on two-factor authentication for online financial services platforms, making 2FA mandatory for online accounts.
On Jun. 11, SIN MAS issued updated FAQs on trading authentication.
SIN MAS updated FAQs on two-factor authentication (2FA) for online trading platforms.
Scope expanded from online trading platforms to online financial services platforms, with a footnote defining platform as used for trading or investment services.
Follows MAS Dec. 2016 FAQs on two-factor authentication for online trading, #30257.
Question 2 Modifications
Question 2 title changed from Is the implementation of 2FA for online trading platforms mandatory for all financial institutions (FIs)? to Is the implementation of 2FA mandatory for all financial institutions (FIs) with online financial services platforms?
Scope expanded from FIs dealing in securities, futures contracts, and leveraged foreign exchange trading to all persons licensed or exempted under s99 of SFA Cap. 289 to deal in capital markets products or fund management; added specific exemption.
Namely, for institutional investors accessing through direct market access or broker-assisted medium such as Bloomberg or Financial Information eXchange (FIX).
Added footnotes defining direct market access and FIX protocol respectively.
Question 3 Revision
Question changed from What if customers choose not to adopt 2FA? to Can a customer still access his online financial services without 2FA?; answer revised where customers will not have access to their online financial services without 2FA, since mandatory.
Removed provision allowing customers to opt out with acknowledgement of risks.
Question 4 Additional Requirements
Added new requirement for FIs to enhance cyber threat, surveillance systems to detect unusual activities in the customer's account and systems used for financial services.
Modified customer awareness requirement from make informed choices on whether to adopt 2FA to understand the need to use 2FA when logging into their accounts.
Question 5 Timeline Changes
Question title amends online trading services to online financial services platforms.
Implementation deadline changed from two separate dates (Sep. 21, 2017 for securities and Mar. 21, 2018 for other products) to single deadline of Sep. 12, 2025.
Removed distinction between different product classes for implementation timing.
Effectiveness
FIs have until Sep. 12, 2025 to introduce updated 2FA.
Jul. 2025 Mandatory 2FA
On Jul. 16, 2025, SIN MAS updated question 2 of its FAQs on two-factor authentication for online financial services platforms, making 2FA mandatory for online accounts.
