Singapores financial regulator released the new Technology Risk Management Guidelines on 18 January 2021. The new guidelines are to keep pace with emerging technologies and shifts in the cyberthreat landscape These guidelines apply to all banking, insurance, brokerage, and payment services firms operating in the country. Financial institutions now need to exercise strong oversight of arrangements with third-party service providers, to ensure system resilience as well as maintain data confidentiality and integrity Financial institutions must secure the development of API codes and encrypt data to prevent data leakages.”]