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- Media Releases
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- Singapore, 31 October 2011...The Monetary Authority of Singapore (MAS) has reprimanded Oversea-Chinese Banking Corporation Limited (OCBC Bank) for the failure of the bank’s online and branch banking systems on 13 September 2011. 2 As required by MAS, OCBC Bank has presented its findings from its
- OCBC Bank had therefore failed to observe the Security Practices requirement set out in the MAS IBTRM Guidelines. 4 MAS has reprimanded OCBC Bank and directed it to: a) conduct a thorough review of all critical host and network architectures as well as configurations to determine if there are any single
- The bank recovered its systems and services within the four hour recovery time objective set out in MAS Internet Banking and Technology Risk Management (IBTRM) Guidelines.
- MAS
- Media Releases
Last revised date:
- Singapore, 22 March 2019… The Minister in Charge of the Monetary Authority of Singapore (MAS) has shortened the duration of the prohibition orders made by MAS against Ms Zheng Xuemei from two years to one year. 2 On 17 May 2018, MAS announced the issuance of prohibition orders against Ms Zheng for
- charge of MAS Under section 101A(5) of the SFA and section 59(4) of the FAA .
- Following the hearing by MAS’ independent Appeals Advisory Committee (AAC), the Minister has decided to reduce the length of the prohibition orders. *** Additional information Any person who is aggrieved by MAS’ decision to issue a prohibition order against him is entitled to appeal to the Minister in
- MAS
- Media Releases
Last revised date:
- About the Monetary Authority of Singapore As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis.
- Singapore, 13 November 2018… The Inter-American Development Bank (IDB) Group, led by IDB Lab – the Group’s innovation laboratory – and the Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU) to collaborate on projects and initiatives that will foster innovation in financial
- The Festival is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Festival Grand Sponsors include AMTD, Deloitte, GIC, Google Cloud and Prudential. Find out more at http://fintechfestival.sg .
- MAS
- Media Releases
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- MAS today issued Notices on financial reinsurance to general insurers and life insurers. The Notices set out MAS' stance on the definition and use of financial reinsurance.
- The Notices were developed by a working group comprising representatives from the Monetary Authority of Singapore (MAS), the insurance associations and the Institute of Certified Public Accountants of Singapore (ICPAS).
- For reference to the Notices on Financial Reinsurance, please refer to MAS Notice 208 : Notices on Financial Reinsurance to General Insurers (22.3 KB) MAS Notice 316 : Notices on Financial Reinsurance to Life Insurers (32.2 KB)
- MAS
- Media Releases
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- The signing of the MOU took place on the sidelines of the Indonesia-Singapore Leaders’ Retreat on 11 October 2018. *** About the Monetary Authority of Singapore As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct
- Mr Ravi Menon, Managing Director, MAS, said, “Singapore and Indonesia have vibrant FinTech sectors, and MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region.
- Bali, 11 October 2018… The Monetary Authority of Singapore (MAS) and the Financial Services Authority of the Republic of Indonesia, Otoritas Jasa Keuangan (OJK) today signed a Memorandum of Understanding (MOU) to strengthen cooperation in FinTech and foster innovation in financial services between Indonesia
- MAS
- Parliamentary Replies
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- Response by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Chairman, MAS: 1 The Monetary Authority of Singapore (MAS) expects all financial institutions in Singapore to have in place risk management processes and security controls to safeguard their systems and operating capability.
- MAS has urged banks to implement the new measures as soon as they can, even ahead of the industry’s target timeline, where possible. 3 DBS has assured MAS that it is treating the issue of fraudulent withdrawals with utmost priority.
- MAS has required that the bank reviews all control processes to minimise the risk of ATM fraud, and will assess the adequacy of the measures being taken.
- MAS
- Media Releases
Last revised date:
- Singapore, 14 January 2013… The Monetary Authority of Singapore (MAS) has issued a monograph on Supervision of Financial Market Infrastructures in Singapore .
- Prior to the issuance of the PFMI, MAS had applied these pre-existing standards in its supervision of relevant FMIs.
- It updates and replaces the 2004 monograph on MAS’ Roles and Responsibilities in Relation to Securities Clearing and Settlement Systems in Singapore . 2 The monograph sets out MAS’ adoption of the Principles for Financial Market Infrastructures (PFMI), issued by the Committee on Payment and Settlement
- MAS
- Circulars
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- This is following the cancellation of the previous MAS Notice 319 and Guidelines ID 1/04, which took effect on 31 March 2020. 2 On 24 September 2020, MAS issued a letter to seek insurers feedback on the new guidelines, which have incorporated the relevant1 parts of the previous MAS Notice 319
- The updated Notice 133 and amendment notes can be accessed on the MAS website(link). 5 Please contact your companys liaison officer in MAS should you have any queries.
- MAS also sought feedback from the Singapore Actuarial Society on the new guidelines. We would like to thank the insurers who have provided their feedback.
- MAS
- Media Releases
Last revised date:
- Singapore, 28 January 2020… The Monetary Authority of Singapore (MAS) today announced the commencement of the Payment Services Act (PS Act).
- It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services.
- To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services. 4 Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “The Payment Services
- MAS
- Monographs/Information Papers
Last revised date:
- MAS and ABS. November 2017.
- Singapores equivalent of an RTGS system is the MAS Electronic Payment System (MEPS+)22, operated by MAS.
- Monetary Authority of Singapore. May 2018.