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- MAS will publish its responses to the public consultation, and the revised regulations by the end of the year. 8 MAS also established the Corporate Governance Council earlier this year. This Council is chaired by Mr Alan Chan, Chief Executive Officer of Singapore Press Holdings Limited.
- In March this year, MAS consulted on proposed enhancements to the Corporate Governance Regulations and Guidelines for locally-incorporated banks and significant life insurers.
- The Council is currently reviewing the Singapore Code of Corporate Governance, and will submit its recommendations to MAS. Effective Supervision and Enforcement 9 Let me turn to the second element.
- MAS
- Media Releases
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- Singapore, 31 March 2015… The Monetary Authority of Singapore (MAS) announced today that from 7 April, consumers can compare life insurance products of different companies using a new web portal called compareFIRST (www.comparefirst.sg).
- As it is an informational portal, consumers who wish to purchase life insurance products should approach their financial advisory representative or life insurance company. compareFIRST is a collaborative effort by the Consumers Association of Singapore, MAS, the Life Insurance Association, Singapore
- Primary Pulmonary 1 Source: 2012 Dread Disease Survey by major reinsurer General Reinsurance Corporation. -------- Monetary Authority of Singapore Hypertension 23. HIV Due to Blood Transfusion and Occupationally Acquired HIV 24.
- MAS
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- Placement of S$10 Billion of MAS Funds to Further Develop the Asset Management Industry 17 The MAS has set out a bold and realisable vision for the asset management industry.
- This evening, I am pleased to inform the industry that MAS itself also intends to place out funds for private sector fund managers to manage.
- Together with the GIC funds, this $10-billion contribution from MAS will help to ensure a steady flow of funds to be managed by the private sector.
- MAS
- Speeches
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- The core principles have been endorsed by insurance supervisors worldwide, including the MAS.
- The regulations contain elements that MAS believes are essential for good corporate governance.
- Some have argued that given the limited pool of financial expertise in Singapore, it would be difficult to find individuals who know the business as well as satisfy the independence criteria laid down by MAS. 15 As a regulator, MAS views that both qualities are equally important.
- MAS
- Speeches
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- One, MAS and China Securities Regulatory Commission (CSRC) will hold regular high-level dialogues to strengthen regulatory cooperation. Two, MAS and CSRC will lend support to the market participants, including Exchanges, to forge partnerships and explore collaboration on product development.
- MAS and the Shanghai FSO have a longstanding relationship, regularly exchanging ideas to develop platforms and opportunities to promote closer collaboration between our markets.
- Finally, MAS and the PBC have agreed to renew and enhance the bilateral currency swap arrangement established between both central banks when it expires in March 2016.
- MAS
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- MAS is involved in discussions at the Financial Stability Board, the Basel Committee on Banking Supervision and other fora to consider proposals to strengthen the regulatory framework.
- MAS fully supports RMI’s initiatives to deepen its collaboration with the industry. 21 Second, as a repository of knowledge on risk management, RMI plays an important role in education.
- As MAS’ regulatory framework has generally been regarded as conservative, we are in a good position to comfortably adopt these more stringent standards. 12 However, we are aware that more regulation on its own is not a panacea.
- MAS
- Speeches
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- This is the work of our partners, not just the MAS – including the community, the media, financial industry associations, advocacy groups like CASE and SIAS, our educational institutions which will play a larger role in the future, and a whole set of government agencies, all working with MAS to propagate
- Thank you very much. 1 Financial Literacy Survey of over 1, 800 Singaporeans and PRs conducted by The Nielsen Company on behalf of MAS between August and October 2013.
- But MAS started with this limit because we are aware that some Singaporeans’ borrowings currently exceed 12 months of income, and we have to give them time to bring their borrowings down.
- MAS
- Media Releases
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- Merchants can approach their acquirers to check on their deployment timetable. 6 SGQR was developed by an industry task force co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
- Singapore, 17 September 2018…The Singapore Quick Response Code (SGQR) was officially launched by Mr Ong Ye Kung, Minister for Education and MAS Board Member today.
- Simplicity and speed of e-payments were identified by MAS as one of the critical challenges impeding adoption of e-payment options in Singapore.
- MAS
- Speeches
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- While there has been good progress, MAS is keen to do more with financial institutions and unions under the tripartite movement, to keep up with the sector’s needs. 13 While MAS develops the talent pool, the Government has also taken concerted efforts to support PMETs across sectors.
- Through extensive consultations with financial institutions, MAS, the Institute of Banking and Finance (IBF) and Workforce Singapore have launched a professional conversion programme (PCP), for consumer banking.
- This advisory was developed, after extensive discussions by the Association of Banks in Singapore, MAS, Ministry of Manpower, National Trades Union Congress and Singapore National Employers Federation. 10 Why the need for this tripartite advisory?
- MAS
- Media Releases
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- Singapore, 12 June 2023… The Monetary Authority of Singapore (MAS) today launched the 8th edition of the Global FinTech Hackcelerator, titled “ Artificial Intelligence (AI) in Finance Global Challenge ”, to produce innovative and market-ready AI solutions that can transform the financial services industry
- The challenge, organised by Monetary Authority of Singapore (MAS) in partnership with AI Singapore, and powered by Oliver Wyman, seeks to unlock the potential of AI in FinTech. The AI in Finance Global Challenge is open to all solution providers with a market-ready product.
- Oliver Wyman is excited to bring our expertise and work with MAS and AI Singapore to power 2023's AI-focused Global FinTech Hackcelerator.