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- More broadly, how will MAS, as a regulator, partner the industry in this transformation journey? Let me first set out a few principles that guide our approach: Firstly, MAS is technology-neutral and will not seek to favour one technology over another.
- MAS has been beefing up our surveillance and analytical capabilities, including the setting up of a dedicated unit for SupTech within our Data Analytics Group.
- MAS has worked closely with LIA on measures to address these risks and we will be issuing a public consultation soon to promote responsible recruitment practices in the financial advisory industry.
- MAS
- Speeches
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- Observations from MAS inspections and industry engagements 5 Allow me to provide an update on what the MAS been doing on the AML/CFT (anti-money laundering / countering the financing of terrorism) front. 6 We’ve intensified supervision on financial institutions that have higher inherent ML/TF
- Along with the rest of government, the MAS strongly believes that innovation in technology could have a transformative effect on society, the economy and our daily lives. I am glad that the financial sector is equally if not more excited about these possibilities.
- MAS is working closely with these banks on the project and I am excited about its potential. The utility can be a platform for raising the waterline for KYC processes across participating banks, and strengthen the adoption of best practices for screening and on-boarding.
- MAS
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- MAS and other government agencies will be working closely with the ABS.
- MAS will be working alongside you to help facilitate the growth of these markets. 29 Another area I should mention is the Risk Based Capital (RBC) Framework.
- It has also been actively involved in the Par Fund review, offering valuable comments to MAS public consultation, and initiating focus group discussions to seek feedback from the members of the public and the media.
- MAS
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- Currently, data submission to MAS is still partly manual. We will improve this process. Our vision is for data to flow seamlessly in both directions between systems in the financial institutions and MAS. This will reduce the ongoing cost of regulatory submissions.
- Smart Financial Centre It is MAS’s conviction that innovation and technology will be critical to the future growth and success of Singapore’s financial sector.
- MAS will closely engage the industry to ensure that these APIs are clear, simple to implement, and extensible. Conclusion I spoke earlier about the telegraph.
- MAS
- Speeches
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- With the Growing Timber series, MAS and IBF hope to nurture young seedlings like you and prepare you for an exciting career in the financial sector.
- The Financial Sector Development Fund (FSDF) that MAS administers, will set aside S$8 million grant funding over the next 3 years to support this scheme.
- MAS and IBF will also bring together our polytechnics and financial institutions to deepen collaborations and increase industry’s outreach to draw in polytechnic talent.
- MAS
- Media Releases
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- Singapore, 17 Nov 2004...The Monetary Authority of Singapore (MAS) issued an Information Paper on Good Practices for Licensed and Exempt Financial Advisers.
- This will enhance consumer confidence in the financial advisory industry. 4 The paper (261 KB) & and MAS' response to the feedback received from the public consultation are available on the MAS website at www.mas.gov.sg
- The paper aims to assist financial advisers (FAs) enhance their advisory and sales process, complaints handling, compliance function and competency level of their representatives. 2 In the course of supervising FAs, MAS has observed some good practices among some FAs and has highlighted these in the
- MAS
- Media Releases
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- Singapore, 15 September 2017… The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) yesterday signed a Cooperation Agreement (CA) to foster closer cooperation on FinTech and innovation in financial services between Singapore and Malaysia.
- The CA was signed by Mr Sopnendu Mohanty, Chief FinTech Officer, MAS and Mr Chin Wei Min, Executive Director, Innovation, Digital & Strategy, SC.
- MAS and SC share similar objectives of developing robust FinTech ecosystems that support the needs of the financial industry and promote innovation in their respective markets.
- MAS
- Media Releases
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- Singapore, 19 December 2022…The Monetary Authority of Singapore (MAS) and the Economic Society of Singapore (ESS) today launched the MAS-ESS Essay Competition 2022.
- The terms and conditions as well as entry forms for the MAS-ESS Economic Essay Competition are available on the ESS website ( http://www.ess.org.sg ). The closing date for the submission of entries is 14 April 2023. ***
- MAS and ESS invite submissions from Polytechnics, Centralised Institutes, International Schools, and Junior Colleges as well as from full-time national servicemen. The following prizes will be awarded for the three best essays: First Prize: S$3,000 Second Prize: S$2,000 Third Prize: S$1,000 4.
- MAS
- Media Releases
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- Singapore, 1 Sep 1999 - The Monetary Authority of Singapore (MAS) today issued guidelines on the practice of receiving soft dollars by unit trust managers, while prohibiting their retention of cash rebates.
- MAS said the guidelines are consonant with international practices. The guidelines define soft dollars to include research and analyses services, data and quotation services and computer hardware and software.
- On the measure to prohibit the retention of cash rebates, MAS said that this is aimed at improving the transparency on the remuneration of unit trust managers. Managers can no longer retain cash rebates that enable them to charge ostensibly low fees.
- MAS
- Media Releases
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- More details can be found on the MAS website (958.1 KB) . ***
- The Monetary Authority of Singapore (MAS) today released a public consultation on its proposals to enhance the Deposit Insurance (DI) Scheme, which insures Singapore dollar deposits held at a full bank or finance company in Singapore. 2 A key proposal is to increase DI coverage from the current S$50,000
- The proposed coverage limit of S$75,000 will restore the percentage of fully insured depositors to above 90%, in line with international norms. 3 MAS proposes to achieve the targeted DI Fund size of 30 basis points of total insured deposits in a progressive manner.