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- The Programme is a joint initiative by the Monetary Authority of Singapore (MAS) and the National AI Office (NAIO) at the Smart Nation and Digital Government Office (SNDGO).
- Veritas An AI governance initiative to help FIs utilise AI and Data Analytics (AIDA) responsibly based on MAS’ fairness, ethics, accountability, and transparency (FEAT) principles. The initiative includes developing the Veritas Assessment Methodology and Veritas Toolkits, and the Veritas Ecosystem.
- Its objectives are to: • increase productivity through the adoption of AI; • create new jobs through increased AI innovation activities and upskilling in AI-related competencies; and • improve societal acceptance of AI through sound AI governance 3 Under this Programme, MAS and SNDGO will provide funding
- MAS
- Parliamentary Replies
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- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1.
- For example, MAS helps financial institutions build their pipeline of talent through programmes such as the Technology in Finance Immersion Programme. 7.
- For example, in green finance, MAS is actively involved in developing an ASEAN taxonomy which will provide a common language on activities that are considered green and transition.
- MAS
- Parliamentary Replies
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- HSBC’s Green Loan Framework for SMEs, which was launched in Singapore in March 2020, is a promising start and MAS will encourage more lenders to develop such frameworks. 4. MAS will also help borrowers defray the cost of customised green and sustainability-linked loans.
- MAS does not have data on SMEs’ take-up of green and sustainability-linked loans. But we do know that Singapore-based banks have been stepping up on such lending.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. Green and sustainable financing flows are growing strongly in Singapore. From 2019 till the first half of this year, approximately SGD 4.8 billion of green and sustainability bonds were issued in Singapore.
- MAS
- Media Releases
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- It is co-chaired by CAD and MAS, and is supported by a steering group comprising 8 banks and ABS.
- as model governance and using DA to target high-risk areas. 5 Ms Ho Hern Shin, Assistant Managing Director (Banking and Insurance), MAS and co-chair of ACIP, said “MAS strongly encourages the use of data analytics in AML/CFT, which has the potential for bringing about transformative change in our
- These include working with the Institute for Banking and Finance (IBF) on dedicated career paths and skills development for AML/CFT analytics professionals, as well as workshops for financial institutions, MAS and CAD to collectively address key policy and operational issues in AML/CFT analytics such
- MAS
- Media Releases
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- Singapore, 15 December 2017…The Monetary Authority of Singapore (MAS) announced today a new measure to help borrowers avoid accumulating excessive unsecured debts.
- MAS has taken the public feedback into consideration and revised the proposals where appropriate. In particular, MAS has lowered the threshold of the Credit Limit Management Measure from 12 times to 6 times of an individual’s monthly income to prevent debt creep earlier.
- Details are set out in the responses to feedback received on the consultation paper (321.1 KB) . 5 Ms Loo Siew Yee, MAS Assistant Managing Director (Policy, Risk & Surveillance), said: “We are making steady progress in helping borrowers manage their unsecured debts.
- MAS
- Media Releases
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- Singapore, 21 December 2012...The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to credit card and unsecured credit rules.
- The changes will complement existing measures 3 to mitigate the risks of over-borrowing by individuals. 4 MAS is also proposing to provide financially secure retirees greater flexibility to qualify for a credit card.
- individuals above 55 years old can qualify for a credit card if they have an annual income of at least $15,000, net personal assets exceeding $750,000, or a guarantor with an annual income of at least $30,000. 5 Details of the proposals are set out in the Consultation Paper which is available on MAS
- MAS
- Parliamentary Replies
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- Together with MAS’ exchange rate policy, these initiatives will help to contain inflation over the medium term. 9 We have committed to significantly expand bus and MRT capacity, so as to reduce demand for cars over time.
- Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS : 1 Let me first put Mr Teo’s question in perspective. CPI-All Items inflation remains high at 4.2% in Q3 2012, although it has eased from 5.1% in the first six months of the year.
- QUESTION NO 842 NOTICE PAPER 399 OF 2012 FOR WRITTEN ANSWER Date: For Parliament Sitting on 15 November 2012 Name and Constituency of Member of Parliament Teo Siong Seng, NMP Question: To ask the Prime Minister whether MAS can explain how a strong Singapore dollar policy manages inflation caused mainly
- MAS
- Media Releases
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- Singapore, 3 July 2013… The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Oh Kian Guan for contravening Section 201(b) of the Securities and Futures Act (SFA), which prohibits the employment of manipulative and deceptive devices in connection with the subscription
- (iii) In determining the quantum of civil penalties to seek in such actions, MAS takes into consideration all facts and circumstances relating to the contravention and the contravening person.
- Mr Oh has admitted to contravening Sections 201(b) and 137 of the SFA and paid (i) a civil penalty of $100,000, without court action, in respect of the Section 201(b) contravention; and (ii) a composition amount of $18,000 in respect of the Section 137 contraventions. 5 This matter was referred to MAS
- MAS
- Media Releases
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- Singapore, 10 February 2014… The Monetary Authority of Singapore (MAS) has received feedback from borrowers who face challenges refinancing loans for owner-occupied properties which were bought before the introduction of the Total Debt Servicing Ratio (TDSR) rules .
- However, MAS recognises that some borrowers may face challenges in right-sizing their debt obligations in the short term; the starting level of debt may be too high and there may be significant costs involved if they had to sell their properties to reduce their leverage. 6 Therefore, MAS will allow
- MAS has decided to broaden the existing exemption from the TDSR threshold of 60 per cent for such loans to ease the debt servicing burden of these borrowers.
- MAS
- Economic Essays
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- in the OECD Economies, Working Paper No. 1 on Monetary Authority of Singapore Economic Policy Group
- Monetary Authority of Singapore Economic Policy Group -------- The raw materials sub-index of Chinas producer price index is utilised as a proxy for the second regressor, raw material costs.
- Monetary Authority of Singapore Economic Policy Group -------- To complete the analysis, a short-run error correction model is estimated, based on the DOLS estimates of the long-run parameters given in Table 1.