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- Speeches
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- We, at MAS, have been grateful to tap on the practical knowledge and expertise of all the industry representatives.
- Data Analytics 17 I am sure you would have heard MAS representatives, including myself, speak at various occasions on the importance of analytics and how excited we are about it. Allow me to share what the ACIP, as well as MAS, are doing in this area. 18 Let me start with ACIP.
- I look forward to the group’s findings and recommendations later in the year. 20 MAS, too, has made strides in incorporating data analytics into our supervisory work. One promising area is in STR analytics.
- MAS
- Speeches
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- MAS has and will continue to take a risk-proportionate approach to regulation. We will continue to calibrate regulatory requirements which are commensurate with the risks to be addressed.
- Allowing experimentation in a safe way 15 MAS’ risk-proportionate approach can be seen in the regulatory sandbox, where firms can experiment their innovation within a confined environment.
- Considering the limited risk and impact of failure, MAS is prepared to relax certain regulatory requirements which the firm would otherwise be subject to. 16 There are however some requirements which will likely be maintained.
- MAS
- Speeches
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- MAS, as a full and Council member of the Islamic Financial Services Board (IFSB) since 2005, will continue to advocate and support multi-national initiatives that would bring about such improvements.
- Last week, MAS communicated our long-standing approach in the latest monograph - “Tenets of Effective Regulation” where we reiterated that our approach to regulatory development is outcome-focused, risk appropriate and impact sensitive.
- Such reforms should bring about greater stability to the global financial system. 9 These changes will not be dramatic for Singapore-based financial institutions because MAS’ regulation and supervision have been sound, prudent and effective.
- MAS
- Speeches
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- MAS will also work with interested parties to tie up with local educational institutes and bodies to offer such programmes here.
- Our commitment to further develop this industry is underscored by MAS’ full membership at the Islamic Financial Services Board (or the ‘IFSB’).
- My remarks will focus on how Singapore, as a major financial centre in Asia, views the growth of Islamic finance and what the MAS is doing to facilitate its continued development here.
- MAS
- Media Releases
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- They have been directed by MAS to review their existing client and asset pools to ensure compliance with this requirement.
- The changes also come after measures introduced by the Monetary Authority of Singapore since 2011 2 to ensure that Singapore’s financial system is not used to harbour illegitimate funds or as a conduit for the flow of undeclared assets.
- Financial institutions in Singapore have given feedback to the Monetary Authority of Singapore that Model I offers stronger operational efficiencies and has a lower implementation cost. FATCA is a US law which targets US tax non-compliance by US taxpayers using overseas accounts.
- MAS
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- Centre of connectivity Ravi Menon, Monetary Authority of Singapore Following the launch of OMFIFs Singapore office in November, we asked Ravi Menon, managing director of the Monetary Authority of Singapore, about the states role in Asia Pacific and the impact of international developments such as
- Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore spoke about Singapore's role in Asia Pacific and the impact of international developments such as China’s slowdown.
- MAS top-down reverse stress tests show that the Asian corporate sector would require shocks far greater than those seen in the 1997 Asian financial crisis or 2008 global crisis to come under significant stress.
- MAS
- Notices
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- Amendment Notes 28 Jun 2021 MAS Notice FAA-N11 (Amendment) 2021 (547.3 KB) takes effect.
- This document shall be interpreted as follows: (a) Text which is coloured and struck through represents deletion which will not appear in the untracked version of MAS Notice No.
- FAA-N11 revised on 28 June 2021, which is published on MAS website www.mas.gov.sg (Published Version); and (b) Text which is coloured and underlined represents insertion which will appear in the Published Version.
- MAS
- Speeches
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- In this regard, MAS has taken efforts to promote strong sustainability focus.
- To connect people and facilitate deal-making, MAS will introduce the Global Investor Summit this year as a new component of the highly successful Singapore FinTech Festival in November this year.
- Specifically, MAS will work with the industry to: Position Singapore’s wealth management industry for the future; Professionalise family wealth management for the future; and Empower investments in the future 8 I will elaborate on these three areas next.
- MAS
- Economic Essays
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- Monetary Authority of Singapore Economic Policy Department
- Monetary Authority of Singapore Economic Policy Department -------- three quarters, and then picking up very gradually. Exports, in comparison, have been the main engine of recovery in the region.
- Monetary Authority of Singapore Economic Policy Department -------- Special Features 63 Table 1 Previous Recessions in Asia since 1980 Recessions Identified with Domestic Banking Crisis Export Demand Shock Financial Stress Japan Australia New Zealand
- MAS
- Speeches
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- And MAS is keen to engage structurers and provide appropriate support to bring their capabilities here. 10. MAS will also continue to support ILS issuances. In 2018, we built a tailored regulatory, tax and listing infrastructure that catered to ILS issuances.
- We introduced the MAS ILS Grant, which defrays the costs of ILS issuance. We have supported 23 catastrophe bond issuances to date, from cedants across US, Europe and Asia-Pacific.
- And cumulatively, Singapore has captured 44% Source: MAS database and estimates from Artemis. of Asian risks by issuance volume globally. The strong deal flow reflects growing familiarity and confidence in Singapore’s ILS regime.