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- Improved disclosure will allow for more transparent competition, and could encourage the development of more efficient channels of distribution. 5.10 MAS has recently announced the formation of a committee, comprising leading industry representatives and MAS officials, to study and recommend changes
- In August last year, during the Pacific Insurance Conference held in Singapore, DPM Lee Hsien Loong set out MAS' thinking on the liberalisation of the insurance sector. We had, since 1990, adopted a closed-door policy in respect of direct insurers.
- MAS will continue to work closely with the industry and build on ideas gained from the market as we develop a risk-based regulatory and supervisory framework, and seek to improve transparency and efficiency, so as to spur the industry's growth. 1 The gap in penetration rates is understated given the
- MAS
- Speeches
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- Consumer education is vital to MAS' disclosure-based regime, and we will continue our efforts to empower consumers under the MoneySENSE programme so that they can make informed decisions. 15 But there is only so much MAS can do.
- At MAS, we term these as "fit and proper" persons - those who are competent, efficient, honest, have sound financial standing and are persons of integrity.
- This is especially important because your relationship with your clients is a very personal one that is built upon trust and confidence. 14 To achieve this vision of an industry par excellence, MAS refines our regulatory framework to respond to market developments and keep up with international best
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- MAS' Role Finally, I would like to conclude by sharing some insights on MAS' role amidst this diversity of challenges and opportunities. MAS is both supervisor and developer of the financial sector in Singapore. As supervisor, we would exhort prudence and risk management.
- MAS is committed to partnering the life insurance industry to achieve long term viability through responsible management.
- As a regulator, both MAS' supervisory and developmental roles strive towards the shared purpose of fostering a sound and progressive financial sector.
- MAS
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- This task may prove daunting, but MAS, like any other regulator, understands the importance of getting this balance right. 13 To achieve this, MAS takes into consideration industry practices in the formulation of its guidelines to the industry.
- In March 2007, MAS also issued the inaugural 20-year Singapore Government Securities (SGS) to serve as a benchmark for longer dated interest rate products and to boost the investor base. 6 Positive results were also noted in the Singapore Foreign Exchange market.
- With its success, we hope that further development can be made on the facility, to expand its product coverage to include FX and Interest Rate products and potentially various other derivative products, and to extend its geographical reach across Asia. 8 MAS is also in the process of assuming regulatory
- MAS
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- MAS supports this initiative and will work with the industry to implement the new standards.
- MAS is committed to working in partnership with the industry on capability building efforts.
- This self-regulatory framework administers MAS’ regulatory requirements on the agents such as registration, proper agency contracts and competency levels of the agency force.
- MAS
- Speeches
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- As an Islamic Financial Services Board (IFSB) member, MAS is honoured to host this 6th IFSB Summit. This is IFSB’s first Summit in East Asia, and the strong interest shown by participants here is a testament to the growing opportunities for Islamic Finance and economic cooperation in our region.
- While Islamic Finance has features that make it robust, there are also risks such as liquidity and concentration risks that demand special attention. 18 MAS applies a single regulatory framework to both conventional and Islamic banking because our regulations address prudential issues of liquidity,
- To support professionals who wish to deepen their expertise, I am pleased to announce that beginning from this year we will sponsor students for the eligible Islamic Finance Masters programmes. 22 MAS will continue to work towards a regulatory approach that is clear, relevant and consistent, across
- MAS
- Speeches
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- MAS is fortunate in this regard. As an integrated regulator which supervises the banking and insurance industries, as well as the capital markets, MAS is well placed to take a comprehensive view of risks within the financial system as a whole.
- As a central bank responsibile for macroeconomic stability, MAS is also able to monitor and understand the effects of monetary and liquidity conditions on systemic risks.
- This has been central to the approach taken by the Monetary Authority of Singapore – never hesitating to impose high standards of prudence and financial discipline but always careful to do so in a manner that does not undermine enterprise and innovation. 11.
- MAS
- Economic Essays
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- Monetary Authority of Singapore Economic Policy Department
- Monetary Authority of Singapore Economic Policy Department -------- finances. Lessons for Asia What does all this suggest for developing Asian economies?
- The views in this Special Feature are solely those of the author and should not be attributed to MAS. I have called this a double downward spiral elsewhere. The evidence for this is that the most sophisticated financial institutions all suffered serious balance sheet damage.
- MAS
- Speeches
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- Mr Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS) and Chairman, Institute of Banking & Finance (IBF) Distinguished guests, ladies and gentlemen 1.
- In 2018, more than 20,000 individuals went through MAS/IBF supported upskilling programmes.
- This is why the study commissioned by the Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) is so useful. Instead of talking about technology in general terms, the study zoomed in on data analytics and automation.
- MAS
- Parliamentary Replies
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- This makes it important to educate Singaporeans to be knowledgeable in financial affairs. 3 In February this year, MAS formed a public sector committee to recommend ways to increase the effectiveness of financial education in Singapore.
- Chaired by MAS, the committee comprises representatives from Ministry of Community Development and Sports (MCDS), Ministry of Education (MOE), Ministry of Manpower (MOM), Central Provident Fund Board (CPF Board) and People's Association (PA).
- MAS will also be developing consumer guides to explain financial regulations or policies that impact the consumer. These include guides on what to look out for when seeking financial advice and how to seek redress in the event of a dispute with a financial institution.