Global financial regulation is now at a critical juncture, Heng Swee Keat, the managing director of the Monetary Authority of Singapore, on Wednesday said.

"In the past two years, all of us, as national financial authorities, have undertaken extensive reviews to enhance the resilience of our financial systems. Globally, the Financial Stability Board and IMF have been working to forge agreement on measures to prevent and mitigate a crisis of such systemic proportions," Heng said at the