MAS says regulatory framework fundamentally sound

The Monetary Authority of Singapore has defended Singapore's regulatory framework, saying that it is fundamentally sound.

The comments came from Heng Swee Keat, managing director of the Monetary Authority of Singapore. He was addressing a conference on corporate governance organised by the Commercial Affairs Department.

Calls had been made to tighten the level of corporate governance in Singapore following a spate of recent scandals, including the high-profile incident at China Aviation Oil.