Monetary Authority of Singapore (MAS)
Neutral policy stance needed for ‘extended’ period – MAS
Singapore’s central bank says inflation is trending in the right direction, but notes economic growth is unlikely to pick up over the next year
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
People: Debelle becomes RBA deputy governor
Foreign exchange expert becomes deputy governor of RBA; Mongolia appoints deputy governor
MAS unveils ‘Looking Glass’ fintech lab
New facility in MAS building was built as a space for fintech firms to test ideas with each other and the central bank; facility will also serve as venue for training and networking
MAS looks to overhaul payment systems
City state already has access to some of the world’s most advanced payment systems, but cash and cheque use remains high; MAS hoping to improve governance, regulation and technology
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
Singapore’s GIC warns of lower returns in coming years
High valuation of asset prices and modest growth outlook points to lower returns in coming decade or two, GIC says; 20-year annualised real rate of return fell last fiscal year
MAS adds cloud computing to guidelines on outsourcing risk management
Cloud services officially acknowledged in latest outsourcing guidelines as more financial institutions adopt the practice; despite improved security, banks should still be aware of the risks
Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions and take stronger actions where practices fall short; monetary policy likely on hold for 2016
MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS as part of probe into 1MDB funds; US Department of Justice seeking to recover $1bn in assets
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics
MAS’s Menon urges careful calibration of Basel III
Managing director warns against raising capital requirements further for fear of damaging growth; says final calibration must keep SME and trade finance in mind
Renminbi investments to be included in Singapore reserves
Monetary Authority of Singapore says its investments in the Chinese currency will be included in official reserves “from June 2016 onwards”, now it is easier to repatriate funds
Singapore central bank creates AML and enforcement departments
Monetary Authority of Singapore hopes to “enhance supervisory focus”; shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector
Menon encourages Chinese companies to explore offshore
Managing director of MAS considers connectivity between China and South-east Asia; suggests corporates recycle capital through securitisation
MAS prepares ‘sandbox’ for fintech testing
Aim is to test potentially unstable innovations in an environment where consumers and financial stability will largely be shielded from the consequences of failure
People: Butler to stay on permanently at UK bank regulator; Poloz gets new adviser
Megan Butler extends contract at Financial Conduct Authority, taking up a permanent role as head of supervision; Sheryl King appointed new adviser to the governor at the Bank of Canada; and more
Regulators sanction Swiss bank over links to Malaysian government fund
Swiss regulators impose range of measures on bank for breaching anti-money-laundering regulations; MAS will withdraw bank’s licence to act as merchant bank in Singapore
MAS official sets sight on expanding cyber insurance
Bernard Wee considers how demand- and supply-side challenges hindering the cyber insurance market are being addressed
MAS director hails work on natural catastrophe data
Bernard Wee introduces Natural Catastrophe Data Analytics Exchange, aimed at remedying “gappy” expertise in the region
MAS and BoJ announce fintech push
Singaporean and Japanese central banks establish centres aimed at developing hyped sector; describe monetary authorities as ideal "catalysts" for technological development
PBoC sets up renminbi internationalisation research centre in Singapore
The new Centre for Renminbi Internationalisation Studies (CRIS), launched today in Beijing, is a prestige victory for Singapore as it aims to position itself as a leading international RMB hub
Singapore official points to benefits big data offers insurers
Insurers can gain a competitive edge by harnessing insights from big data when designing products, the Monetary Authority of Singapore’s Chua Kim Leng says