Monetary Authority of Singapore (MAS)

MAS today published its Sustainability Report 23/24, highlighting MAS’ work and progress in enabling an orderly transition to net zero for Singapore and the region. This includes building a: (i) climate resilient financial sector; (ii) vibrant sustainable finance ecosystem; (iii) climate resilient investment portfolio; and (iv) sustainable organisation. Read the Report here: https://lnkd.in/ghduD-67

MAS Managing Director Mr Chia Der Jiun met Hon. Andrew Bayly, New Zealand Minister of Commerce and Consumer Affairs, Minister for Small Business and Manufacturing, and Minister of Statistics. Minister Bayly has oversight of the Financial Markets Authority - New Zealand, which is responsible for regulating the conduct of financial market participants, regulating exchanges and overseeing and enforcing financial regulations. The meeting discussed the regulation of financial and capital markets in New Zealand and Singapore, and MAS’ approach as an integrated regulator and supervisor of financial institutions in Singapore. Mr Chia and Minister Bayly also discussed topical issues including the development of payment services and capital market reforms. MAS values our close partnership with New Zealand and the FMA, which is a member of the IOSCO Asia-Pacific Regional Committee (APRC). The APRC is a regional committee of the IOSCO, focusing on regional issues relating to securities regulation in the Asia-Pacific region. We look forward to continued collaboration and dialogue between MAS and New Zealand.

Bank for International Settlements – BIS and partners have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems. Phase four will see Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore (MAS), Bank of Thailand and domestic instant payment systems (IPS) operators – who worked together in phase three – joined by Reserve Bank of India (RBI), expanding the potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS. More here: https://lnkd.in/gW69MYia

Singapore published today its updated Terrorism Financing (TF) National Risk Assessment and National Strategy for Countering the Financing of Terrorism as part of its continuous efforts to deal with the threat of terrorism. Singapore will continue to partner industry players to implement strategies and measures to tackle TF threats. We will also closely collaborate with foreign counterparts, international organisations and standard-setting bodies. 🔗 More: https://lnkd.in/gxvjU98E

#ICYMI MAS held its staff seminar, OneMAS Connect recently. The event was full of insightful talks and discussions, audience participation, as well as dynamic booths! #OneMASConnect2024

MAS announced the expansion of initiatives to scale asset tokenisation for financial services. This includes partnering with global industry associations and financial institutions to drive common asset tokenisation standards in fixed income, foreign exchange (FX) and asset & wealth management. MAS, with international financial institutions, also announced the successful completion of the first phase of the Global Layer One (GL1) initiative and plans to develop standards, market practices and governing principles of foundational digital infrastructure for tokenised assets. 🔗: https://lnkd.in/gvwZs9kx

Delegates from about 70 countries are in Singapore for the plenary of the Financial Action Task Force (FATF), to discuss how to work together to combat money laundering, terrorism financing, and proliferation financing. FATF plays an important role in coordinating and mobilising global efforts to counter these threats that affect all countries.  I was happy to speak at the FATF plenary this morning, on how the advent of virtual assets and increasing availability of digital payment channels have made it easier for criminals to hide and move their proceeds, and what we can do to stop them.  As an international financial and business hub, Singapore faces greater money laundering and terrorism financing risks. But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre. Over the past 2 years, FATF has been led by a Singaporean, Mr T Raja Kumar. I’m proud that we have another Singaporean leading an important international organisation. Under his presidency, FATF has made progress in improving the interception of illicit funds, improving transparency of legal entities that can be as fronts by criminals, and identified ways to break down information silos between law enforcement agencies and financial institutions. Well done Raja! Monetary Authority of Singapore (MAS) Ministry of Home Affairs Singapore (📸: MCI Photo by Betty Chua)

Prime Minister and Minister for Finance Lawrence Wong announced Singapore’s National Asset Recovery Strategy at the opening of the Financial Action Task Force Plenary Meeting today. The strategy sets out our comprehensive approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims. Singapore recognises that criminal activities and methods are constantly evolving. We are committed to continually enhancing our Anti-Money Laundering and Countering the Financing of Terrorism regime to prevent criminals from exploiting Singapore’s financial ecosystem. Read more: https://lnkd.in/gwhSYhRT

MAS staff gathered today to thank Prime Minister and Minister for Finance, Mr Lawrence Wong, for his leadership and wisdom spanning 8 years collectively as MAS’ former Chairman and Board Member. We are grateful for PM’s guidance and stewardship over the years, and will continue to strive for excellence and uphold our strong culture of service and teamwork.

MAS Managing Director Mr Chia Der Jiun met Mr Erkki Liikanen, Chair of the IFRS Foundation Trustees, Ms Andrea Pryde, Acting Managing Director of the IFRS Foundation, and Mr Ong Chong Tee, Trustee, IFRS Foundation, to discuss the importance of globally consistent and comparable climate-related disclosures to enable more efficient capital allocation and pricing of climate risks. MAS values our close partnership with the IFRS and the continued work of the International Sustainability Standards Board (ISSB), in delivering high-quality and decision-useful climate-related disclosures that help investors make better investment decisions, and to enhance transparency about climate risks and opportunities at the global level.