International Financial Forums and Institutions

As Singapore is a major financial centre, MAS has a keen interest in working with other stakeholders to maintain global financial stability and develop sound and robust financial regulations. We participate in key finance fora, including the International Monetary Fund (IMF), the World Bank, and the steering committees and technical working groups of global standard setting bodies such as the Financial Stability Board (FSB), the Basel Committee of Banking Supervision (BCBS), the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS) and the Financial Action Taskforce (FATF).

International Monetary Fund (IMF)

In March 2011, Singapore’s Deputy Prime Minister, Finance Minister, and MAS Chairman Tharman Shanmugaratnam was appointed as the Chairman of the IMF’s International Monetary and Financial Committee (IMFC). The IMFC is the key advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF.

www.imf.org

World Bank

Singapore has a strong partnership with the World Bank. In 2011, the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Bank for Reconstruction and Development/International Development Association (IBRD/IDA) set up a World Bank-Singapore Hub for knowledge and financial activities for Asia and beyond.  This marks the first combined World Bank Group office of its kind outside Washington DC. The hub builds on existing initiatives, such as the Infrastructure Finance Centre of Excellence (IFCOE) and the World Bank-Singapore Urban-Hub, to support integrated urban development and infrastructure financing solutions. MAS and the World Bank also organises the annual World Bank-Singapore Infrastructure Summit, a forum that generates solutions to fund and implement key infrastructure projects in the region.

www.worldbank.org

Financial Stability Board (FSB)

The FSB promotes global financial stability by coordinating the development of regulatory, supervisory and other financial sector policies, and monitoring the implementation of agreed policies.  Singapore is a member of the FSB and participates actively in its various committees and work groups including the FSB Plenary and its Standing Committees.

www.financialstabilityboard.org

Watch the FSB's video which explains how the G20 reforms make the financial system safer, simpler and fairer.

Bank for International Settlements (BIS)

Singapore became a member of the BIS in December 1996, and a member of the Basel Committee on Banking Supervision (BCBS) in September 2009. Apart from attending the regular BIS meetings, MAS also participates actively in key committees and workgroups such as the BCBS, the Committee on the Global Financial System (CGFS), and the Committee on Payments and Settlements Systems (CPSS).

The BCBS is a forum for international cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. MAS currently co-chairs the BCBS Core Principles Group. In September 2010, MAS successfully hosted the 16th International Conference of Banking Supervisors (ICBS) which was jointly organised with the BCBS.  

The CGFS monitors developments in global financial markets for central bank Governors. It has a mandate to identify and assess potential sources of stress in global financial markets, to further the understanding of the structural underpinnings of financial markets, and to promote improvements to the functioning and stability of these markets. The CGFS also oversees the collection of the BIS international banking and financial statistics.

The CPSS contributes to strengthening the financial market infrastructure through promoting sound and efficient payment and settlement systems. It discusses policies and develops standards for domestic payment, settlement and clearing systems, as well as for cross-border and multicurrency payment schemes.

www.bis.org

International Organisation of Securities Commissions (IOSCO)

MAS is a member of the IOSCO, which is recognized as the international standard setting body for securities regulation. MAS contributes to IOSCO’s policy and standard setting work though our participation in the various Standing Committees and Task Forces including the following:

  • Asia Pacific Regional Committee
  • Standing Committee on the Regulation of Secondary Markets
  • Standing Committee on the Regulation of Market Intermediaries
  • Standing Committee on Investment Management
  • Standing Committee on Risk and Research
  • Assessment Committee
  • Implementation Task Force
  • Task Force on Commodity Futures Markets
  • Task Force on OTC Derivatives Regulations
  • OTC Derivatives Regulators' Forum
  • Committee on Payment and Settlement Systems (CPSS) -IOSCO Review of Standards for Financial Market Infrastructure

www.iosco.org

International Association of Insurance Supervisors (IAIS)

MAS is a member of IAIS, and was also accepted as the 10th signatory to the IAIS Multilateral Memorandum of Understanding (MMOU) in June 2010. The MMOU provides a formal basis for cooperation and information sharing by defining a common set of principles and procedures for information exchange between signatory authorities regarding the supervision of insurance companies. MAS participates in the IAIS main committees, sub-committees and working groups, including the following:

Main Committee:

  • Executive
  • Technical
  • Implementation
  • Budget
  • Audit
  • Supervisory Forum

Sub-committees and Working Groups:

  • Solvency & Actuarial
  • Corporate Governance & Compliance
  • Insurance Groups
  • Supervisory Cooperation
  • MMOU Signatories

www.iaisweb.org

Financial Action Task Force (FATF)

Singapore continues to contribute towards international Anti-Money Laundering and Counter Terrorism-Financing (AML/CFT) standard-setting discussions at the FATF, and regional AML/CFT efforts through our participation at the Asia-Pacific Group on Money Laundering (APG).

www.fatf-gafi.org and http://www.apgml.org

Last Modified on 03/07/2017