Groups and Departments

MONETARY POLICY AND INVESTMENT

Economic Policy

The Economic Policy Group is responsible for the surveillance and forecasting of the domestic and external economies, monetary policy formulation and economic research in MAS. There are two departments in the group which work closely together on these functions, and collaborate on in-depth studies.  The Group also oversees the Information Resource Centre (IRC) which provides relevant resources and value-added services to support the information needs of staff in research and policymaking.

Economic Analysis Department

The Economic Analysis Department analyses developments and trends in the international economy, and maintains a suite of macroeconomic models of the Singapore economy.

Economic Surveillance and Forecasting Department

The Economic Surveillance and Forecasting Department undertakes surveillance and provides forecasts of the domestic economy, prices and wages, to support monetary policy decisions.

Markets and Investment

Monetary and Domestic Markets Management Department

The Monetary and Domestic Markets Management Department is responsible for implementing Singapore’s monetary policy by managing the exchange rate within its targeted policy band, conducting money market operations to manage liquidity in the banking system, and issuing Singapore Government Securities. The department is also responsible for maintaining the stability and functionality of the foreign exchange and money markets in Singapore, as well as fostering the development of Singapore dollar markets.

Reserve Management Department

The Reserve Management Department is responsible for the management of Singapore’s official foreign reserves. It seeks to achieve good investment returns within prudent risk parameters.  The department operates directly in the major bond and currency markets globally and works actively with independent external fund managers across a range of investment mandates. 

DEVELOPMENT AND INTERNATIONAL

Development and International

Financial Centre Development Department

The Financial Centre Development Department supports the growth of Singapore as an international financial centre through nurturing an attractive and conducive business environment for financial institutions, and deepening Singapore’s position as a pan-Asian banking hub. The department fosters key strategic activities and capabilities that contribute to these objectives.

Financial Markets Development Department

The Financial Markets Development Department aims to promote a vibrant financial market in Singapore, with a focus on developing the capital market, asset management and insurance sectors, and to foster a sound and innovative technology, payments and exchange infrastructure. 

International Department

The International Department shapes the development of MAS' policies on international monetary and financial issues, enabling MAS to play an active role in international financial fora.  Working closely with other Singapore government agencies, the department promotes cooperation with other central banks, finance ministries and international financial institutions. 

Fintech and Innovation

Fintech and Innovation Group (FTIG) is responsible for regulatory policies and development strategies to facilitate the use of technology and innovation, to better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector. 

FTIG comprises three divisions:

Payments & Technology Solutions Office formulates regulatory policies and develops strategies for simple, swift and secure payments and other technology solutions for financial services.   

Technology Infrastructure Office is responsible for regulatory policies and strategies for developing safe and efficient technology enabled infrastructure for the financial sector,  in areas such as  cloud computing, big data, and distributed ledgers.  

Technology Innovation Lab scans the horizon for cutting-edge technologies with potential application to the financial industry and works with the industry and relevant parties to test-bed innovative new solutions.

FINANCIAL SUPERVISION

Banking and Insurance

Banking Departments I, II and III

The three Banking Departments collectively supervise licensed and regulated banks, merchant banks and finance companies in Singapore.  They foster the stability and strength of Singapore's financial system by monitoring the safety and soundness of the financial institutions that they supervise, and promoting the adoption of international best practices in corporate governance and risk management. Broadly, Banking Department I supervises the local banking groups on a consolidated basis, and certain foreign banks.  Banking Department II supervises a mix of retail and wholesale banks and finance companies.  It also houses the Supervisory Methodologies, Tools and Analytics Division and the Financial Risk Specialist Division.  Banking Department III generally supervises banks active in treasury and private banking businesses.   

Insurance Department

The Insurance Department supervises and regulates insurance companies and has as its primary objective the protection of policyholders' interests.  The department adopts a risk-focused approach in the prudential and market conduct supervision of insurance companies.  In its standards setting role, the department works closely with industry associations to promote the adoption of best practices by the industry.

Anti-Money Laundering Department

The Anti-Money Laundering (AML) Department is responsible for formulating policies to combat money laundering and other illicit financing, monitoring these risks in the financial sector, and supervising financial institutions with respect to their AML systems and controls. 

Capital Markets

Capital Markets Intermediaries Departments I, II and III

The Capital Markets Intermediaries (CMI) Departments have collective responsibility for the admission and supervision of capital markets intermediaries, including securities and derivatives brokers, fund managers, real estate investment trust (REIT) managers, corporate finance advisers, financial advisers, insurance brokers, trust companies, and credit rating agencies.  CMI administers the licensing and business conduct rules for these intermediaries to promote safe, sound and fair-dealing intermediaries. In addition, CMI is also responsible for the supervision of individuals who have been appointed to act as representatives for these intermediaries.  Broadly, CMI I supervises financial advisers, insurance brokers and credit rating agencies. CMI II supervises fund managers and REIT managers, while CMI III supervises securities and derivatives brokers, corporate finance advisers and trust companies.  The Conduct Surveillance and Analytics division in CMI II also supports the three departments in the use of business and data analytics in their conduct supervision.

Corporate Finance & Consumer Department

The Corporate Finance & Consumer Department has supervisory responsibility for capital markets through the administration of the Securities and Futures Act, the Business Trusts Act and the Singapore Code on Take-overs and Mergers.  It regulates (i) the offering of securities, business trust, Real Estate Investment Trusts and collective investment schemes; (ii) the conduct of takeover and merger transactions; (iii) the disclosure of interests in securities of listed entities and (iv) SGX as a listed entity.  It also houses the Consumer Issues Division which spearheads initiatives in financial education and coordinates MAS' responses to consumers who have disputes with financial institutions.  

Markets Policy & Infrastructure Department

The Markets Policy and Infrastructure Department has supervisory responsibility for markets and infrastructures including central counterparties and trade repositories.  The department formulates and implements policies in relation to markets and infrastructures, as well as market and business conduct policies to achieve fair outcomes for depositors, investors and policyholders.  It is also responsible for formulating MAS' positions on competition issues and corporate governance standards.

Enforcement Department

The Enforcement Department aims to uphold the integrity of Singapore’s financial markets by deterring unlawful and improper conduct through effective surveillance and enforcement. It investigates and enforces breaches of the laws administered by the MAS. These include the Banking Act, the Financial Advisers Act, the Insurance Act, the Securities and Futures Act, and MAS regulatory requirements on financial institutions against terrorist financing and money laundering. The Enforcement Department also jointly investigates market misconduct offences under Part XII of the Securities and Futures Act with the Commercial Affairs Department, fronts the MAS' work on the International Organisation of Securities Commissions (IOSCO)'s Screening Group and Committee 4 on Enforcement and the Exchange of Information and provides assistance to overseas regulators under the IOSCO Multilateral Memorandum of Understanding.  As part of its mandate, the Enforcement Department also employs digital forensics, market surveillance and data analytics to support its investigative and enforcement work.

Policy, Risk and Surveillance

Prudential Policy Department

The Prudential Policy Department formulates prudential policies for banks, insurance companies and securities firms to promote a sound and dynamic financial sector in Singapore.  The department develops capital and liquidity standards, including MAS’ approach on the implementation of Basel III.  It also formulates MAS’ policies on housing loans and unsecured credit, concentration limits, and the deposit insurance and policy owners’ protection schemes. It reviews MAS’ policy on banking structures and strengthens the regulatory frameworks for banks, merchant banks, finance companies, and financial holding companies. 

Technology Risk and Payments Department

The Technology Risk and Payments (TRP) Department formulates cybersecurity strategy and policies for the financial sector, and supervises financial institutions' technology risk management practices to foster resiliency, integrity and availability.  TRPD also supervises payment systems, remittance and money service businesses to promote their safety and efficiency, as well as credit bureaus for their soundness in protecting data confidentiality and consumer interest.  The department also has responsibilities for promoting the business continuity resilience of the financial sector.

Macro-prudential Surveillance Department

The Macro-prudential Surveillance Department conducts surveillance of the financial system to identify emerging trends and potential vulnerabilities, and closely monitors and evaluates developments in G-3 and regional economies, as well as international financial markets. The department undertakes in-depth policy-relevant studies on macro-financial linkages, systemic risk and other financial stability issues. It works closely with MAS' supervisory departments to ensure that both macro and micro-prudential perspectives are brought to bear on financial stability issues.

Data Analytics

Data Analytics Group (DAG) is responsible for formulating data management policies, data governance within the organisation, enhancing the supervision of financial institutions, making regulatory compliance more efficient and improving work efficiency across the organisation.

DAG comprises three units:

Data Governance & Architecture Office formulates data management policies, manages data collection and quality, maintains MAS’ data catalogue and publishes MAS’ official statistics.

Supervisory Technology Office conducts data analysis on supervisory and financial sector data in partnership with MAS departments.  It also works with the Fintech and Innovation Group to promote data analytics capabilities within the financial industry and foster innovations to make regulatory compliance more efficient and effective.

Specialist Analytics & Visualisation Office works with MAS departments to develop data analysis tools and technical infrastructure.  The unit also partners partners MAS Academy to develop data analytics skills and capabilities within the organisation.

CORPORATE DEVELOPMENT

Corporate, Human Resource and IT Services

Corporate Services Department

The Corporate Services Department is responsible for optimising MAS' corporate resources, providing cost-effective solutions, delivering excellent customer-centric services and providing a secure environment for staff to work in. In support of MAS' organisational and business needs, the functions of the department comprise logistics, administration, events management, property, tenancy management, building maintenance and physical security control.

Human Resource Department

The Human Resource Department formulates and implements MAS' human resource management policies. It is responsible for attracting talent for the organisation, managing and retaining staff through a fair performance appraisal system and a competitive remuneration package, as well as developing talent through needs-based training and development programmes. 

Information Technology Department

The Information Technology Department promotes the strategic use of technology and provides IT services to the organisation. The department also manages two nation-wide financial networks, namely the MASNET and the MAS Electronic Payment System (MEPS). The networks provide the infrastructure for efficient electronic communication and collaboration in the financial sector, and minimize payment risks for Singapore's banking system, respectively.  The department also oversees the project management and administration of our national payment system, MAS Electronic Payment System (MEPS+), as well as the Singapore Clearing House Association and Automated Clearing House.  In addition, it drives payment initiatives to promote the adoption of e-payments in Singapore.

MAS Academy

The MAS Academy coordinates training efforts across MAS to strengthen leadership and professional competencies, and inculcate MAS’ values amongst staff.  The Academy also contributes towards training for the regional regulatory community.

Finance, Risk & Currency

Finance Department

The Finance Department manages MAS' financial resources. It performs financial and management accounting as well as settlements and custody operations to support our investment activities. The department also provides accounting and financial services to Financial Sector Development Fund.

Risk Management Department

The Risk Management Department facilitates the development of policies and strategies to mitigate MAS’ business continuity and enterprise-wide risks, as well as the financial risks of MAS' global investments. It collaborates closely with government agencies and industry stakeholders to strengthen MAS and industry’s crisis management preparedness, and assists the MAS Board's Risk Committee in providing oversight and guidance on the management of organization-wide risks.

Currency Department

The Currency Department is responsible for the issuance of currency and administration of the Currency Act. It maintains the integrity, confidence and quality of the Singapore currency and proactively manages the currency-in-circulation and stock to meet public demand.  The department is responsible for the design and development of currency notes and coins, in consultation with the Singapore Note and Coin Advisory Committee. 

MANAGING DIRECTOR'S OFFICE

Internal Audit Department

The Internal Audit Department conducts financial, operational and information systems audits of MAS' operations. The department performs independent checks for compliance with policies, guidelines, laws and regulations, and evaluates the reliability of financial records, and the security and integrity of information systems in MAS. In addition to recommending improvements in internal efficiencies, the department also works with other departments to review the controls in new systems and business processes. 

Legal Department

The Legal Department oversees all legal matters in MAS. This encompasses advising on issues emanating from the role of MAS as a central bank and financial regulator. This includes assisting other MAS Departments in the development and formulation of regulatory and supervisory frameworks, drafting of statutory and regulatory instruments and agreements as well as supporting the money market operations and international engagements of MAS.

Corporate Planning and Communications Department

The Corporate Planning and Communications Department leads MAS' efforts to engage both external and internal stakeholders.  The department directs MAS' corporate communications efforts, through the development of key communication strategies and engagement of external stakeholders, including the media.  In addition, the department enhances organisational effectiveness through driving organisation-wide reviews and internal communications initiatives, and facilitates MAS' corporate planning efforts.  The department also serves as the secretariat to the MAS Board.

Last Modified on 31/05/2017