Departments in MAS
MAS Organisation Chart as at 1 January 2012 (PDF, 14.4KB)
MONETARY POLICY, INVESTMENT & DEVELOPMENT
Development Group
Financial Centre Development Department
The Financial Centre Development Department is responsible for developing Singapore as an international financial centre. It identifies financial activities and capabilities that contribute to the strategic importance and growth of the financial centre.
Financial Markets Strategy Department
The Financial Markets Strategy Department focuses on the development of capital markets products, financing instruments and financial market infrastructure in Singapore. It develops strategies pertaining to the development of Singapore as Asia’s leading financing and risk management centre and positioning Singapore as the leading market place serving the financial community in the region.
Economic Policy Group
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.
Economic Analysis Department
The Economic Analysis Department maintains the macroeconomic model of the Singapore economy, and conducts in-depth analysis of price and labour market dynamics.
Economic Surveillance and Forecasting Department
The Economic Surveillance and Forecasting Department undertakes surveillance of the domestic and international economies, and provides analysis and forecasts to support monetary policy decisions.
Markets and Investment Group
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.
FINANCIAL SUPERVISION
Banking and Insurance Group
The Banking Department and the Complex Institutions Department are responsible for the licensing and supervision of banks, merchant banks and finance companies. The Complex Institutions Department supervises local financial groups and is responsible for the supervision of the banking, insurance and securities activities of these groups. The two departments help foster the stability and strength of Singapore's financial system by monitoring the safety and soundness of the banks and other institutions that they supervise, and actively promoting the adoption of international best practices in corporate governance and risk management.
Insurance Department
The Insurance Department administers the Insurance Act 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. The department carries out its responsibilities by way of both on and off-site supervision, and works with foreign supervisors as part of a holistic supervisory approach. In its standards setting role, the department works closely with industry associations to promote the adoption of best practices by the industry.
Capital Markets Group
Capital Markets Department
The Capital Markets 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 trusts, Real Estate Investment Trusts and collective investment schemes; (ii) trading of securities and derivatives products; (iii) securities and futures market operators and clearing houses; (iv) the conduct of takeover transactions; and (v) SGX as a listed entity It also enforces the civil penalty regime for market misconduct. The department formulates and implements 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.
Capital Markets Intermediaries Department
The Capital Markets Intermediaries Department has responsibility for the admission and supervision of capital markets intermediaries, including securities dealers and futures brokers, fund managers, corporate finance advisers, and financial advisers. It administers the licensing and business conduct rules for these intermediaries under the Securities and Futures Act, and Financial Advisers Act. The department is also responsible for regulating insurance brokers under Part IIB of the Insurance Act.
Investment Intermediaries Department
The Investment Intermediaries Department has responsibility for the admission and supervision of investment intermediaries, including fund managers, Real Estate Investment Trusts managers and trust companies. It administers the licensing and business conduct rules for these intermediaries under the Securities and Futures Act and Trust Companies Act. The department also coordinates MAS' responses to consumers who report their disputes with financial institutions to MAS and initiatives in financial education.
Policy, Risk and Surveillance Group
Macroeconomic Surveillance Department
The Macroeconomic 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.
Prudential Policy Department
The Prudential Policy Department formulates capital and prudential policies for banks, insurance companies and securities firms to promote a sound yet dynamic financial sector. It works to achieve a more harmonised regulatory framework that will minimise gaps and arbitrage, and facilitate a more integrated risk-based supervisory approach.
Specialist Risk Department
The Specialist Risk Department provides risk expertise for the effective prudential supervision of Singapore's financial sector. The department monitors and assesses the risk management processes and controls of individual financial institutions and designated payment systems. It also keeps track of systemic macroprudential risks of the financial industry and formulates efficient approaches to deal with the risks identified. Areas of focus include (i) financial risks comprising credit, market, liquidity and operational risks; (ii) technology risk including IT systems and security controls, (iii) business continuity management; and (iv) payment systems and infrastructure.
Currency, Corporate Services & Human Resource Group
Corporate Services Department
The Corporate Services Department formulates, implements and reviews MAS' corporate services policies, with the aim of optimising 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 comprises the areas of logistics, administration, events management, property, tenancy management, building maintenance and physical security control.
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 works closely with the banks and security couriers to ensure efficient distribution and collection of the Singapore currency. The department also issues numismatic notes and coins to cater to collectors and commemorate significant events. The department is responsible for the design and development of currency notes and coins, in consultation with the Singapore Note and Coin Advisory Committee.
Besides currency, 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 adoption of e-payments in Singapore.
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.
Managing Director's Office
Special Projects Adviser to MD
The Special Projects Adviser assists the Managing Director to oversee and drive strategic MAS projects, such as enhancing the national payments, clearing and settlement infrastructure and to increase payments efficiency, cost effectiveness and e-payments adoption in Singapore.
External Department
The External 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. The department is also responsible for external communications, including media relations.
General Counsel's Office
The General Counsel's Office oversees all legal matters in MAS. This encompasses advising on various issues that emanate from the functions of MAS as a central bank and financial regulator, assisting other MAS departments in the development and formulation of regulatory and supervisory frameworks, and the drafting of statutory and regulatory instruments, contracts, agreements and other legal documents.
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.
MAS Academy
MAS Academy centralises and synergises training efforts across all MAS departments, strengthens our development of leadership and professional competencies, and inculcates MAS’ values amongst staff. The Academy would also contribute towards training for the regional regulatory community.
Strategic Planning Office
The Strategic Planning Office advances the collective formulation of corporate priorities, strategies and initiatives that best serve MAS' objectives. The Office plays a central role in driving the strategic and corporate planning processes in MAS, and serves as the secretariat to the Board and management. It also seeks to build a more cohesive and integrated organisation through fostering a conducive culture for organisational effectiveness.
Finance, IT & Risk Group
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.
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.
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.
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