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E-commerce Insurance
MAS has commenced a study on developing capability and capacity in the local insurance industry to insure against new risks arising from commercial activity in cyberspace. The management of these
cyber risk exposures – through better security measures and risk transfer to the insurance industry – is an important part of any e-commerce strategy. The ability of insurers here to absorb these risks would provide the necessary support for the growth of e-commerce activities in Singapore.
Promoting Electronic Financial Services
MAS set up an inter-agency working group on electronic financial services last year, with the twin aims of assessing the impact of global trends on Singapore as an international financial centre, and defining appropriate strategies to leverage on these trends. The working group comprised participants from MAS, the Infocomm Development Authority of Singapore, SGX and the National Science and Technology Board. The working group recommended attracting knowledge-intensive activity, targeting promotion and raising government assistance. Several sector-specific recommendations were also made in the areas of banking, treasury, capital markets, insurance and infrastructure to create buzz. These recommendations were endorsed by the MAS Board and will be implemented in collaboration with relevant government
agencies.
MAS also set up a Proposal Assessment Team to provide assistance and regulatory clarification for electronic financial services players. The team has met with more than 50 players.
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