Singapore firmly supports efforts
to achieve free flow of financial services regionally and globally.
To this end, MAS worked with our Association of South-east Asian
Nations (ASEAN) counterparts to speed up financial sector liberalisation
in the region. MAS is also part of Singapores team engaged
in the trade negotiations with members of the World Trade Organization
as well as in bilateral trade agreements with countries including
India and South Korea.
We work closely with ASEAN members to foster greater cross-border
collaboration in capital markets, including the ASEAN Finance
Ministers initiatives to forge linkages among securities
markets. As part of this effort, MAS, together with the Ministry
of Finance, will coordinate the ASEAN Finance Ministers
Investors Seminar to be held in September 2004 in New York.
Beyond ASEAN, MAS is actively involved in the initiative by
the Executives Meeting of East Asia Pacific Central Banks
(EMEAP) to create a local currency Asian bond fund. We also
participated in developing EMEAPs first Asian bond fund
which was invested in US Dollar-denominated Asian sovereign
and quasi sovereign bonds.
Enhancing Risk-focused Supervisory Approach
Box 1 Fostering a Sound and Progressive
Financial Services Sector