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MAS plans to develop a facility to make available sovereign-rated sukuks to promote the further growth of Islamic finance and to meet the needs of financial institutions conducting Shariah-compliant activities in Singapore. The design of the sukuk issuance facility reflects MAS’ effort to harness the price discovery potential of existing liquid instruments, while adhering carefully to Shariah principles. Read more about this from MAS News and MAS Managing Director Heng Swee Keat’ speech at the 5th Islamic Financial Services Board Summit held on 13 May 2008 in Jordan.
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S'pore has an edge in competing for global talent, Business Times, 25 June 2008 |
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Savills fund mgt arm sets up S'pore office, Business Times, 25 June 2008 |
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S Korea's Woori sets up banking centre in S'pore, Business Times, 18 June 2008 |
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S'pore set to be major hub in region for Arabs, Straits Times, 13 June 2008 |
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Finance industry professionals troop to benchmark test, Straits Times, 10 June 2008 |
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Singapore safe place to do business: study, Business Times, 5 June 2008 |
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Record trading quarter for ETFs, Business Times, 28 May 2008 |
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Foreign unis bet big on a S'pore school, Business Times, 21 May 2008 |
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Singdollar bond market gets buzzing, Business Times, 21 May 2008 |
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Diversified S'pore economy to do well: economist, Business Times, 15 May 2008 |
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S'pore the second most competitive economy, Business Times, 15 May 2008 |
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Taiwan's Polaris plans to set up offices in S'pore, Business Times, 14 May 2008 |
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Cantor Fitzgerald opens office in S'pore, Business Times, 8 May 2008 |
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S'pore is key commodities hub: UBS, Straits Times, 6 May 2008 |
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ACGC releases findings of survey on Audit Committee members of listed companies, 11 June 2008 |
| The Audit Committee Guidance Committee (ACGC) has released the findings of a survey of audit committee (AC) members of listed companies. The ACGC commissioned the Singapore Management University (SMU) School of Accountancy to survey AC members on the practical difficulties and challenges that they face in discharging their duties, as well as the areas in which they would welcome practical guidance. The survey was conducted from March to April this year. |
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| MAS Updates Guidelines on Internet Banking and Technology Risk Management, 2 June 2008 |
| The Monetary Authority of Singapore (MAS) has updated the Internet Banking and Technology Risk Management (IBTRM) Guidelines following consultation with the industry. The Guidelines aims to assist banks in establishing a sound and robust technology risk management framework, strengthening system security, reliability, availability and recoverability and deploying strong cryptography and authentication mechanisms to protect customer data and transactions. |
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MAS Survey of Professional Forecasters, 16 June 2008 | | The MAS Survey of Professional Forecasters provides a summary of forecasts of Singapore's key economic indicators by economists and analysts. The survey is conducted quarterly following the release of economic data for the previous quarter by the Ministry of Trade and Industry. |
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Singapore and Peru Sign Free Trade Agreement, 30 May 2008 |
| In a signal to strengthening bilateral ties, Peru and Singapore have signed the Peru-Singapore Free Trade Agreement (PeSFTA). It was signed by Peru’s Minister for Foreign Trade and Tourism, Ms Mercedes Araoz and Singapore’s Minister for Trade and Industry, Mr Lim Hng Kiang. The signing ceremony was witnessed by Peruvian President Alan Garcia Perez. The PeSFTA is a broad-based and comprehensive agreement, covering issues such as trade in goods, rules of origin, trade remedies, sanitary and phytosanitary (SPS) measures, technical barriers to trade (TBT), trade in services, investment, government procurement, customs procedures, temporary entry of persons, competition policy, institutional provisions and dispute settlement. |
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Recent Economic Developments in Singapore, 30 May 2008 |
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Economic Survey of Singapore, First Quarter 2008, 23 May 2008
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Monthly Statistical Bulletin, May 2008
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| SGX Amends CDP Rules to Admit Banks as Clearing Members of its Securities Markets, 10 June 2008 |
| Singapore Exchange Limited (SGX) announced that it will admit banks as Clearing Members of its securities market with effect from 1 July 2008. New rules will allow banks in Singapore licensed by MAS under the Banking Act to become SGX Securities Clearing Members. Banks who wish to become Clearing Members will have to satisfy SGX’s admission criteria. The membership allows them to offer clearing services to SGX Trading Members and their customers. |
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Daiwa Asset Management Launches Singapore’s First Shariah-Compliant ETF On SGX, 26 May 2008 |
| Daiwa Asset Management (Singapore) Ltd. (Daiwa AM) has launched Singapore’s first Shariah-compliant Exchange Traded Fund (ETF) on SGX on 27 May 2008. The Daiwa FTSE Shariah Japan 100 (DaiwaETF) offers Islamic investors instant access to the top 100 Shariah-compliant companies in Japan by market capitalisation. |
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| Opening Remarks by Ms Teo Swee Lian, Deputy Managing Director, Prudential Supervision, MAS at 2nd Annual Risk Management Conference, 30 June 2008 |
| The silver lining in any crisis cloud is that those who survive should emerge wiser and therefore stronger. In this regard, there are many opportunities for academia to partner the industry in its endeavour to integrate and enhance its risk management approach. At the same time, institutions need to work toward developing a culture that is risk-focused. Success in this area, to a large extent, will depend on the commitment of Board and senior management. MAS on its part will continue to strengthen its policies and oversight of individual financial institutions and the financial system as a whole. |
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Speech by Mr Tai Boon Leong, Executive Director, Monetary Authority of Singapore at The 5th Annual Islamic Finance Asia Summit 2008, 23 June 2008 |
| Islamic finance is still nascent but developing rapidly. As such, there is a need for regulatory and corporate governance practices and mechanisms to keep pace. MAS is committed to continue reviewing our existing regulatory framework as new structures emerge in this highly dynamic industry. As a member of the Islamic Financial Services Board (IFSB), MAS also works with other IFSB countries to set regulatory and prudential standards to ensure the sound development of the industry. We have participated in the IFSB Supervisory Review Process Working Group, the Money Market Taskforce, and the Capital Adequacy Working Group. We look forward to hosting the 6th IFSB Summit in May 2009, which will be a landmark event for Singapore and our Islamic finance industry. |
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Opening Address by Mr Heng Swee Keat, Managing Director, MAS and Chairman, IBF at the 2nd IBF Annual Conference, 20 June 2008 |
| The developments in global financial markets in the last one year have important implications on human resources strategy. For instance, among the many findings in the report released by the Senior Supervisors Group is that firms which weathered the recent crisis better have senior management members who have expertise in a range of risks. This underscores the need to attract and develop talent not only in the frontline, but across critical functions and at various levels of the organisation. Financial institutions planning to expand must treat talent development as a strategic priority, and such development has to be undertaken in a holistic way, across the entire organisation. |
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Opening Address by Mr Ng Nam Sin, Executive Director, MAS, at the International Insurance Conference Singapore 2008, Securing the Future: A Challenge for the 21st Century Business, 14 June 2008 |
| Asia continues to present an exciting time for the financial services industry. In particular, the insurance landscape will be shaped by many forces, and continue to evolve over time. However, human capital will remain one of the most important forces behind the growth of the industry. The industry will also have to rise to the challenge of meeting higher consumer expectations. To succeed, it calls for companies to be big on talent, and consistently invest in people's skills and competencies. MAS will continue to play our part, but the central tenet of achieving excellence in the industry lies with a value system of honesty, integrity and good reputation - values which we are confident the industry will continue to establish and promulgate in the journey towards an industry of excellence. |
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Speech by Mr Kola Luu, Executive Director, MAS, at the Investing in Infrastructure Assets Asia 2008 Conference, 10 June 2008 |
| It is clear to all of us that the infrastructure needs in Asia are great and a large funding gap exists. Asian governments understand that infrastructure bottlenecks will restrict their growth aspirations. This understanding will play a key role in further opening the Asian infrastructure finance market to regional and global investors alike. Current developments in Asia suggest that the investment climate in Asia is already improving with initiatives taken by both the public and private sectors, thereby creating many opportunities for private sector participants. |
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Keynote Address by Minister Lim Hng Kiang, Minister for Trade and Industry, Deputy Chairman, Monetary Authority of Singapore, Merrill Lynch Asia Rising Stars Conference 2008, 14 May 2008 |
| Asia and Asian businesses are poised for exciting times in an era of rising prosperity and growth. There will be both challenges and opportunities. One need not be daunted by the challenges. However, there is a need to manage and mitigate the risks that come with the opportunities. Underlying these challenges is the fact that the world is becoming more interconnected and interdependent. Conferences such as today’s forum will present useful meeting grounds to exchange information, establish new networks and to lay the foundations for regional cooperation and mutual learning. |
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Speech by Heng Swee Keat, Managing Director, Monetary Authority of Singapore, At the 5th Islamic Financial Services Board Summit, 13 May 2008 |
| There are three essential tasks we face in promoting greater integration of Islamic financial markets. The first is to encourage greater economic integration and increased cross border flow of trade and investments. Economic integration drives financial integration and vice versa. The second task is to foster appropriate legal, regulatory and supervisory frameworks that effectively cater for the specificities of the Islamic services providers; and to work towards greater convergence of rules and practices in Islamic Finance. This requires greater trust and stronger ties among supervisors. The third is to cultivate stronger people-to-people bonds across all levels, through training, conference and dialogues. |
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Keynote Address by Mr Low Kwok Mun, Executive Director (Insurance Supervision), MAS, at the 2nd Asian Insurance CFO Summit, 8th May 2008 |
| In order to be effective, the CFO needs the support of the Board and other members of management. While the Board can delegate certain functions relating to the day-to-day management of the company to the CEO and CFO, it remains the Board’s responsibility to ensure that the company remains financially sound. Therefore, it is in the Board’s interest to ensure that the CFO has the necessary resources and incentives for him to perform his functions effectively. The incentives should reward effective risk management and not be skewed towards top-line or bottom-line monetary goals only. |
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Financial Industry to Conduct Large-Scale, Industry-Wide Pandemic Response Exercise, 6 May 2008 |
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Related Links |
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MAS Overseas Offices
MAS New York Office
17 State Street , 25 th Floor, New York NY 10004
Tel: (212) 809 1900
Fax: (212) 809 6067
MAS London Representative Office
1st floor Old Change House, 128 Queen Victoria Street , London EC4V 4BJ
Tel: (44) (0) 20 7332 6300
Fax: (44) (0) 20 7332 6309 |
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Copyrights © 2008 MAS. All Rights Reserved.
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