MAS affirmed that financial services will remain open and available to all customers and counterparties in Singapore and globally. All financial markets in Singapore remain open, and payment services are unaffected. Financial services is one of the essential services exempted from the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) today.

In response to media queries about the implications of the COVID-19 (Temporary Measures) Bill on the financial sector, MAS said that the proposed Bill will provide needed temporary protection for SMEs while being carefully scoped to avoid impairing the interests of banks and Singapore’s role in international financial transactions.

MAS, together with ABS, LIA, GIA and FHAS, announced a package of measures to help ease the financial strain on individuals & SMEs caused by the COVID-19 pandemic.

This is a quarterly brief which aims to provide a quick pictorial summary of recent economic developments in the Singapore economy.

Read MAS' announcement on the February 2020 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.

MAS conducted thematic inspections on the sales and advisory practices of selected financial institutions operating in the private banking industry over 2018 and 2019. This information paper highlights inspection observations and MAS’ supervisory expectations that relevant financial institutions should benchmark themselves against.