Singapore, 10 May 2007...The Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU) with the Korea Financial Supervisory Commission (FSC), which supervises all financial institutions in the Republic of Korea.

2   The MOU provides a formal basis for supervisory cooperation between the two authorities in banking, insurance and securities and futures.  It facilitates the exchange of information and mutual assistance for supervisory purposes between the two authorities.  Such cooperation helps to strengthen the supervision of cross-border operations of financial institutions under their purview.

3   The MOU was signed by Ms Teo Swee Lian, Deputy Managing Director (Prudential Supervision), MAS, and Mr Yun Yong-Ro, Vice-Chairman, Korea FSC, in Seoul.

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