MAS and Temasek Foundation provide Technical Assistance to Central Banks in Cambodia, Lao PDR, Myanmar and Vietnam
Singapore, 9 December 2013...Over the next three days, a group of 24 officials from the central banks of Cambodia, Lao PDR, Myanmar and Viet Nam (CLMV) will be visiting the Monetary Authority of Singapore (MAS) to share experiences in financial supervision and regulation.
2 The visit is part of a two-year capacity building programme on banking supervision, monetary policy management, macro-prudential surveillance, and payments and settlements systems. The programme is supported by Temasek Foundation with a grant of about $305,000, with MAS contributing its technical expertise. In total, some 190 participants from the central banks of CLMV are expected to benefit from a series of training activities. The programme aims to:
- Strengthen the capabilities of leaders and mid-level officials from the CLMV central banks in central banking, financial regulation and supervision; and
- Facilitate networking and the exchange of views between MAS officials and their counterparts from the CLMV central banks.
3 Mr Benedict Cheong, Chief Executive Officer of Temasek Foundation, said, “We are pleased to partner Monetary Authority of Singapore in this new initiative that will promote exchange of ideas between officials from the central banks in Cambodia, Lao PDR, Myanmar, Viet Nam and Singapore. We hope the programme provides a start in strengthening cooperation among Singapore and our Asian neighbours to build their banking, financial regulation and supervision capabilities, and in the long run, bring benefit to their respective economies and communities."
4 MAS Managing Director, Mr Ravi Menon, said, “The CLMV governments are committed to fostering economic development in their countries and deepening economic integration with ASEAN. Macroeconomic stability and a strong financial sector are critical to these efforts. We are happy to be able to play a part in building the capacity of the CLMV central banks in banking supervision and regulation, and are grateful to the Temasek Foundation for its generous support.”
5 The programme was developed in consultation with the CLMV central banks through policy dialogues held between August and October this year and will help them to build up competencies in areas relevant to them, taking into account their countries’ financial landscape, level of development, and development strategies. The programme is expected to be completed by 2015.
About Monetary Authority of Singapore
As Singapore's central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. Being an integrated supervisor allows the MAS to adopt a consistent and progressive regulatory and supervisory approach and framework, thereby ensuring a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre. For more information, please visit .
About Temasek Foundation, Singapore
Temasek Foundation is a non-profit philanthropic organisation anchored in Singapore that seeks to contribute to sustainable growth and a bright future of hope and opportunities for people in Asia. The foundation works with partners to support programmes that develop people through health care, education and research, programme that build bridges between peoples, programmes that build institutions of excellence through governance and ethics, programmes that rebuild lives and livelihoods affected by natural disasters. For more information, visit
About National Bank of Cambodia (NBC)
The National Bank of Cambodia is responsible for the management of monetary and exchange policies, regulation of banks and financial institutions, and the control of the national currency, the riel. It is an autonomous central bank with a 7-member board of directors responsible for establishing operational policies and issuing decisions, regulations, circulars and other directives. The National Bank of Cambodia supervises the banking system and is the chief banker for the Government of Cambodia.
About Bank of The Lao PDR (BOL)
The Bank of The Lao PDR is a ministry-level body under the Government of Lao PDR. It is responsible for supervision of all commercial banks and financial institutions in Lao PDR; safeguard of foreign reserves of the Government; and management and printing of currencies for circulation.
About Central Bank of Myanmar (CBM)
The Central Bank of Myanmar was established under the Central Bank of Myanmar Law in 1990. Headquartered in Nay Pyi Taw, it has two branches in Yangon and Mandalay. The Bank is responsible for financial stability and supervision of the financial sector in Myanmar. The institutional coverage of the financial supervisory authority includes State-owned banks and private banks in Myanmar.
About State Bank of Viet Nam (SBV)
The State Bank of Viet Nam is a ministry-level body under the administration of the government. It is responsible for promoting monetary stability, formulating monetary policies, supervision of financial institutions, provision of banking facilities, economic policy planning, managing Viet Nam’s international reserves, and issuance of government bonds.