MAS and CBIRC Enhance Supervisory Cooperation and Cross-Border Regulatory Oversight
Beijing, 21 October 2019… The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) today reaffirmed their commitment to deepen supervisory cooperation. MAS’ Deputy Managing Director Mr Ong Chong Tee and CBIRC’s Vice Chairman Mr Liang Tao signed the CBIRC-MAS Supervisory Memorandum of Understanding (MOU) to enhance supervisory cooperation and facilitate exchange of information between MAS and CBIRC in the areas of banking and insurance supervision and crisis management.
2. The agencies also held the MAS-CBIRC Supervisory Roundtable today. Topics discussed during the Roundtable included supervisory developments in the banking and insurance sectors of China and Singapore, such as digital banking, risk-based capital frameworks, and the insurance intermediary market.
3. Mr Ong said, “This MOU affirms the close partnership between both regulators. It will facilitate regulatory cooperation, given the growing presence of banks and insurers in both our jurisdictions. Discussions at the Roundtable have deepened our understanding of each other’s regulatory regime and supervisory practices. Both sides agreed to deepen our supervisory cooperation and to further strengthen our working relationship.”