4th MAS-CSRC Supervisory Roundtable fosters greater capital market activities between Singapore and China
Wuhan, China, 3 January 2020… The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) held the 4th MAS-CSRC Supervisory Roundtable on 27 December 2019, where both regulators agreed to foster greater cross-border capital market activities between Singapore and China and deepen supervisory cooperation. The Roundtable was co-chaired by MAS’ Deputy Managing Director Mr Ong Chong Tee and CSRC’s Vice Chairman Mr Fang Xinghai.
2 At the Roundtable, MAS and CSRC discussed recent regulatory developments in Singapore’s and China’s capital markets, including the opening up of China’s securities and futures industry, as well as Singapore’s efforts to strengthen market discipline in capital markets. Other topics included the use of data analytics in capital market supervision and the application of blockchain technology in capital markets.
3 Mr Ong said, “Since the inaugural MAS-CSRC Supervisory Roundtable in April 2016, CSRC and MAS have strengthened our cooperation in many areas. The annual Roundtable is a valuable forum for both sides to have candid exchanges and close interactions on areas of mutual interest. This is important given the growing inter-connectivity and increased participation of Chinese and Singapore financial institutions in each other’s market, including in the areas of co-operation as discussed at the recent 15th Joint Council for Bilateral Cooperation.”
Opening Remarks by Mr Ravi Menon, Managing Director of MAS, at the 25th Anniversary Celebration of IMF-Singapore Regional Training Institute
The partnership will focus on finding ways to better mobilise financing to make digital services more affordable and accessible for underserved individuals and communities, and MSMEs, with the support of financial institutions and FinTech companies.
MAS today launched a public consultation on its proposal to streamline the regulatory framework for fund managers. Specifically, the existing Registered Fund Management Companies (RFMCs) regime will be repealed, and existing RFMCs that are in operation will be approved as Licensed Fund Management Companies upon application.