MAS and CSRC Enhance Cooperation at the 5th Bilateral Roundtable
Singapore, 22 December 2020…The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) held their 5th MAS-CSRC Supervisory Roundtable today. The Roundtable was carried out over video-conference, and followed up on capital market developments and co-operation that had been discussed at the recent 16th Joint Council for Bilateral Cooperation.
2. The Roundtable was co-chaired by MAS’ Deputy Managing Director Mr Ong Chong Tee and CSRC’s Vice Chairman Mr Fang Xinghai. The key areas of discussion included the impact of COVID-19 on capital markets, the management of financial, operational, and technology and cyber risks during the pandemic, as well as regulatory support for financial institutions in managing the challenges arising from the pandemic. MAS and CSRC also exchanged views on capital markets supervision, including areas of supervisory co-operation as well as possible collaborations between Singapore and Chinese exchanges.
3. Mr Ong said, “CSRC and MAS enjoy a close supervisory partnership. This has provided a firm foundation to support a growing capital market connectivity given the increased participation of Chinese and Singapore financial institutions in each other’s markets. The annual Roundtable is an important platform for both sides to exchange views and to learn from each other on many areas of common interest such as on enhancing investor protection, and the supervision of financial institutions and products."
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.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.