Suzhou, China, 27 November 2024… The Monetary Authority of Singapore (MAS) and the Chinese National Financial Regulatory Administration (NFRA) reaffirmed their commitment to strengthen supervisory cooperation at the annual MAS-NFRA Supervisory Roundtable today.This is the first in-person MAS-NFRA Supervisory Roundtable since 2020, and the first since the China Banking and Insurance Regulatory Commission (CBIRC) was reorganised to become the NFRA in 2023. Held at the sidelines of the 30th anniversary commemoration of the Suzhou Industrial ParkThis was the first Government-to-Government project between Singapore and China., the Roundtable was co-chaired by Deputy Managing Director (Financial Supervision) of MAS, Ms Ho Hern Shin, and Vice Minister of NFRA, Mr Zhou Liang.

2. Both authorities welcomed the strong momentum in cooperation over the past two years, including staff attachments from the NFRA to MAS and study visits covering technology resilience, digital assets, artificial intelligence and green finance. The roundtable discussions covered supervisory priorities in relation to Singapore and Chinese banks, and latest developments in NFRA’s insurance supervision framework. Authorities also exchanged views and experiences on the supervisory practices and development of the asset management sector.

3. Ms Ho said, “The regular Roundtable between MAS and the NFRA demonstrates the strong relationship between both agencies, and our commitment to effective coordinated oversight of regulated financial institutions operating in both jurisdictions. I am pleased that we can resume our exchanges in person this year, as we continue to collaborate on maintaining financial stability in our respective jurisdictions.”

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