International Cooperation

Joint Initiatives and Partnerships

MAS collaborates with Mojaloop Foundation to advance financial inclusion 

26 May 2021 

MAS joined Mojaloop Foundation as a Sponsor-level member to contribute to providing the underserved access to affordable financial services. The partnership between MAS and Mojaloop’s open-source community aims to bring together MAS’ policy development perspectives and Mojaloop’s digital payments capability to advance financial inclusion in emerging economies. The collaboration will also provide new opportunities for the FinTech ecosystems in Singapore and Asia-Pacific.

Joint statement by MAS and Securities and Exchange Commission (SEC) of Thailand

15 September 2021 

MAS and SEC Thailand welcome the launch of the Thailand-Singapore Depositary Receipts (DR) linkage by the SGX and the Stock Exchange of Thailand. Under this DR linkage, depositary receipts representing securities listed on one market will be issued for trading on the other. The enhanced connectivity between the two markets will increase cross-border investment opportunities for investors. 

World’s first digital trade financing pilot between Model Law on Electronic Transferable Records(MLETR)-harmonised jurisdictions 

11 November 2021

The Infocomm Media Development Authority, MAS and the Financial Services Regulatory Authority of Abu Dhabi Global Market, in collaboration with DBS Bank, Emirates NBD and Standard Chartered, concluded the world’s first cross-border digital trade financing pilot of its kind. The pilot used IMDA’s TradeTrust framework to facilitate the transfer of electronic records between jurisdictions that have adopted the UN Commission on International Trade Law Model Law on Electronic Transferable Records. This harmonises the legal recognition of digital documents such as electronic bills of lading across both jurisdictions, and complements the larger global trade movement by the G7 economies on adopting electronic transferable records in international trade. 

Joint Statement of Intent between MAS and the Swiss State Secretariat for International Finance (SIF)

24 May 2022

SIF and MAS jointly issued a statement of intent to promote data connectivity for financial services. SIF and MAS intend to explore policies and rules that facilitate the following goals with respect to financial institutions (FIs): enable data flows (including personal information) within financial groups or with business partners; support the free choice of location for the storage and processing of data; and protect confidentiality of customers’ data and privacy.

Bilateral Agreements & Meetings

G20 Finance Ministers and Central Bank Governors meeting 

7 April 2021
9 July 2021
15 October 2021

The 2^nd to 4^th G20 Finance Ministers and Central Bank Governors Meeting took place in April, July and October 2021 respectively. At the 3^rd Meeting on 9 July 2021, the meeting discussed the report of the High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response, which was co-chaired by MAS Chairman Mr Tharman Shanmugaratnam.

17 February 2022

Under the Indonesian Presidency, the 1^st G20 Finance Ministers and Central Bank Governors Meeting was held from 17 to 18 February 2022 in Jakarta, Indonesia. The meeting discussed global economic developments, international finance architecture, financial sectors issues (crypto-assets, cross border payments), sustainable finance and international taxation.

United Kingdom (UK) and Singapore mark a new era of Financial Services Cooperation 

30 June 2021

The UK and Singapore launched a new Financial Partnership at the 6^th UK-Singapore Financial Dialogue and signed an Memorandum of Understanding (MoU). Under the partnership, the UK and Singapore will explore opportunities for greater financial cooperation, including enhanced information sharing, closer cooperation in international fora, as well as regulatory deference, to drive new and broader opportunities for financial services trade and cooperation.

An MoU to enhance bilateral cyber security cooperation was also signed to signal a joint commitment to foster greater cyber cooperation and sharing of information and best practices, and to enhance the cyber resilience of the financial sectors in the UK and Singapore.

MAS and the United States Department of the Treasury finalise an MoU on cybersecurity cooperation 

23 August 2021 

The United States Department of the Treasury and MAS announced the finalisation of an MoU on cybersecurity cooperation, to formalise and strengthen the strong cybersecurity partnership between both agencies. The MoU also enhances cooperation in the following areas: information sharing relating to the financial sector including cybersecurity regulations and guidance; cybersecurity incidents and threat intelligence; staff training and study visits in the area of cybersecurity; and competency-building activities such as cross-border cybersecurity exercises.

Singapore concludes negotiations on digital economy agreements with UK and Republic of Korea (ROK)

9 and 15 December 2021

Singapore concluded negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA) and the Korea-Singapore Digital Partnership Agreement (KSDPA) on 9 December 2021 and 15 December 2021 respectively. The UKSDEA and the KSDPA will be Singapore’s 3^rd and 4^th Digital Economy Agreements respectively, and the KSDPA will be the 1^st with an Asian country. Both agreements will promote transparent and facilitative rules to support the development of safe and secure cross-border e-payments, and will also enable businesses operating in Singapore, ROK and the UK to transfer information, including those generated or held by FIs, seamlessly across borders for the conduct of business. The UKSDEA was signed on 25 February 2022.

17^th Joint Council for Bilateral Cooperation (JCBC)

29 December 2021

At the 17^th JCBC between Singapore and China held on 29 December 2021, MAS announced new capital markets and green finance initiatives to develop new channels of financial connectivity and to explore deeper public-private sector collaboration in green finance. 

Bank Indonesia (BI) and MAS expand cooperation across central banking, financial regulation and innovation

21 January 2022

BI and MAS signed an MoU to strengthen bilateral cooperation, reflecting Indonesia and Singapore’s joint interest to collaborate on projects related to payments innovation, and formalise cooperation across an expanded range of central bank and regulatory functions. These include monetary policy, macroprudential policy, financial stability, oversight of the payment and settlement systems, regulatory and supervisory frameworks, anti-money laundering and countering the financing of terrorism.

MAS and China Securities Regulatory Commission (CSRC) advance regulatory collaboration and capital markets connectivity at annual Roundtable

26 January 2022

At the 6^th MAS-CSRC Supervisory Roundtable, MAS and CSRC agreed to advance cooperation in capital markets supervision and connectivity. Key discussion points of the meeting included supervisory issues, including developments in sustainability reporting, OTC derivatives reporting requirements, and supervisory and regulatory approaches for exchange traded products and market misconduct. MAS and CSRC also exchanged views on the implementation of capital markets collaboration initiatives announced at the 17^th JCBC held in December 2021, and to support deeper collaboration between Chinese and Singapore exchanges.

Australia and Singapore to deepen collaboration in FinTech

13 April 2022

Australia Treasury and MAS signed the Australia-Singapore FinTech Bridge Agreement to strengthen cooperation between the FinTech ecosystems of both countries, and sets out a framework for both authorities to: (i) deepen bilateral and multilateral cooperation on FinTech; (ii) support the mutual establishment of FinTechs looking to expand in each other’s markets; (iii) build on current engagements to strengthen linkages between Australia and Singapore for policy officials, regulators, and industry groups; and (iv) explore joint innovation projects on emerging issues in FinTech.

Joint Conferences 

MAS co-hosts 14^th Asia Symposium with the Federal Reserve Bank of San Francisco (FRBSF)

20 October 2021

MAS and the FRBSF co-hosted the 14^th Asia Virtual Symposium on 20 October 2021. The symposium explored the changing landscape of banking supervision and regulation, discussed how central banks and financial regulators were addressing systemic issues such as financial inclusion, climate action, and global economic recovery from the ongoing pandemic; and how financial technology and industry solutions could address them. 

MAS co-organises the Singapore-Chongqing Financial Summit with Chongqing Municipal Government and the Chongqing Financial Regulatory Bureau (CQFRB)

23 November 2021

MAS and the CQFRB co-organised the 4^th Singapore-China Chongqing Connectivity Initiative (CCI) Financial Summit. Industry players and central banks from ASEAN and China exchanged views on FinTech, green finance and ASEAN-China financial cooperation. MAS and the CQFRB also held the 2^nd meeting of the CCI Financial Sub-Committee Advisory Group to discuss opportunities in China’s western region’s green finance and capital markets. 

MAS’ contribution to regional capacity in financial supervision and regulation

Ongoing

MAS actively supports the regional development of supervisory practices and regulation through virtual study visits, regional programmes and webinars. Over 1,500 participants from 35 jurisdictions participated in MAS’ technical cooperation programmes in 2021. MAS also expanded its cooperation with Toronto Centre (TC) by running the inaugural MAS-TC Climate Risk Regional Programme.