International Cooperation
Joint Initiatives and Partnerships
Launch of global programme for micro, small and medium-sized enterprises (MSMEs) financial literacy and empowerment
14 June 2022
MAS, in partnership with the International Finance Corporation (IFC) and the United Nations Development Programme (UNDP), launched the SME Financial Empowerment (SFE) – an open financial education and action programme which aims to help MSMEs in Asia and Africa build foundational digital financial literacy skills, and gain a good understanding of relevant cross-border financial services to help them thrive in the post-pandemic digital economy. The SFE was rolled out with market partners in Asia and Africa, starting with Ghana, India, the Philippines and Singapore, and could benefit more than 400,000 MSMEs across both regions.
Banque de France (BdF) Governor inaugurated Asia-Pacific representative office in Singapore
14 July 2022
At the inauguration of the BdF Asia-Pacific Representative Office in Singapore, BdF Governor Mr François Villeroy de Galhau and MAS Managing Director Mr Ravi Menon reaffirmed the warm and long-standing relationship between the two institutions and spoke about the BdF and MAS’ productive bilateral collaborations in the areas of central bank digital currency (CBDC) experimentation, cybersecurity and green finance.
MAS partnered United Nations Capital Development Fund (UNCDF) to develop integrated financial ecosystems for least developed countries
14 November 2022
MAS signed a memorandum of understanding (MoU) with the UNCDF on 11 November 2022 to jointly develop integrated and digital financial ecosystems for MSMEs from least developed countries. The partnership would help MSMEs enhance their digitalisation capabilities and facilitate greater access to finance through open digital infrastructures.
Bilateral Agreements & Meetings
G20 Finance Ministers and Central Bank Governors’ meeting
20 April 2022
15 to 16 July 2022
12 to 13 October 2022
MAS participated in G20 Finance Ministers and Central Bank Governors’ meetings in April, July and October 2022, under Indonesia's G20 presidency. Singapore contributed to discussions in key areas such as (i) international finance architecture; (ii) financial sectors issues such as crypto-assets and cross-border payments; (iii) sustainable finance; and (iv) international taxation.
MAS and the Swiss State Secretariat for International Finance (SIF) agreed to promote data connectivity for financial services
24 May 2022
MAS and SIF committed to work together to explore policies and rules that facilitate data flows and cross border data connectivity in financial services. The authorities also declared their intent to support the free choice of location for the storage and processing of data, as long as financial regulators have appropriate access to data for regulatory or supervisory purposes.
MAS and the International Financial Services Centre Authority (IFSCA) of India exchanged MoU on supervisory cooperation
29 July 2022
The MoU provides a framework for supervisory cooperation between MAS and the IFSCA, which paves the way for mutual assistance and the facilitation of the exchange of information, to strengthen the supervision of cross-border operations of each other’s exchanges, and compliance by the exchanges with the applicable laws and regulations.
MAS and Bank Indonesia (BI) signed an MoU to promote the use of local currencies for transactions between Singapore and Indonesia
29 August 2022
MAS and BI signed an MoU to promote the use of local currencies in bilateral transactions such as trade and direct investments. This will help businesses reduce exposure to exchange rate risks and cost of conducting cross border transactions.
18th Joint Council for Bilateral Cooperation (JCBC)
1 November 2022
At the 18th JCBC between Singapore and China, MAS announced (i) the establishment of a China-Singapore Green Finance Taskforce with the People’s Bank of China, to facilitate greater public-private sector exchanges to better mobilise private capital for the regions’ sustainable development needs; (ii) the launch of the first participating products under the Singapore Exchange (SGX) and Shenzhen Stock Exchange (SZSE) Exchange-Traded Fund (ETF) Product Link; and (iii) a Low Carbon Index Family that would be jointly launched by SGX with the Shanghai Stock Exchange and SZSE. The SGX-SZSE ETF product link saw its first few products go live, including two SGX-listed northbound ETFs and one SZSE-listed southbound ETF. The southbound flows into CSOP CGS-CIMB FTSE APAC Low Carbon ETF raised a record S$260 million in assets under management. This successful launch heralded a deepening of capital market connectivity between Singapore and China, built on strong cooperation in Renminbi internationalisation and the growing presence of the financial institutions in each other’s markets.
MAS signed MoU with Bank of Ghana (BOG) and Development Bank Ghana (DBG) to develop an integrated financial ecosystem to support growth of Asia-Africa SME trade corridor
4 November 2022
MAS, BOG and DBG signed an MoU to develop the Ghana Integrated Financial Ecosystem (GIFE). The GIFE aims to enhance financial capabilities and access for MSMEs in Ghana and generate greater opportunities for trade and financial services cooperation between Singapore and Ghana.
The United Kingdom (UK) and Singapore deepened collaboration in FinTech and strengthened financial cooperation
25 November 2022
At the seventh UK-Singapore Financial Dialogue held in Singapore, the UK and Singapore agreed on an MoU on the UK-Singapore FinTech Bridge. The FinTech Bridge seeks to build on active interest of FinTech players in the areas of payments, RegTech and wealth management. Both countries agreed to work together on sustainable finance and disclosure standards, as well as to combat greenwashing, and build understanding of risks relating to nature loss and degradation.
Beijing International Finance Forum (IFF) 2022
2 December 2022
In his remarks at the opening session of IFF 2022, Senior Minister and Coordinating Minister for Social Policies, and MAS Chairman, Mr Tharman Shanmugaratnam, spoke about the challenges facing the world amid economic and geopolitical uncertainties, and the importance of international collaboration to deal with climate change, future pandemics and other challenges of the global commons. The need to strengthen, resource and reform multilateral institutions, so that they can perform their roles in a more uncertain, risky and multipolar world, was also highlighted.
Brunei Darussalam Central Bank (BDCB) and MAS deepen cooperation in financial supervision
3 February 2023
BDCB and MAS reaffirmed their close ties and discussed new areas for collaboration during the fourth BDCB-MAS Bilateral Roundtable hosted by MAS. The authorities signed an MoU to deepen cooperation in banking and insurance supervision through information exchange and cross border on-site supervision.
Joint Conferences
Point Zero Forum
22 June 2022
At the opening of the inaugural Point Zero Forum, Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat, spoke about three double helixes – Swiss-Singapore collaboration, Digital-Sustainability drivers, and Regulator-Industry partnership. The event was organised by the Swiss Secretariat for International Finance and Elevandi, in cooperation with MAS, the Swiss National Bank, and the BIS Innovation Hub.
MAS’ contribution to regional capacity in financial supervision and regulation
Ongoing
MAS actively supports the regional development of supervisory practices and regulation through study visits, regional programmes and other technical cooperation initiatives. Over 1,300 participants from 45 jurisdictions participated in MAS’ technical cooperation programmes in 2022. MAS also resumed in-person training for study visits and the 34th Banking Supervisors’ Training Programme from the second half of 2022.