Robust Banking and Insurance Sectors
Credit Suisse AG and UBS Group AG’s Operations
March and June 2023
The day-to-day operations of the Singapore entities of UBS Group AG (UBS) and Credit Suisse Group AG (CS) would not be interrupted by the legal completion of the takeover. The takeover was not expected to have an impact on the stability of Singapore’s banking system
- MAS media release, published on 12 June 2023 on the continuation of UBS and Credit Suisse operations in Singapore following legal completion of takeover
- MAS media release , published on 22 March 2023, on additional Tier 1 instruments issued by Singapore banks
- MAS media release, published on 20 March 2023, on Credit Suisse’s operations
- MAS media release, published on 13 March 2023, on MAS' response to queries on Credit Suisse
- MAS media release, published on 13 March 2023, on Singapore's banking system remaining sound and resilient
MAS revised risk-based capital adequacy requirements for banks, to implement Basel III reforms
20 September 2023
MAS published the revised risk–based capital adequacy requirements for banks incorporated in Singapore to implement the internationally-agreed Basel III reforms on regulatory capital requirements. The revisions aim to improve the robustness of capital requirements and comparability of banks’ capital ratios, and enhance the resilience of the banking system. The new requirements will come into effect from 1 July 2024.
- MAS circular, published on 20 September 2023, on the publication of the revised MAS Notice 637 on risk based capital adequacy requirements for banks incorporated in Singapore, to implement the final Basel III reforms
- MAS circular, published on 8 June 2023, on the implementation timeline for the final Basel III reforms in Singapore
MAS published inaugural list of domestic systemically important insurers in Singapore
21 September 2023
MAS published its updated framework for designating domestic systemically important insurers (D-SIIs), with the inaugural list of four D-SIIs being AIA Singapore Private Limited, Income Insurance Limited, Prudential Assurance Company Singapore (Pte) Limited, and The Great Eastern Life Assurance Company Limited. Effected on 1 January 2024, the framework facilitates the annual impact assessment of insurers based on their size, interconnectedness, substitutability and complexity.
19th Singapore International Reinsurance Conference
30 October 2023
At the 19th Singapore International Reinsurance Conference, MAS’ then-Managing Director, Mr Ravi Menon, outlined three areas for the reinsurance industry to better address Asia’s protection gaps, namely: (i) informing ex-ante risk mitigation with their insights on risk and loss drivers, (ii) addressing data gaps by creating platforms for the trusted pooling of data, and (iii) unlocking new insurance capacity through alternative risk transfer solutions.
2023 Global Insurance Forum
7 November 2023
At the 2023 Global Insurance Forum, Deputy Prime Minister and Minister for Finance, and Chairman of MAS, Mr Lawrence Wong, spoke on how the insurance industry can enhance its value to society by supporting the transition to net zero, responsibly harnessing artificial intelligence, and growing a strong base of Asia-savvy talent.
Actions on DBS Bank for disruption of banking services in 2023
30 April 2024
MAS took supervisory actions against DBS Bank in light of the major disruptions to DBS Bank’s banking services in 2023. In April 2023, MAS directed DBS Bank to conduct a comprehensive review to identify shortcomings that led to the service disruptions. Further action was taken to impose additional capital requirement on 5 May 2023. On 1 November 2023, MAS imposed a six-month pause on DBS Bank’s non-essential activities. MAS announced on 30 April 2024 that the six-month pause will not be extended, while the additional capital requirement will be retained. DBS Bank had made substantive progress to address the shortcomings identified but the remediation plan is still ongoing. DBS Bank has committed to continue its focus to complete the remaining deliverables. MAS will closely monitor DBS Bank’s progress on the remediation plan and the effectiveness of the measures implemented in assessing whether to lift the additional capital requirement.
- MAS media release, published on 30 April 2024, on decision to not extend six-month pause on DBS Bank’s non-essential activities
- MAS media release, published on 1 November 2023, on a six-month pause on DBS Bank’s non-essential IT changes
- MAS media release, published on 19 October 2023, on response to media queries on DBS Bank and Citibank's Banking Services Disruptions
- MAS media release, published on 5 May 2023 on additional capital requirement on DBS Bank for disruption of banking services
MAS seeks public feedback on proposed changes to enhance the Policy Owners' Protection Scheme
7 December 2023
MAS sought public feedback on proposed changes to the Policy Owners’ Protection Scheme to enhance its coverage, simplify its design, and improve its operational efficacy. These proposals were part of MAS’ regular reviews to ensure the scheme remains up to date with market developments.
MAS increased deposit insurance coverage to S$100,000
1 April 2024
Following a public consultation in June 2023, MAS increased deposit insurance (DI) coverage from S$75,000 to S$100,000 per depositor per DI Scheme member with effect from 1 April 2024. The increase ensured that the vast majority of smaller depositors continue to be fully covered while keeping pace with the growth in average deposit balances.
Information Paper on Data Governance and Management Practices
29 May 2024
MAS conducted thematic inspections on the effectiveness of banks’ data governance and management frameworks, data quality monitoring processes and controls, data issues identification/escalation processes, as well as independent validation functions. The information paper highlighted observations from the inspections and sets out MAS’ supervisory expectations, including good practices that banks were encouraged to work towards.