Robust Banking and Insurance Sectors
Insurance (Amendment) Bill
16 October 2024
On 16 October 2024, Parliament passed the Insurance (Amendment) Bill to amend the Insurance Act to provide for the Minister-in-charge of MAS to consider the views of the Minister responsible for the administration of the Co-operative Societies Act (CSA), and to withhold approval involving applications to become a substantial or controlling shareholder of an insurer that is either a Co-operative (Co-op) or linked to a Co-op, if the Minister-in-charge of MAS considers that it is in the public interest to do so. This was in recognition that insurance co-operatives in Singapore are a special category of insurers with a social mission for which public interest considerations are relevant and the views of the Ministry of Culture, Community and Youth, which oversees co-operatives, should be considered.
- Second Reading Speech by Minister for Transport and Second Minister for Finance, and Deputy Chairman of MAS, Mr Chee Hong Tat, delivered in Parliament on 16 October 2024
- Ministerial Statement by Minister for Culture, Community and Youth and Second Minister for Law, Mr Edwin Tong, on the pre-conditional voluntary general offer by Allianz for Income Insurance, delivered in Parliament on 14 October 2024
MAS conducts thematic review of banks’ artificial intelligence (AI) model risk management practices
5 December 2024
MAS conducted a thematic review of selected banks’ AI and generative AI (GenAI) model risk management practices, and published an information paper to share good practices with the financial industry in the key areas of governance and risk management of AI / GenAI model development, validation and deployment within financial institutions.
MAS issues information paper on governance and risk management of commodity financing
4 March 2025
MAS conducted thematic inspections on the effectiveness of selected banks’ governance and risk management of their commodity financing business, with an emphasis on lending standards and practices to the commodity trader client segment in the oil and gas sector. The paper sets out MAS’ supervisory expectations, areas for improvement, and includes good practices that banks and finance companies are encouraged to work towards.
Prudential treatment of banks’ cryptoasset exposures
27 March 2025
MAS launched a public consultation on the prudential treatment of banks’ cryptoasset and cryptoliability exposures under MAS’ capital and liquidity standards. The proposed approach differentiates cryptoassets based on their risk levels. Banks will need to hold more financial resources for riskier exposures.