Requirements for merchant banks on protecting the confidentiality of customer information in all outsourcing arrangements.
Last Revised Date: 05 October 2018
Guidelines on Outsourcing
Guidelines for financial institutions on risk management of outsourcing arrangements.
Applies to: Credit/Charge Card Issuer , Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , Dealing in Capital Markets Products , Product Financing , Licensed Fund Management Company , Corporate Finance Advisory , REIT Management , Registered Fund Management Company , Credit Rating Agency , Securities Crowdfunding , Venture Capital Fund Management Company , Exempt Futures Broker , Exempt OTC Derivatives Broker , Providing Custodial Services , Exempt Corporate Finance Adviser Serving Accredited Investors , Approved CIS Trustee , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , General Insurance Agents , Licensed Financial Adviser , Exempt Financial Adviser , Exempt Financial Adviser Serving up to 30 Accredited Investors , Markets and Exchanges , Clearing House , Trade Repository , Benchmark Administrator/Submitter , Central Securities Depository , Holding Company of Exchange or Clearing House , Credit and Charge Card Licensee , Designated Payment System Operator , Designated Payment System Settlement Institution , Standard Payment Institution , Major Payment Institution , Money-changing Licensee , Credit Bureau Licensee
These guidelines set out MAS’ expectations of a financial institution that has an outsourcing arrangement or is planning to outsource its business activities to a service provider.
The guidelines cover:
- Engagement with MAS on outsourcing.
- Sound practices on risk management of outsourcing arrangements.
- Cloud computing.