Banking and Insurance Group
The Banking and Insurance Group supervises and regulates banks, merchant banks, finance companies and insurance companies. It fosters the stability and strength of Singapore's financial system by monitoring the safety and soundness of the financial institutions it supervises.
Banking Departments I, II and III
The three Banking Departments collectively supervise licensed and regulated banks, merchant banks and finance companies in Singapore. They foster the stability and strength of Singapore's financial system by monitoring the safety and soundness of the financial institutions that they supervise, and promoting the adoption of international best practices in corporate governance and risk management.
Broadly, Banking Department I supervises the local banking groups on a consolidated basis, and certain foreign banks. Banking Department II supervises a mix of retail and wholesale banks and finance companies. It also houses the Financial Risk Specialist Division. Banking Department III generally supervises banks active in treasury and private banking businesses.
The Insurance Department supervises and regulates insurance companies and has as its primary objective the protection of policyholders' interests. The department adopts a risk-focused approach in the prudential and market conduct supervision of insurance companies. In its standards setting role, the department works closely with industry associations to promote the adoption of best practices by the industry.
Inspection and Supervisory Methodologies Department
The Inspection and Supervisory Methodologies Department (IMD) comprises three Banking Inspection Divisions, the Supervisory Methodologies, Tools & Analytics Division (SMTA) and the Supervisory Technology Division (Suptech).
The Banking Inspection Divisions conduct on-site inspections of financial institutions to assess the adequacy of financial institutions’ governance and management oversight, risk management frameworks, internal controls and processes. SMTA develops and enhances supervisory methodologies and analytical tools necessary for MAS’ efficient and effective supervision and assessment of financial institutions. These include frameworks on risk and impact assessment, recovery and resolution, and culture and conduct supervision. SMTA also monitors developments and trends in the financial sector, and partners the banking supervisors to achieve proactive and high standards of supervision. Suptech enhances supervision through the application of technology and data analytics. IMD works closely with the three BDs to achieve collective supervisory effectiveness.