In keeping with Singapore’s role as a leading financial centre, MAS is active in international and regional fora, contributing to discussions on global financial stability and international financial regulatory reforms.
As Singapore’s central bank and integrated financial sector regulator, MAS works closely with our counterparts around the world. MAS is a member of major regional groupings such as the ASEAN and ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meetings (AFMGM and AFMGM+3) and the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP). Singapore also is an active member of global institutions such as the International Monetary Fund (IMF), the World Bank Group (WBG), the Financial Stability Board (FSB), the Bank for International Settlements (BIS), and international standard setting bodies such as the Basel Committee of Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the International Organisation of Securities Commissions (IOSCO) and the Financial Action Task Force (FATF).
International Financial Fora and Institutions
As Singapore is a major financial centre, MAS has a keen interest to work with other international stakeholders to maintain global financial stability and develop sound and robust financial regulations. MAS participates in key fora with macroeconomic and financial stability mandates, including the International Monetary Fund (IMF), the Financial Stability Board (FSB) and the Bank for International Settlements (BIS). MAS is also active in regulatory and supervisory fora and contribute to the steering committees and technical working groups of global standard setting bodies such as the Basel Committee of Banking Supervision (BCBS), the International Organisation of Securities Commissions (IOSCO), the Committee on Payments and Market Infrastructures (CPMI), the International Association of Insurance Supervisors (IAIS) and the Financial Action Taskforce (FATF).
The IMF is an international organisation made up of 189 member countries which works to foster global growth and economic stability. It serves a number of critical international functions, including as a forum for cooperation on international monetary issues; facilitate growth of international trade, thus promoting job creation, economic growth, and poverty reduction; provide exchange rate stability and an open system of international payments; and lend countries foreign exchange when needed, on a temporary basis and under adequate safeguards, to help address balance of payments problems. Singapore has been a member of the IMF since August 1966.
From 2011 to 2015, Singapore’s Deputy Prime Minister, Finance Minister, and MAS Chairman Tharman Shanmugaratnam was appointed as the Chairman of the IMF’s International Monetary and Financial Committee (IMFC). The IMFC is the key advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF.
The IMF-Singapore Training Institute (IMF-STI) was set up in Singapore in 1998. It provides training on macroeconomic and financial management, and related legal and statistical issues. The IMF-STI serves as the IMF’s key centre in the Asia-Pacific to promote technical capacity development and has provided technical assistance to more than 14,000 senior officials in the region. The IMF-STI is jointly funded by the IMF, the Government of Singapore and the Government of Japan.
Singapore has a strong partnership with the World Bank Group. In 2011, the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Bank for Reconstruction and Development/International Development Association (IBRD/IDA) set up a World Bank-Singapore Hub for knowledge and financial activities for Asia and beyond. This marks the first combined World Bank Group office of its kind outside Washington DC. The hub builds on existing initiatives, such as the Infrastructure Finance Centre of Excellence (IFCOE) and the World Bank-Singapore Urban-Hub, to support integrated urban development and infrastructure financing solutions. MAS and the World Bank also organises the annual World Bank-Singapore Infrastructure Summit, a forum that generates solutions to fund and implement key infrastructure projects in the region.
The FSB promotes international financial stability through (i) monitoring and assessing vulnerabilities affecting the global financial system and proposing actions needed to address them; (ii) coordinating at the international level the work of national financial authorities and international standard setting bodies and developing and promoting the implementing the implementation of effective regulatory, supervisory and other financial sector policies; and (iii) monitoring the implementation of agreed financial reforms and reporting to the G20. Singapore is a member of the FSB and participates actively in its various committees and work groups.
Singapore became a member of the BIS in December 1996, and a member of the Basel Committee on Banking Supervision (BCBS) since September 2009. Apart from attending the regular BIS meetings, MAS also chairs the Market Committee, and participates actively in key committees and workgroups such as the BCBS, the Committee on the Global Financial System (CGFS), and the Committee on Payments and Market Infrastructures (CPMI).
The Markets Committee provides a forum for members to meet and exchange views on market issues, and cooperate in assessing current events as well as longer-term structural trends that may have implications for financial market functioning and central bank operations.
The BCBS is a forum for international cooperation on banking supervisory matters. It seeks to strengthen the regulation, supervision and practices of banks worldwide to enhance financial stability. It establishes and promotes global standards for the regulation and supervision of banks.
The CGFS monitors developments in global financial markets for central bank Governors. It has a mandate to identify and assess potential sources of stress in global financial markets, to further the understanding of the structural underpinnings of financial markets, and to promote improvements to the functioning and stability of these markets. The CGFS also oversees the collection of the BIS international banking and financial statistics.
The CPMI is an international standard setter that promotes, monitors and makes recommendations about the safety and efficiency of payment, clearing, settlement and related arrangements. It also serves as a forum for central bank cooperation in related oversight, policy and operational matters, including the provision of central bank services.
MAS is a member of the IOSCO, which is recognized as the international standard setting body for securities regulation. MAS contributes to IOSCO’s policy and standard setting work through our participation in the various Committees, Task Forces and Working Groups. MAS is also a signatory to the IOSCO Multilateral Memorandum of Understanding (MMOU) and the IOSCO Multilateral Memorandum of Understanding (EMMOU), which provide securities regulators with the tools for combating cross border fraud and misconduct that can weaken global markets and undermine investor confidence.
MAS is a member of IAIS, and was also accepted as the 10th signatory to the IAIS Multilateral Memorandum of Understanding (MMOU) in June 2010. The MMOU provides a formal basis for cooperation and information sharing by defining a common set of principles and procedures for information exchange between signatory authorities regarding the supervision of insurance companies. MAS participates in the IAIS main committees, task forces and working groups.
Singapore has been a member of the FATF since 1992. The FATF sets standards and promotes the effective implementation of legal, regulatory and operational measures for combating money laundering, terrorism financing and other related threats to the integrity of the international financial system. Singapore contributes actively towards developing international Anti-Money Laundering and Counter Terrorism-Financing (AML/CFT) policies and standards at the FATF, and regional AML/CFT efforts.
Regional Forums and Initiatives
Closer to home, Singapore has established itself as an advocate of advancing regional cooperation and integration within Southeast Asia and Asia. MAS maintains regular economic and policy dialogue and technical exchanges with fellow central banks and financial regulators, to promote the deepening of regional capital markets, strengthening of financial markets, and further developing safety nets for cross-border flows.
ASEAN was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Member States of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam, Vietnam, Lao PDR, Myanmar and Cambodia joined subsequently, making up the ten Member States of ASEAN.
Established in 2015, ASEAN Economic Community (AEC) is the realisation of the region’s end goal of economic integration. It envisions ASEAN as a single market and production base, a highly competitive region with equitable economic development, and fully integrated into the global economy. The AEC Blueprint 2025 provides broad directions through strategic measures to guide the next phase of ASEAN economic integration. Under the Blueprint, a stronger AEC is envisaged by 2025 with the following characteristics: (i) a highly integrated and cohesive economy; (ii) a competitive, innovative, and dynamic ASEAN; (iii) enhanced connectivity and sectoral cooperation; (iv) a resilient, inclusive and people-oriented, people-centred ASEAN; and (v) a global ASEAN.
Ensuring that the financial sector is inclusive and stable remains a key goal of regional economic integration. Under the AEC 2025 Vision, the ASEAN financial sector integration encompasses three strategic objectives: (i) strengthen financial integration; (ii) promote financial inclusion: and (iii) ensure financial stability.
MAS participates actively in several ASEAN forums. The ASEAN Finance Ministers’ and Central Bank Governors’ Meeting and Related Meetings are held annually, and oversee overall ASEAN finance cooperation. The ASEAN Capital Market Forum focuses on projects to harmonise standards in capital market regulations in ASEAN, while the ASEAN Insurance Regulators’ Meeting (AIRM) discusses cooperation in supervision of the insurance industries in the region. Technical work on regional financial and economic cooperation is undertaken by the 6 Working Committees which MAS actively participates in, namely Capital Market Development (WC-CMD), Financial Services Liberalization under the ASEAN Framework Agreement on Services (WC-FSL/AFAS), ASEAN Banking Integration Framework (WC-ABIF), Financial Inclusion (WC-FINC), Capital Account Liberalization (WC-CAL) and Payments and Settlements (WC-PSS).
As Chair of ASEAN in 2018, the priorities for Finance Cooperation included initiatives to sustain growth, boost resilience and adopt innovation, to support the AEC Vision 2025 of regional economic integration.
ASEAN +3 is a forum that coordinates cooperation between ASEAN and the three Northeast Asian nations of China, Japan, and South Korea. The first leaders' meetings were held in 1996 and 1997, and following close cooperation between ASEAN, China, Japan and South Korea during the Asian Financial Crisis, the grouping was institutionalised through regular summit meetings.
Under this framework, central banks and finance ministries from this grouping participate in the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3). Initiatives include regional cooperation on financial stability, through the Chiang Mai Initiative Multilateralisation (CMIM), and bond market development, through the Asian Bond Markets Initiative (ABMI). In 2018, Singapore and Korea were co-chairs of ASEAN+3.
CMIM - The CMIM Agreement came into force on 24 March 2010. This USD240 billion multilateral currency swap contract between the ASEAN+3 members, including Hong Kong, was developed from the Chiang Mai Initiative bilateral swap network established in the aftermath of the Asian Financial Crisis. With the core objective of addressing balance of payment and/or short-term liquidity difficulties in the region, the CMIM supplements existing international financial arrangements by providing financial support through currency swaps between participants in times of liquidity need.
AMRO - The ASEAN+3 Macroeconomic Research Office (AMRO), located in Singapore, was established in March 2010 and gained recognition as an IO in February 2016. AMRO monitors the macroeconomic and financial situation of the ASEAN+3 region and plays a key supporting role in the decision-making process of the CMIM. As host country, Singapore (represented by MAS and the Ministry of Finance) is committed to supporting AMRO.
ABMI - The ABMI was first initiated in August 2003 to inject greater momentum into regional bond market development. ABMI’s activities are organised under four taskforces that address demand, supply, infrastructure and regulatory framework issues respectively. Over the years, ABMI has rolled out a number of initiatives, including the Credit Guarantee and Investment Facility (CGIF), which provides credit guarantees to support the issuance of local currency-denominated corporate bonds. The ABMI’s initiatives have helped to mobilise the region’s substantial savings for long-term investment financing, and developed the local currency bond markets as an alternative source of financing. MAS works closely with ASEAN+3 member countries to support the ABMI’s initiatives.
EMEAP was established in 1991 as a forum of central banks and monetary authorities in the East Asia and Pacific region to strengthen cooperation amongst its members. It provides a platform for discussion of topics of common interest, including monetary and financial stability, financial markets development, payment and settlement systems and banking supervision. EMEAP has also undertaken important surveillance and research work.
EMEAP comprises the central banks of 11 economies: Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and Bank of Thailand.
MAS participates in EMEAP to support regional financial stability and development.
SEACEN started in 1966 as an annual meeting of the central bank governors, of which Singapore was a founding member, with the aim of providing a forum to exchange views and ideas on matters affecting the economies and financial systems of member countries. SEACEN has since expanded its membership from the original 8 members to 19.
In 1982, SEACEN established the SEACEN Research and Training Centre to promote a better understanding of the financial, monetary, banking, and economic development issues of interest to member countries, as well as to stimulate and facilitate cooperation in research and training. The centre undertakes research on financial, monetary, banking and economic issues. It also organizes and conducts training courses, and provides advisory and technical services to member countries.
MAS provides technical assistance to our counterparts in the region. MAS hosts study visits from central banks and regulators, where we share our experience on a range of topics, such as banking regulation and supervision, payment and settlement systems, monetary and economic policies, monetary and reserves management, and staff training and development. The MAS Academy contributes to the training of the regional supervisory community, and provides speakers and resource persons to various regional as well as international supervisory training institutions.
A signature central banking event, the MAS Lecture was first held in 2000 and provides a platform for a distinguished member of the international financial community to speak on issues of current interest to a gathering of central bankers, regulators and industry players from Singapore and the region. Previous speakers included:
- 2000 - Mr William J McDonough, President of the Federal Reserve Bank of New York and Chairman of the Basel Committee on Banking Supervision
- 2002 - Mr Robert E. Rubin, Chairman of the Executive Committee and Member of the Office of the Chairman of Citigroup Inc.
- 2003 - Sir Howard Davies, Executive Chairman, UK’s Financial Services Authority
- 2005 - Mr Jean-Claude Trichet, President of the European Central Bank
- 2007 - Mr Toshihiko Fukui, Governor of the Bank of Japan
- 2009 – Mr Dominique Strauss-Kahn, Managing Director, International Monetary Fund
- 2013 - Dr Agustin Carstens, Governor, Bank of Mexico
- 2014 - Mr Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board
- 2018 - Prof Raghuram Rajan, Former Governor Reserve Bank of India
Study Visit Requests
MAS usually only accepts study visit requests from central banks and financial regulatory agencies.
For requests for study visits to MAS, we will require details of the areas of your interest including the questions you would like to raise with MAS. If the interest is in MAS’ functions or on information that is publicly and readily available, we will guide you instead to the MAS website, as well as the MAS Gallery which is open to the public (click for details), where you will be able to obtain sufficient information on MAS and its functions.
MAS will process your request when we receive the following information:
- Purpose of proposed study visit
- Specific topics and questions that you want to discuss with MAS;
- Details of delegation (including full names and designation); and
- Proposed dates of visit.
MAS typically accommodates study visits no longer than a day. Please submit your request at least six weeks prior to your proposed visit. We will inform you if we are able to accommodate your request within two weeks of receiving your request. Due to resource and scheduling constraints, we apologise that we will not be able to entertain requests at shorter notice periods.
Please send your request for a study visit to:Email: