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.

Our Departments

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.   

Insurance Department

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 Inspection Divisions, the Supervisory Methodologies, Tools & Analytics Division (SMTA) and the SupTech Surveillance and Analytics Division (SSA).

The 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’ 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. SSA enhances supervisory surveillance through the application of technology and data analytics. Collectively, IMD works closely with the various supervisory departments to strengthen supervisory effectiveness.