Monetary Authority of Singapore (MAS) has demonstrated consistent and holistic efforts to promote digital innovation and competition through the issuance of up to five new digital bank licenses.
Monetary Authority of Singapore (MAS) was recognised as Best Conduct of Business Regulator in Asia Pacific in 2020 under The Asian Banker Regulation & Supervision Awards at The Asian Banker Leadership Achievement Award Virtual Ceremony 2020.
Monetary Authority of Singapore (MAS) has demonstrated consistent and holistic efforts to promote digital innovation and competition
Monetary Authority of Singapore (MAS) has demonstrated consistent and holistic efforts to promote digital innovation and competition through the issuance of up to five new digital bank licenses. The entry of new and non-traditional players increases diversity and helps to strengthen the country’s banking system in the digital economy. With innovative business models and strong digital capabilities, these new players can cater to the underserved needs of the Singapore market.
It introduced a number of initiatives to assist Singapore financial institutions in supporting customersthrough COVID-19
MAS, together with the Association of Banks in Singapore (ABS) and the Finance Houses Association of Singapore (FHAS), has made an extension of support measures to help individuals and small and medium-sized enterprises (SMEs) facing cashflow difficulties transition gradually to full loan repayments. Earlier this year, MAS announced its first industry support package including relief measures for mortgages and unsecured revolving credit facilities, which make up a significant portion of individuals’ debt obligations.
It adjusted capital and liquidity requirement for banks
It encouraged local banks to use their capital buffers to support lending to businesses and individuals as the banks have built up healthy capital buffers over the years that should have sufficient capital to weather the current economic slump and continue to supply credit to the Singapore economy. To help enhance banks’ capacity to lend, MAS will allow banks to recognize as capital more of their regulatory loss allowance reserves.
MAS Executive Director of Prudential Policy, Kenneth Gay, commented: “We will also continue our efforts to enable the financial sector to leverage technology and digitalisation to remain a competitive and growing centre for finance in Asia and globally.”
For video of the Leadership Dialogue and Leadership Achievement Awards Virtual Ceremony, please click here.
About Regulation and Supervision Awards
The Asian Banker Regulation & Supervision Awards is a programme designed to determine and award the best practices and outstanding achievements of the top regulators in the Asia Pacific, Middle East and Africa regions. The Asian Banker evaluates regulators according to three basic functions of regulatory oversight that they may perform - macroeconomic regulation, systemic and prudential regulation and conduct of business oversight and their effectiveness in fulfilling these roles. We have developed our scorecards to capture the essence of the role of regulators, their effectiveness and the benchmarks they need to achieve. The evaluation process is rigorous and transparent, and constantly improved to incorporate the latest challenges and industry changes.