Monetary Authority of Singapore

Singapore, Singapore

Singapore's central bank and financial regulatory authority overseeing the country's financial sector, responsible for formulating and implementing monetary policy, maintaining price stability, and managing the country's foreign reserves.

CCI Score

54.63

-0.03% April 18

Latest Event

MAS Strengthens Crypto Regulations to Foster Innovation

In 2024, the Monetary Authority of Singapore expanded its regulatory framework under the Payment Services Act by issuing 13 MPI licenses for crypto exchanges and broadening oversight measures. This proactive move enhanced investor protection and provided a stable environment for digital asset innovation, positioning Singapore ahead of competitors like Hong Kong.

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LEADER

Monetary Authority of Singapore is currently rated as a Leader.

+45 to +100 CCI Score

Companies in this range actively lead the fight against authoritarianism by rejecting oppressive practices and championing democratic values. They implement robust policies, engage in transparent governance, and drive initiatives that set the standard for corporate responsibility.

Latest Events

APR

01

2024

MAS Strengthens Crypto Regulations to Foster Innovation
60.00

In 2024, the Monetary Authority of Singapore expanded its regulatory framework under the Payment Services Act by issuing 13 MPI licenses for crypto exchanges and broadening oversight measures. This proactive move enhanced investor protection and provided a stable environment for digital asset innovation, positioning Singapore ahead of competitors like Hong Kong.
MAR

07

2024

MAS Enhanced Investigative and Supervisory Powers via FIMA Bill
40.65

The FIMA Bill in Singapore expands the Monetary Authority of Singapore's powers to investigate and supervise financial institutions. The new legislation enhances MAS’s abilities to gather evidence, enter premises without a warrant under strict limits, and harmonize its oversight across several acts, ultimately aiming to boost transparency and accountability in the financial sector.
+50

Public and Political Behavior

April 8

The FIMA Bill significantly strengthens MAS's regulatory authority, enhancing its ability to oversee and investigate misconduct in the financial sector. This bolstered executive and public oversight promotes accountability and transparency, which are key to countering corporate malpractices and authoritarian overreach.

Monetary Authority of Singapore’s Enhanced Investigative and Supervisory Powers
+40

Business Practices and Ethical Responsibility

April 8

By strengthening investigative and supervisory capacities, the FIMA Bill improves the ethical framework within which financial institutions operate. This regulatory enhancement is likely to drive better compliance practices and reduce corporate misconduct, thus supporting fair business operations and ethical responsibility.

Monetary Authority of Singapore’s Enhanced Investigative and Supervisory Powers
DEC

11

2023

MAS Issues Regulatory Notices for Outsourced Services
57.25

On 11 December 2023, the Monetary Authority of Singapore issued Notices on Management of Outsourced Relevant Services for banks and merchant banks. The notices require banks to maintain outsourcing registers, conduct due diligence on service providers, assess risks with sub-contractors, and institute clear termination clauses to safeguard customer information. These measures, effective from 11 December 2024, aim to tighten regulatory oversight of outsourced operations in the financial sector.
+70

Business Practices and Ethical Responsibility

April 8

The regulatory action by MAS is designed to enforce higher standards of accountability and transparency among banks regarding outsourced services. By mandating detailed outsourcing registers, rigorous due diligence, and risk assessment of sub-contractors, MAS is promoting ethical business practices that help protect consumers and maintain data confidentiality.

MAS issues notices to banks and merchant banks on management of outsourced relevant services
+60

Economic and Structural Influence

April 8

By setting these structured guidelines, MAS exerts strong economic and structural influence over the banking sector, promoting a resilient financial framework that minimizes risks associated with outsourcing. These measures underline a commitment to systematic oversight which indirectly supports public interests and counterbalances authoritarian deregulation tendencies.

MAS issues notices to banks and merchant banks on management of outsourced relevant services
NOV

01

2023

MAS Champions Robust Financial Compliance in Singapore
63.27

The Monetary Authority of Singapore (MAS) is celebrated in the article for its adaptive, multi-pronged approach to financial compliance, which includes robust regulatory frameworks, active anti-money laundering measures, innovative use of regtech, and proactive international collaboration. Through these initiatives, MAS not only enhances consumer protection and market transparency but also reinforces economic stability and ethical financial practices.
+80

Public and Political Behavior

April 8

MAS’s transparent and proactive regulatory oversight, including international collaboration and active supervision of financial institutions, promotes democratic practices and accountability in the financial sector.

How Monetary Authority Singapore Drives Financial Compliance
+70

Business Practices and Ethical Responsibility

April 8

MAS enforces strong ethical guidelines and comprehensive regulatory frameworks that help ensure accountability and high standards of business practices among financial institutions, contributing to a fair and stable market environment.

How Monetary Authority Singapore Drives Financial Compliance
+75

Technology and Services Impact

April 8

By embracing modern regtech solutions and integrating advanced technological tools for monitoring and oversight, MAS enhances the efficiency and reliability of compliance processes, which supports consumer protection and financial transparency.

How Monetary Authority Singapore Drives Financial Compliance
+65

Economic and Structural Influence

April 8

Through its regulatory initiatives and commitment to establishing a stable and resilient financial ecosystem, MAS plays a crucial role in sustaining economic and structural stability, which is key to preventing systemic financial crises.

How Monetary Authority Singapore Drives Financial Compliance
APR

26

2023

MAS Enhances Wage Support Measures in Biannual Review
65.61

On April 26, 2023, the Monetary Authority of Singapore (MAS) announced in its biannual macroeconomic review that policies such as enhancements to the Progressive Wage Model and targeted salary increases in civil service, healthcare, and education sectors will help support lower-income workers despite a slowing economy.
+80

Labor Relations and Human Rights Practices

April 8

MAS outlined policy measures aimed at uplifting lower-wage workers, including enhancements to the Progressive Wage Model and salary adjustments across key public sectors. These measures are designed to support worker rights and promote fair labor practices, reflecting progressive, anti-authoritarian principles that help protect marginalized workers.

Wages in Singapore likely to see slower rise as labour demand softens in weaker economy: MAS
JAN

18

2021

MAS Implements New Cybersecurity Vendor Auditing Guidelines
40.97

The Monetary Authority of Singapore (MAS) has announced revised Technology Risk Management guidelines that require all financial institutions to audit and assess the cybersecurity practices of their technology vendors. The new rules, effective from January 18, 2021, also mandate increased board oversight for key technology and cyber-security roles, aiming to bolster defenses following vulnerabilities exposed by the SolarWinds cyber attack.
+50

Public and Political Behavior

April 8

MAS's updated guidelines enhance public accountability by requiring rigorous oversight and transparency from financial institutions. This regulatory move strengthens the political and public behavior framework through improved risk management in the financial system.

MAS announces new rules in Singapore after SolarWinds cyber attack exposes firms around the world
+80

Technology and Services Impact

April 8

By mandating that financial institutions conduct thorough audits of their technology vendors, MAS is proactively reducing technological vulnerabilities and strengthening cybersecurity measures. This forward-thinking approach mitigates risks associated with unsafe programming practices and unverified third-party suppliers.

MAS announces new rules in Singapore after SolarWinds cyber attack exposes firms around the world
+60

Economic and Structural Influence

April 8

The updated TRM guidelines not only improve technological safeguards but also reinforce structural oversight by requiring board and senior management involvement in cybersecurity appointments. This enhances the economic and structural resilience of Singapore's financial system.

MAS announces new rules in Singapore after SolarWinds cyber attack exposes firms around the world