Monetary Authority of Singapore (MAS)

MAS issues the 2024 Financial Stability Review today. The Review documents MAS’ regular assessments of risks and vulnerabilities across the corporate, household and financial sectors, arising from developments in Singapore and the global economy, and aims to contribute to a greater understanding among the public on issues affecting Singapore’s financial system. READ: https://lnkd.in/gQcJz3Xj

MAS and the Chinese National Financial Regulatory Administration (NFRA) reaffirmed our commitment to strengthen supervisory cooperation at the annual MAS-NFRA Supervisory Roundtable today. Held at the sidelines of the 30th anniversary commemoration of the Suzhou Industrial Park, the Roundtable was co-chaired by Deputy Managing Director (Financial Supervision) of MAS, Ms Ho Hern Shin, and Vice Minister of NFRA, Mr Zhou Liang. Find out more here: https://lnkd.in/gb28JJey

MAS held its annual International Advisory Panel (IAP) meeting in Singapore today. The meeting chaired by MAS Chairman Mr Gan Kim Yong saw leading financial experts discuss Singapore’s financial sector strategies for the next bound of growth, and how to catalyse artificial intelligence development and scale the next generation of financial infrastructure including quantum technology. IAP members also had a fruitful dialogue with Prime Minister Lawrence Wong with a candid exchange of perspectives on global financial sector developments. We thank our IAP members for their valuable advice and we look forward to working with them to continue the development of Singapore ???? as a global financial centre in Asia and a global FinTech hub. ??

Celebrating #TeamMAS!??? ? During MAS’ annual Appreciation & Recognition Week, we set aside time to express appreciation to our colleagues and reflect on our work and culture.? ? From heartfelt messages to thoughtful tokens of appreciation, and everything in between, the?week was a reminder of connections, teamwork, and gratitude, as we continue to support and uplift one another. A huge thank you to everyone who participated in making it a meaningful and memorable week. ? Check out the highlight reel to hear what some of our colleagues had to say about the week, their favourite moments, and reflections. Zeng Yi Wong Ian Matthew Shan Rose Ow Nigel Lam Loo Siew Yee #LifeAtMAS #PeopleOfMAS #AppreciationandRecognitionWeek #AppreciationAndRecognition

Likewise, we appreciated the opportunity to learn new perspectives from representatives from accounting firms, C-Suite executives, SID & REITAS at ISCA House. We had good discussions on strengthening our equities market, which will inform the work of the Review Group.

The Singapore FinTech Festival (SFF) 2024 provided us an opportunity to catch up with our foreign counterparts. MAS Managing Director Chia Der Jiun and Deputy Managing Directors Edward Robinson, Leong Sing Chiong and Ho Hern Shin valued the insightful discussions with our counterparts on the outlook for regional and global economies, developments and cooperation in the FinTech space, and potential areas of collaboration. We thank Mr Gilles Roth, Minister of Finance of Luxembourg; H.E Khalid Humaidan, Governor of the Central Bank of Bahrain; Dr Ernest Addison, Governor of the Central Bank of Ghana; Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland; Dr Sethaput Suthiwartnarueput, Governor of the Bank of Thailand; Ms Yangchen Tshogyel, Deputy Governor of the Bhutan Royal Monetary Authority; Ms Sarah Breeden, Deputy Governor of the Bank of England; Mr Denis Beau, Deputy Governor of the Banque de France; Mr Barnabás Virág, Deputy Governor of the Central Bank of Hungary; Ms Filianingsih Hendarta, Deputy Governor of Bank Indonesia; H.E. Khaled Al-Dhaher, Vice Governor of the Saudi Central Bank; as well as partners from Deutsche Bundesbank for their participation and strong support for the SFF.

#ICYMI: At the COP SG Pavilion last week, Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), MAS, spoke on achieving scale and impact in transition finance - through innovative solutions in blended finance and carbon markets, and putting in place enablers to strengthen and sustain capital flows across borders and segments of the economy. MAS also provided updates on 3 key green and sustainable financing initiatives: #1 The Singapore Government will commit up to US$500 million in concessional funding to support the Financing Asia’s Transition Partnership (FAST-P). FAST-P also established a new Industrial Transformation infrastructure debt programme, in addition to the Energy Transition Acceleration Finance partnership and Green Investments partnership that were announced at COP28, and engaged managers to implement these three pillars. #2 The Multi-Jurisdiction Common Ground Taxonomy (M-CGT). The M-CGT builds on the bilateral EU-China Common Ground Taxonomy (CGT) published in June 2022, and incorporates the mapping of the Singapore-Asia Taxonomy, enhancing the interoperability of taxonomies across EU, China and Singapore. The M-CGT serves as a common baseline for market participants to refer to in defining green activities, enabling cross border financing in the markets that the respective taxonomies serve. #3 The release of the Transition Credits Coalition’s (TRACTION) interim report on the use of transition credits to accelerate the early retirement of coal-fired power plants (CFPPs). The report highlights key learnings from TRACTION’s discussions over the past year, on how to: (i) support the generation of high-integrity transition credits; (ii) enable transaction scalability; and (iii) bolster buyers’ confidence and trust. Find out more below: COP29 Finance Day opening remarks: https://lnkd.in/gi7-Vaw8 FAST-P: https://lnkd.in/gsc62z3t M-CGT: https://lnkd.in/gRr5e_hd TRACTION interim report: https://lnkd.in/gcygF3Sx #COP29SGPavilion #COP29 #COP29Azerbaijan

MAS announced that Singapore will make changes to its contributions to the International Monetary Fund (IMF), in support of multilateral efforts to strengthen the IMF’s capacity to safeguard global economic and financial stability. Read more here: https://lnkd.in/gXJQh-Wq

At #COP29 yesterday, the Transition Credits Coalition (TRACTION) released an interim report on the use of transition credits to accelerate the early retirement of coal-fired power plants (CFPPs). The report highlights key learnings from TRACTION’s discussions over the past year on how to: (i) support the generation of high-integrity transition credits; (ii) enable transaction scalability; and (iii) bolster buyers’ confidence and trust. Transition credits are high-integrity carbon credits generated from the emissions reduced by retiring CFPPs earlier than planned and substituting them with cleaner energy alternatives. If priced appropriately, the proceeds from the sale of such credits can reduce the costs incurred by CFPP owners and investors from voluntarily decommissioning the CFPPs early. Transition credits can thus serve as a complementary financing instrument to mobilise financing for the early retirement of CFPPs and to support Just Transition efforts. We invite interested parties to review and respond to the findings of the interim report. The final TRACTION report, to be released at COP30, will serve as a playbook to scale the implementation of transition credits. Read the Report here: https://lnkd.in/gcdsEWBq Read the media release here: https://lnkd.in/gcygF3Sx #COP29SGPavilion #COP29 #COP29Azerbaijan

Asia Pacific financial regulators and global cloud service providers in the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore (MAS), conducted a crisis management tabletop exercise recently. The exercise, which is the first of its kind in the region, simulated a severe public cloud incident disrupting multiple financial sectors across the region. For more: https://lnkd.in/gT2zUs46