IMF reaffirms Singapore’s financial sector oversight as “among the best globally”

The Monetary Authority of Singapore (MAS) said that the International Monetary Fund (IMF) has completed its Financial Sector Assessment Programme (FSAP) for Singapore and reaffirmed Singapore’s financial sector oversight to be “among the best globally”.

The IMF commented that the economic fundamentals of Singapore were strong and its economic policies sound. Overall, the financial sector in Singapore was assessed to be resilient, with healthy buffers to withstand severe adverse shocks. The IMF also noted that MAS has struck a good balance in fostering financial innovation while strengthening regulatory oversight since its last FSAP review in 2013.

Key findings from the assessment include

MAS welcomes the positive assessment of Singapore’s financial system. We will review the IMF’s recommendations within the reports, and undertake appropriate measures to further strengthen our financial oversight. We thank the financial industry representatives for participating in the FSAP.

Mr Ravi Menon, Managing Director of MAS, said, “The FSAP is a rigorous assessment, and we are pleased that it has reaffirmed Singapore’s standing as a sound, stable and wellregulated financial centre. But ensuring that regulation and supervision remain relevant is always work-in-progress and we are pleased to have had the opportunity to learn from the IMF’s global experience in financial sector surveillance and analysis.”

Re-disseminated by The Asian Banker

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