Browsing Tag

Monetary Authority of Singapore

24 posts

Ravi Menon, longest-serving chief of MAS set to step down; former deputy tipped as successor

Ravi Menon, Chief of the Monetary Authority of Singapore (MAS) since 2011, is set to leave MAS this year, according to “people familiar with the matter.” Bloomberg reported that one of his former deputies, Chia Der Jiun, is tipped to be his successor. Menon played a key role in steering Singapore’s economy through the post-global financial crisis era, and MAS was among the first to begin tightening monetary policy in the wake of the pandemic. The Public Service Division did not immediately comment on the matter.

Private banking industry group denies MAS directive on source of wealth inflows

The Private Banking Industry Group (PBIG) has denied claims made in a recent report by the Financial Times that the Monetary Authority of Singapore (MAS) had issued a “tacit directive” to banks instructing them to avoid discussing the sources of wealth inflows into the country. The report claimed that the directive was made during a meeting of an industry group comprising bankers and regulators on 20 February. However, in a statement issued on Friday, the PBIG said that the MAS has not instructed banks to “keep quiet” about the origins of wealth inflows into Singapore. The group said that at the 20 February meeting, it was noted that “while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified”. The increased fund flows into Singapore were from high net-worth individuals from different markets, said the group.

Monetary Authority of Singapore asks banks to keep quiet about inflow of wealth from China

Singapore has reportedly asked banks not to discuss the origins of significant sums of money flowing into the city, particularly from wealthy Chinese individuals, according to a report by Financial Times.

MAS expresses concern over DBS digital banking disruption, demands investigation

Monetary Authority of Singapore (MAS) issued a statement regarding the recent disruption of digital services by DBS on Wednesday (29 Mar), saying that it is unacceptable and that it will take the commensurate supervisory actions after assessing the facts. The Singapore financial regulator shared that DBS notified the agency early on Wednesday morning that its customers were experiencing difficulties logging on to its digital banking services. The outage lasted most of the day and only came back online in the evening.

Monetary Authority of Singapore monitoring Credit Suisse situation closely

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is closely monitoring the troubled Credit Suisse Group, in communication with Swiss authorities. Singaporean banks assure minimal exposure to Credit Suisse as MAS emphasizes the resilience and stability of Singapore’s banking system.

MAS says no evidence that FTX was soliciting customers in Singapore, in light of allegations of double standards

SINGAPORE — The Monetary Authority of Singapore (MAS) has issued a statement on Monday…

Yet another “not meaningful” statement, MAS says it did not have cause to list FTX on the Investor Alert List

by Ravi Philemon  The Monetary Authority of Singapore (MAS) has answered questions by…

MAS: Core inflation to persist around 5%; 1% increase in GST next year should have transitory effect on inflation

The Monetary Authority of Singapore (MAS) has said that core inflation is…

Ex-BSI Deputy CEO not prosecuted by only given warning and prohibition order

The Monetary Authority of Singapore (MAS) and the Singapore Police Force’s Commercial…

Newly signed FinTech Cooperation Agreement between India and Singapore said to create new jobs

It was reported in the Straits Times today that Singapore and India have signed…