The joint exercise tested the effectiveness of cyber crisis coordination and response. The Monetary Authority of Singapore (MAS), the Banque de France (BdF) and the Autorité de contrôle prudentiel et de résolution (ACPR) yesterday carried out a joint crisis management exercise focused on cybersecurity threats. The exercise follows from the…
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The revisions consider learnings from the handling of the COVID-19 pandemic. The Monetary Authority of Singapore (MAS) today issued revised guidelines on Business Continuity Management (BCM) for financial institutions (FIs), to help FIs strengthen their resilience against service disruptions arising from IT outages, pandemic outbreaks, cyber-attacks, and physical threats. The revisions…
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Both organisations aim to promote consumer-focused, innovative, integrated and efficient global financial markets. In recognition of the importance of data connectivity in financial services, the Swiss State Secretariat for International Finance (“SIF”) and The Monetary Authority of Singapore (“MAS”) have agreed on and jointly issue the following statement of intent:…
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Data compromises have almost doubled over the past few years as the world goes more digital. The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement, of approximately S$330 million, on OCBC Bank (OCBC), given deficiencies in the bank’s response to a wave of spoofed SMS phishing scams…
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Ravi Menon, Managing Director, Monetary Authority of Singapore talks about crypto. In the last two years, MAS has granted licences or in-principle approvals to 11 digital payment tokens service providers. They include global stablecoin players like Paxos, crypto exchanges like Coinhako as well as established financial institutions like DBS Vickers.…
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The FinTech Bridge will support both FinTech ecosystems now and in the future. Australia Treasury and the Monetary Authority of Singapore (MAS) have signed the Australia-Singapore FinTech Bridge Agreement to strengthen cooperation between the FinTech ecosystems of both countries. The commencement of discussions to develop the FinTech Bridge was announced…
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The Ellipse prototype is the first to be published on BIS Open Tech. The BIS Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) have developed a new prototype platform that integrates regulatory data and analytics. Known as Project Ellipse, the platform successfully demonstrates how regulatory and other…
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Functional knowledge topics cover how sustainability is applied across major functions in the financial sector. The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) today set out 12 technical skills and competencies needed for individuals to perform various roles in sustainable finance (see Annex…
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The growing threat of online phishing scams calls for immediate steps to strengthen controls. The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are introducing a set of additional measures to bolster the security of digital banking, in view of the recent spate of SMS-phishing…
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Trading of cryptocurrencies is highly risky . The Monetary Authority of Singapore (MAS) today issued guidelines giving effect to MAS’ expectations that Digital Payment Token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the public in Singapore. DPT service providers include payment institutions,…
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