Singapore to undergo IMF’s financial sector assessment programme

Singapore to undergo IMF’s financial sector assessment programme

By: 
PC Lee
01/08/18, 02:45 pm

SINGAPORE (Aug 1): The Monetary Authority of Singapore (MAS) announced today that Singapore will undergo the International Monetary Fund (IMF)’s Financial Sector Assessment Programme (FSAP) this year.

The programme will assess the resilience of Singapore’s financial sector, the quality of MAS’s regulatory framework and supervision, and capacity of authorities to manage and resolve financial crises. This will be Singapore’s third FSAP assessment.

The scope of the FSAP will include a stress test of the financial system under hypothetical macroeconomic scenarios; MAS’s regulatory and supervisory approaches covering fintech and cybersecurity as well as MAS Electronic Payments System (MEPS+) which is a critical payments system; Singapore’s macroprudential policy framework to mitigate systemic financial risk; and MAS’s regime for managing crises and resolving banks in an orderly manner.

The IMF FSAP delegation will visit Singapore between November and February to perform the assessment. During their visit, the IMF delegation will meet senior representatives from MAS, other relevant government agencies, financial institutions, and academic bodies. The FSAP report will be completed and published in 2H19.

Singapore, along with 28 other jurisdictions, is assessed by the IMF to be a systemically-important financial centre given its large and globally connected financial sector. Systemically-important financial centres are required to undertake a financial stability assessment every five years.

In the last FSAP assessment in 2013, the IMF had assessed that Singapore’s financial sector was well-regulated, and displayed a high level of compliance with international standards for the regulation and supervision of the banking, insurance and securities sectors, and financial market infrastructures.

“Stress tests indicated that banks and insurers were resilient to adverse macroeconomic scenarios. Crisis management and resolution arrangements were assessed to be strong. This assessment by the IMF affirmed Singapore’s standing as a sound and stable financial centre,” says MAS in its press statement.

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....
Read More >>

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....
Read More >>

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....
Read More >>