Ravi Menon

MAS maintains monetary policy stance amid tough economic outlook; records $19.2 bil in earnings

SINGAPORE (July 1): The Monetary Authority of Singapore will keep its exchange rate-based monetary policy stance, signalling a status quo in line with that of the US Federal Reserve. This comes after two rounds of tightening by MAS last year, while keeping the status quo in April.

“MAS’ monetary policy stance remains appropriate against the backdrop of subdued inflation and weakening growth prospects,” said Ravi Menon, managing director of MAS, at a press briefing on June 27 at the release of its 2018/19 annual report.

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MAS talks to Facebook over Libra

(June 27): The Monetary Authority of Singapore has held discussions with Facebook Inc. about its plans for a new cryptocurrency, though the regulator still sees significant obstacles in the way of the social media firm’s project.

Despite the potential benefits of Libra, concerns raised about the way it would function are “not trivial,” MAS Managing Director Ravi Menon said Thursday at a media briefing.

“The key challenge is to figure out the nature of the beast,” Menon said. “What is it more like and which box we can put it into. At this point we are not sure yet.”

Financial institutions need to be a force for good: MAS Ravi Menon

SINGAPORE (June 3): In these times, Financial Institutions (FIs) like banks and brokerages need to be a positive force for good and merely being safer or doing no harm is not enough.

But for FIs to be a force for good, they must be trusted, inclusive and sustainable, says Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS).

MAS Menon says blockchain 'not solution for every problem' but potential should be unlocked for 'deep economic or social impact'

SINGAPORE (Mar 7): Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), says the central bank is committed to partnering global financial institutions and companies to realise the potential of blockchain technology in Singapore.

“My plea to you is pick a viable use-case [for blockchain technology] with deep economic or social impact and work towards bringing it to life,” says Menon on Thursday at CordaDay Singapore 2019, a blockchain-centred conference.

MAS aborts shared 'know your customer' project

SINGAPORE (Nov 12): The Monetary Authority of Singapore (MAS) has scrapped an industry-wide project for banks to share background and personal information of new customers under the “know-your-customer” or “KYC” checks.

Instead of banks conducting KYC checks separately, MAS had intended the data be pooled into a common database from which checks can be made as and when new customers are signed up by banks. This was supposed to help prevent duplication of efforts and reduce costs.

MAS strikes upbeat tone amid trade tensions

(Oct 10): Global economic risks may have risen but there’s no need to overreact just yet, said Singapore’s central bank chief Ravi Menon.

“Dark clouds are an appropriate phrase but it’s not raining yet,” Menon, managing director at the Monetary Authority of Singapore, said in an interview on Bloomberg Television on Tuesday. “I don’t want to paint too glossy a picture on it but I don’t think we should overreact.”

Singapore aids crypto firms seeking banks while staying vigilant

(Oct 10): Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country.

MAS chief Ravi Menon said to be shortlisted to head global financial watchdog

SINGAPORE (Oct 1): Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), is said to be in the running to head the Financial Stability Board, the watchdog for the global financial system, according to Bloomberg.

Citing people familiar with the matter, who asked not to be named because the selection process is private, the report says Menon is on the list of potential successors to replace Bank of England governor Mark Carney, who will step down on Dec 1 after serving two terms as FSB chairman.

MAS and US Commodity Futures Trading Commission to cooperate on fintech innovation

SINGAPORE (Sept 13): The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) on Thursday signed an arrangement to foster greater cooperation in fintech.

The arrangement supports both authorities’ efforts to facilitate fintech development and innovation in their respective markets. This arrangement is the CFTC’s second fintech cooperation arrangement with a non-US authority and its first with an authority in Asia.

Asian EMs better off than global peers, Singapore's Menon says

SINGAPORE (Sept 13): Emerging markets in Asia are in a stronger position than peers elsewhere because of solid economic growth prospects, low inflation and strong reserve buffers, said Singapore’s central bank chief.

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