The International Monetary Fund (IMF) has completed its Financial Sector Assessment Program for Singapore and has reportedly “reaffirmed” Singapore’s financial sector oversight to be “among the best globally,” according to a release.
The IMF said the economic fundamentals of Singapore were strong and its economic policies sound, according to the Monetary Authority of Singapore (MAS).
The Singapore financial sector was assessed to be resilient while striking a balance between “fostering financial innovation while strengthening regulatory oversight.”
Key findings included:
- Singapore’s financial system is resilient even under very adverse scenarios
- The MAS Electronic Payments System (MEPS+) operations and oversight are compliant with international standards.
- MAS has the ability to act proactively to address emerging threats to financial stability through the use of macroprudential policies.
- In the area of Fintech regulation and supervision, MAS has struck a good balance between promoting financial innovation, while safeguarding financial stability.
Ravi Menon, Managing Director of MAS, said, the assessment was a rigorous process and they are pleased it has reaffirmed Singapore’s standing:
“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.”