Monetary Authority of Singapore (MAS)

MAS is aware of a global outage affecting the IT systems of organisations around the world, including Singapore. The Singapore Dollar (SGD) money market and foreign exchange market functioned normally today. MAS asked major financial institutions to report the impact of the outage. They reported no or limited impact to customers and their key operations. Some experienced disruptions to internal-facing systems used by staff but in all cases, critical systems were unaffected. Access to SGX’s post trade system was temporarily disrupted, but other critical trading and clearing services were not affected. MAS’ systems, including MAS Electronic Payment System (MEPS+), the real time gross settlement system for SGD payments, have not been affected. As a precautionary measure, MAS extended the operating hours of MEPS+ by two hours to 9pm, to ensure smooth settlement of SGD payments by MEPS+ participants. MAS continues to monitor the situation closely. Read here: https://lnkd.in/gsER-vCY

MAS is committed to sustainability. 🏢 We completed a net-zero building feasibility study and are promoting "Fit-for-Gifting" currency notes for festive gifting. Learn more about our green initiatives in our full report: https://lnkd.in/gvtw3fZe #SustainableFinance #MASInsights

Last Friday, we had the privilege of hearing from Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS, and other senior financial industry leaders, on key trends in the financial sector, and how we can develop Singaporean leaders in the sector. We now have around 4,000 Singaporeans holding senior roles in the financial sector, which is more than twice the number in 2016. The event was attended by members of the Singapore Financial Leadership Network (SFLN). The SFLN is a key platform for leaders in the sector to come together to network and learn from one another in their leadership journeys. As shared during the event, MAS will do more to support leadership development in various ways. This includes expanding opportunities for Singaporean leaders to go on overseas postings or take up leadership programmes to develop international capabilities and hone their leadership skills. Together with the IBFSG - The Institute of Banking & Finance Singapore, we will also continue to provide regular opportunities for SFLN members to come together throughout the year.

MAS released the Singapore Corporate Debt Market Development Report 2024 yesterday. Despite interest rates peaking at multi-decade highs, Singapore’s corporate debt market rebounded with the size of the market registering a 10.5% increase to SGD 566 billion. New issuance during the year increased 21% in 2023 to SGD 230 billion. With our strong debt capital market ecosystem, Singapore has played a key role in serving Asia’s financing needs. Corporates, looking to regionalise and globalise, are increasingly tapping the Asian bond market through Singapore to raise capital and to diversify funding sources. Read the report here: https://lnkd.in/gJFtDrMy

MAS will commit an additional S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support financial institutions in building capabilities in #Quantum and #ArtificialIntelligence (AI) technologies, as well as enable the advancement of quantum and AI related innovation and adoption in financial services. More here: https://lnkd.in/gUqWKz93

MAS released our FY2023/2024 Annual Report today. At the media conference, MAS Managing Director Mr Chia Der Jiun spoke on key areas across central banking, developmental and regulatory. In particular, he spoke on the strong growth in the asset management, wealth management, insurance and banking sectors. He also announced that MAS will be providing up to S$100 million in funding support for financial institutions to anchor AI and Quantum projects and capabilities in Singapore. Read more here: https://lnkd.in/gDSmRjXs #MASNews #MASAnnualReport2024

MAS has released the Singapore Asset Management Survey Report 2023. Singapore’s AUM rebounded in 2023 by 10% to reach S$5.4 trillion, faster than the AUM growth in Asia which trended up by 8%. Singapore continues to be the gateway to access global investment opportunities. 77% of Singapore’s AUM was sourced from outside Singapore and 89% was invested outside the country. Singapore also extended another year of net inflows, albeit lower compared to 2021 and 2022. PE/VC extended its growth again at 12% and hedge fund posted a 5% increase. The number of fund management companies reached 1,250. Read the report here: https://lnkd.in/g2WVJ8YP

Exciting news from the Singapore FinTech Festival (SFF) 2024! The Global FinTech Hackcelerator is back, offering innovators a chance to transform the financial landscape. This year, we're focusing on solutions that improve financial health. Up to 20 finalists will be shortlisted and paired with Corporate Champions to pitch their solutions at the SFF Demo Day on 6 November. Submit your proposals here: https://lnkd.in/gRmzCqNm Don't miss this opportunity to be part of the future of FinTech! #SFF2024 #FinTech

MAS is integrating climate risks and opportunities into our investment framework. 📈 We’re finalising our third climate scenario analysis, developing an active management roadmap for our equities portfolios, and have refined our bespoke climate equities index methodology. Learn more about our green initiatives in our full report: https://lnkd.in/ghduD-67 #SustainableFinance #MASInsights

MAS and Singapore FinTech Association (SFA) have announced the global call for nominations for the 2024 Singapore FinTech Festival FinTech (SFF) Excellence Awards! In its ninth year, the Awards, supported by PwC Singapore, seeks to recognise innovative FinTech solutions by corporates and individuals who are leaders in spearheading the use of new technologies to transform industry practices and the delivery of financial services, create new growth opportunities, and promote financial inclusion. Deadline for submission is 8 August 2024. Submit your entries now 🔗: https://lnkd.in/gr6gt8HU #SFF2024 #FinTechAwards #SingaporeFinTech