Monetary Authority Of Singapore (MAS)

The Monetary Authority of Singapore was established in 1970 to regulate all monetary, banking and financial activities of Singapore. Upon establishment, it was conferred the powers to act as banker and financial agent of the Singapore Government, and entrusted with the duties to promote monetary stability and develop credit/exchange rate policies. In 1977, the MAS’ duties were expanded to include the regulation of the Singapore insurance industry. The MAS provides training on insurance supervision and conducts Financial Sector Assessment Programme (FSAP), which is administered by the World Bank and International Monetary Fund. The FSAP is a process where an IMF/World Bank team examines objectively a country's financial sector and its regulation. It also assesses the sensitivity of the financial sector to macro-economic shocks and compares the country's financial regulation with international best practices.

Monetary Authority of Singapore - IAIS Regional Training Coordinator for Asia In 1999, the IAIS endorsed MAS as its Regional Training Coordinator for Asia to organise collaborative seminars for training Asian insurance supervisors for tenure of five years. The objectives of the IAIS are to enhance the supervisory knowledge and skill sets necessary for a sound and stable financial sector, as well as build a communication network among Asian insurance regulators. Training covers an in-depth discussion of IAIS Core Principles on supervision, focusing on areas of corporate governance, financial reporting and on-site inspection.