Monetary Authority of Singapore
The Monetary Authority of Singapore (“MAS”) is the central bank of Singapore. Its mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. MAS has the following functions:
(a) To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems, and serving as banker to and financial agent of the Government.
(b) To conduct integrated supervision of financial services and financial stability surveillance.
(c) To manage the official foreign reserves of Singapore.
(d) To develop Singapore as an international financial centre.
MAS was established on 1 January 1971 following the Government’s enactment of the Monetary Authority of Singapore Act (Cap 186, 1999 Rev Ed) in 1970. The Act gave MAS the authority to regulate the financial services sector in Singapore. In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of MAS. In 1984, the regulatory functions under the Securities Industry Act were transferred to MAS. In 2002, following its merger with the Board of Commissioners of Currency, MAS also assumed the function of currency issuance.
In keeping with Singapore’s role as a key financial centre in the region, MAS also plays an active role regionally and internationally. It contributes to discussions on maintaining global financial stability and shaping international financial regulatory reforms. MAS is also a member of global bodies like that IMF and the World Bank; and of international standard-setting bodies like the Basel Committee of Banking Supervision. MAS works closely with its counterparts in ASEAN, Asia-Pacific, the US, and key European and Latin American central banks and regulators.