MAS Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) was established on 1 January 1971, following the passage of the Monetary Authority of Singapore Act by Parliament in 1970. The formation of MAS represented a significant achievement in consolidating the regulatory and supervisory responsibilities of Singapore's financial sector under a single authority.

MAS's original mandate was to regulate the financial services sector and act as banker and financial agent for the Government.

Over the years, MAS's mandate has expanded dramatically. In April 1977, MAS assumed responsibility for supervising the insurance industry, followed by the Securities Industry Act in September 1984, which granted MAS regulatory oversight of capital markets.

On 1 October 2002, MAS merged with the Board of Commissioners of Currency, and thus, MAS assumed the exclusive power to issue Singapore's currency. Today, MAS oversees a comprehensive set of laws relating to money, banking, insurance, securities, and the overall financial system, operating as Singapore's central bank and as an economic regulator and integrator.

Core Mission and Strategic Goals

MAS's mission statement is to promote sustained, non-inflationary economic growth while maintaining a sound, progressive, and internationally competitive financial centre. To support these goals, MAS pays attention to several critical strategic objectives:

•  Deliver effective monetary policy to maintain price stability.

•  Ensure the resilience of the financial system and confidence of investors.

•  Manage official foreign reserves to enhance financial security.

•  Promote the growth of Singapore as an international financial centre, through innovation and infrastructure development.

•  Enhance capabilities in the financial sector through technology adoption and upskilling the economic workforce.

These goals not only highlight MAS's dual role but also demonstrate that MAS must function as both a central bank and an integrated financial supervisor.

Core Functions and Responsibilities

MAS supports Singapore's economy and finances in four essential functions:

1.Central Bank Functions

MAS conducts monetary policy focused on maintaining a state of non-inflationary growth, manages liquidity in the banking system, and oversees payment systems. MAS, as the Government's banker and financial agent, also manages fiscal operations and issues Singapore's currency.

2.Integrated Supervisor

MAS is the integrated supervisor of Singapore's financial sector; MAS promotes close interaction between banks, insurers, capital market intermediaries, financial advisors, stock exchanges, and other operators, so that prudential regulation supports financial stability and places greater emphasis on sound risk management by financial institutions.

3.Financial Stability and Investor Protection

MAS promotes the effective functioning of financial markets through sound conduct, transparency, and the education of investors, thereby developing an informed investment community.

4.Developing Singapore as a Financial Hub

Together with industry stakeholders, MAS actively promotes initiatives to develop Singapore as a dynamic international financial centre, which includes support for fintech, enhancing digital infrastructure, and creating a highly skilled financial workforce ready for the future.

Values and Integrity

MAS is an effective regulator because all its operations are governed by its core values and a code of conduct:

• Integrity – being honest, professional, and fair in everything we do;

• Commitment – serving MAS and Singapore with dedication and responsibility;

• Enterprise – having high standards and being a leader in improving and innovating; and

• Teamwork – working collaboratively as one team to achieve goals.

The code of conduct requires MAS staff to uphold the highest standard of ethics, which includes:

• Caring for confidentiality and not disclosing sensitive information even after they leave MAS;

• Avoiding conflicts of interest and being transparent about unavoidable conflicts of interest;

• Using MAS's resources responsibly, and being good stewards of MAS's reputation; and

• Zero tolerance towards fraud and misconduct.

By embedding the above values and code of conduct into MAS's culture, MAS can maintain public trust and protect Singapore's financial integrity.