International Cooperation
MAS supported the Saudi G20 Presidency on its inaugural G20 TechSprint initiative
29 April 2020
The G20 TechSprint was a RegTech/SupTech-focused hackathon managed by the Bank for International Settlements (BIS) Innovation Hub’s Singapore Centre and was run online via the API Exchange (APIX) innovation platform. This allowed the initiative to proceed without interruption amid COVID-19. The G20 TechSprint successfully brought together the central banking community and private sector solution providers to collaborate on building efficient and cost-effective solutions to problems faced in regulatory compliance and supervision.
MAS and UK HM Treasury held the 5th UK-Singapore Financial Dialogue virtually
20 July 2020
The dialogue enabled a useful exchange of views and stronger financial and economic cooperation between the UK and Singapore in key areas including green finance supervisory practices and solutions, cyber security, cross-border data flows, pandemic risk financing and insurance, and regulatory cooperation.
MAS held its International Advisory Panel (IAP) Meeting
18 September 2020
MAS held its annual IAP Meeting virtually for the first time due to COVID-19. The IAP also engaged in a fruitful dialogue with Prime Minister Lee Hsien Loong to discuss global trends and shape Singapore’s financial services strategies.
MAS and Bangko Sentral ng Pilipinas issued joint statement of intent on data connectivity
16 November 2020
In recognition of the importance of data connectivity in financial services, Bangko Sentral ng Pilipinas and MAS jointly issued a statement highlighting their intent to promote the adoption of policies that facilitate the transfer of data across borders by electronic means.
MAS co-organised the 3rd Singapore-China (Chongqing) Connectivity Initiative (CCI) Financial Summit and the inaugural Chongqing Financial Advisory Group Meeting (CAG)
23 and 24 November 2020
The Summit, co-organised by Singapore and Chongqing regulators and financial institutions (FIs), was attended virtually by ASEAN central banks, FIs and regulators. An inaugural meeting of the Chongqing Financial Advisory Group (CAG) – a grouping of private sector representatives and academics from China and Singapore – was also held to discuss and foster opportunities for greater collaboration between Singapore and Chongqing.
MAS and the China Banking and Insurance Regulatory Commission (CBIRC) held the 10th CBIRC-MAS Roundtable
27 November 2020
Both regulators exchanged views on developments in the banking and insurance sectors and topics of mutual interest, including green finance, supervisory framework for online distribution of financial products and regulatory sandbox practices.
MAS participated in the 16th Joint Council for Bilateral Cooperation (JCBC) between Singapore and China
8 December 2020
The 16th JCBC was co-chaired by Singapore’s Deputy Prime Minister Heng Swee Keat and China’s Executive Vice Premier of the State Council Han Zheng. At the JCBC, MAS announced several initiatives to enhance financial cooperation between Singapore and China, such as enhancing RMB cooperation, facilitating collaboration between Singapore and China’s exchanges, as well as strengthening cooperation in digital and green finance.
These initiatives would facilitate financing and investment activities in support of our post-COVID-19 recovery. MAS also announced the award of a qualifying full bank licence to China Construction Bank and the recognition of Zhengzhou Commodity Exchange as a recognised market operator.
MAS participated in the 2nd Singapore-Shanghai Comprehensive Cooperation Council (SSCCC)
11 December 2020
The 2nd SSCCC was co-chaired by Minister for Education and Second Minister for Finance Lawrence Wong and Shanghai Mayor Gong Zheng. Finance was a key highlight of the SSCCC, where updates on cooperation across banking, asset management, capital markets and FinTech were presented. MAS also announced the successful registration of our Shanghai Representative Office.
MAS and the China Securities Regulatory Commission (CSRC) held the 5th MAS-CSRC Supervisory Roundtable
22 December 2020
Both regulators exchanged views on the impact of COVID-19 on capital markets and the regulatory support provided to firms during the pandemic. Supervisory practices and the management of financial, operational, and technology and cyber risks during the pandemic, as well as possible areas of future collaboration between Singapore and Chinese exchanges, were also discussed.
MAS’ Business sans Borders (BSB) initiative was operationalised as Proxtera, and launched at the 2020 Singapore FinTech Festival
7 December 2020
Proxtera was established as a commercial entity to realise the vision of BSB, a joint initiative by MAS and Infocomm Media Development Authority (IMDA), to create an intelligent global hub of networks for trade, financial services and key business needs. Proxtera facilitated trade matching for small and medium-sized enterprises (SMEs) and live transactions across multiple business platforms from Singapore, India, the Philippines and Africa. In 2021, Proxtera will expand in more markets and work with more international partners, including the United Nations Development Programme, Bank of Ghana and Ministry of Trade and Industry of Rwanda.
MAS announced partnership with the United Nations Development Programme (UNDP) to help SMEs in developing countries to access global opportunities
8 December 2020
The international partnership, which would leverage UNDP’s Cultiv@te and MAS’ BSB and API Exchange (APIX) initiatives, would provide SMEs across UNDP’s Member Nations with innovative financial and digital tools to help them better leverage data and more effectively access financing solutions. It would also create new opportunities for SMEs, including FinTechs from Singapore and beyond, to expand to developing countries within the UNDP’s global network of 170 offices.
MAS and Bank of Ghana (BOG) began engagements to adopt the BSB open hub of platforms between Singapore and Ghana and drive an international Financial Trust Corridor (FTC) in 2021
8 December 2020
MAS and BOG announced that the two central banks would commence work on a complementary FTC initiative that would engender greater financial trust, trade and recognition between both countries’ businesses and financial institutions. Both the BSB and FTC initiatives were targeted to help the SMEs and micro-SMEs of Singapore and Ghana achieve sustainable growth and business resiliency for the COVID-19 pandemic recovery.