Robust Banking and Insurance Sectors
MAS formed new insurance partnership to address new or emerging large scale or systemic risks
2 November 2020
The Global-Asia Insurance Partnership (GAIP) is a new centre of excellence in risk management and insurance with a focus on Asia, to address large scale systemic risks such as disaster, climate and pandemic risks. GAIP was established through a tripartite partnership between the global insurance industry, regulators, policymakers and academia, and is aimed at producing actionable research insights, developing policy recommendations and co-creating innovative solutions for the region.
MAS supported the Association of Banks in Singapore (ABS) in its development of the Code of Best Practices for Commodity Financing
30 November 2020
The Code, published by ABS with the support of MAS, Enterprise Singapore (ESG) and the Accounting and Corporate Regulatory Authority (ACRA), bolsters Singapore’s growth as a global commodities trading hub by strengthening banks’ lending practices. The Code also seeks to incentivise client trading companies to put in place better corporate governance, risk management and disclosure practices. The Code was drafted by an industry working group of 28 banks, representing the majority of commodity financing banks in Singapore, in consultation with the trading companies.