SINGAPORE — The Monetary Authority of Singapore (MAS) has won the Central Bank of the Year award by London-based publication Central Banking.
The publication said the MAS has displayed an “enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’, and has emerged as a pioneer in creating a framework to facilitate next-generation technological and financial innovation”.
It noted that during the past year, Singapore’s central bank tightened its trade-weighted exchange rate and introduced macro-prudential cooling measures, while upgrading its regulatory, supervisory and resolution practices.
“The MAS has placed a keen emphasis on understanding the risks and benefits of new technology,” Central Banking added. “It has upgraded Singapore’s payments infrastructure and supported pioneering initiatives around cloud computing, artificial intelligence, big data and distributed ledger technology.
MAS managing director Ravi Menon said the central bank is honoured to receive the award, which is into its sixth edition.
“This award is a tribute to the staff of MAS – their unstinting commitment to doing their best and the One MAS spirit of teamwork across the organisation,” he said.
“We would not have been able to achieve what we have without the strong partnership and support of the financial industry in Singapore, which has maintained high standards of prudence while pushing the boundaries of innovation.”
Christopher Jeffery, chairman of the Central Banking Awards committee and editor-in-chief of Central Banking, said that the MAS stands out for its “pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision”.
“The MAS has proven itself to be a well-structured and agile institution capable of introducing joined-up rulemaking while embracing technological change, all the while seeking to maintain a focus on prudent oversight of financial institutions — for which it has a strong track record,” he said.
https://www.todayonline.com/singapore/monetary-authority-singapore-wins-central-bank-year-award
The publication said the MAS has displayed an “enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’, and has emerged as a pioneer in creating a framework to facilitate next-generation technological and financial innovation”.
It noted that during the past year, Singapore’s central bank tightened its trade-weighted exchange rate and introduced macro-prudential cooling measures, while upgrading its regulatory, supervisory and resolution practices.
“The MAS has placed a keen emphasis on understanding the risks and benefits of new technology,” Central Banking added. “It has upgraded Singapore’s payments infrastructure and supported pioneering initiatives around cloud computing, artificial intelligence, big data and distributed ledger technology.
MAS managing director Ravi Menon said the central bank is honoured to receive the award, which is into its sixth edition.
“This award is a tribute to the staff of MAS – their unstinting commitment to doing their best and the One MAS spirit of teamwork across the organisation,” he said.
“We would not have been able to achieve what we have without the strong partnership and support of the financial industry in Singapore, which has maintained high standards of prudence while pushing the boundaries of innovation.”
Christopher Jeffery, chairman of the Central Banking Awards committee and editor-in-chief of Central Banking, said that the MAS stands out for its “pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision”.
“The MAS has proven itself to be a well-structured and agile institution capable of introducing joined-up rulemaking while embracing technological change, all the while seeking to maintain a focus on prudent oversight of financial institutions — for which it has a strong track record,” he said.
https://www.todayonline.com/singapore/monetary-authority-singapore-wins-central-bank-year-award
