Singapore: Report on the Observance of Standards and Codes

Abstract

This paper discusses findings of the Report on Observance of Standards and Codes on Singapore. The Monetary Authority of Singapore (MAS) shows a very high level of compliance with the Basel Core Principles and demonstrates a strong commitment by MAS to their implementation. As a large financial center, MAS is well aware of the risks posed by a financial system that is significantly larger than the economy of Singapore, and comprised primarily of branches of foreign institutions operating in non-Singapore dollars. MAS has also set a high standard for approving foreign entrants, applying the same prudential framework to foreign branches as to its own locally incorporated banks.