30 August 2018

On 1 August 2018, the Monetary Authority of Singapore (“MAS”) announced that Singapore will undergo the Financial Sector Assessment Program (“FSAP”), a joint program of the International Monetary Fund (“IMF”) and the World Bank. The IMF FSAP delegation will visit Singapore in November 2018 and February 2019 to perform the assessment. The FSAP provides a comprehensive framework through which assessors and authorities in participating countries can identify financial system vulnerabilities and develop appropriate policy responses.

The scope of Singapore’s FSAP assessment will include:

  • a stress test of the financial system under hypothetical macroeconomic scenarios;
  • regulatory and supervisory approaches by MAS covering FinTech and cybersecurity, as well as MAS Electronic Payments System (MEPS+) which is a critical payments system;
  • Singapore’s macroprudential policy framework to mitigate systemic financial risk; and
  • MAS regime for managing crises and resolving banks in an orderly manner.

The FSAP report will be completed and published in the second half of 2019.

This will be Singapore’s third FSAP assessment. Singapore last participated in “the FSAP in 2013. The 2013 report on Singapore’s FSAP assessment stated
that the Singapore financial system is highly developed, and well-regulated and supervised. IMF had assessed that Singapore’s financial sector displayed a
high level of compliance with international standards for the regulation and supervision of the banking, insurance and securities sectors, and financial market infrastructures. Stress tests indicated that banks and insurers were resilient to adverse macroeconomic scenarios. Crisis management and resolution arrangements were assessed to be strong.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg:


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