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Singapore introduces initiatives to bolster financial sector

The Monetary Authority of Singapore (MAS) will introduce new initiatives to bolster the country’s financial sector as Singapore marks its 50 th year of establishment on August 9.
The Monetary Authority of Singapore (MAS) will introduce newinitiatives to bolster the country’s financial sector as Singapore marksits 50 th year of establishment on August 9.

Speaking at anevent of the Association of Banks in Singapore (ABS) on June 30, DeputyPrime Minister and Minister for Finance Tharman Shanmugaratnam saidthe country will work to streamline distinctions between domestic andinternational activities in the current banking system.

He notedMAS regulations on the matter are no longer effective due to externalmarket changes and shifts in global regulations in the past years.

Detailed information on the revisions is expected to be made public in August, he added.

Authoritieswill also apply several manpower and competency development initiativesin an attempt to ensure Singapore’s core value in its banking sector’sactivities, contributing to reinforcing the country’s role as a regionaland international financial hub.

One of the many plannedinitiatives is a programme for technical students to work for afinancial institution and receiving higher qualification trainings aftergraduation.-VNA
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