Before 1970, monetary transactions associated with the central bank were carried out by some government departments and agencies in Singapore. With the development of Singapore and the advancement of modern banking, coordination between financial departments has become inefficient, creating a need for consistency and integrity that only a central administrative body can provide. Therefore, Parliament adopted the Monetary Authority of Singapore (MAS) Act on January 1, 1971. MAS Law empowers to regulate all aspects of Singapore's money, banking, and financial issues.
MAS is led by the Minister of Finance of Singapore. As a government agency, MAS operates with a strict code of conduct and takes into account certain core values, including a commitment to professionalism, honesty, and fairness. MAS has been managing Singapore's financial development for over forty years, creating tactics and strategies that make it a top-notch hub for international finance. For a specific example, MAS is working to position Singapore as a regional FinTech leader, creating an environment conducive to innovation, and is working to encourage FinTechs to do so. Central banks should meet at various intervals throughout the year to make changes in their banking policies, and MAS holds these meetings twice a year (April and October). These meetings are vital for the Singapore business community.
Mas’s vision is basically to promote sustainable non-inflationary economic growth and a stable and progressive financial center. The Money Authority has a comprehensive research program that employs experts and academics to study Singapore and the region, to support the mission of creating economic policy for Singapore. MAS produces a variety of publications, from daily market commentary to consumer advice and scientific research.
MAS has specific duties and multiple goals.
• Applying monetary policy and giving currency, managing official foreign reserves, and issuance of government bonds.
• To regulate and supervise the banking, insurance, securities and futures industries.
• Managing Singapore's foreign reserves and assets.
• Developing common strategies with the private sector to promote Singapore as an international financial center.
• Creating a harmonious and integrated organization of excellence.
• Promoting and sustaining economic growth.
• Carry out a monetary policy such as money printing and payment systems.
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