Central Bank of the Year Title Awarded to Monetary Authority of Singapore (MAS)
London-based journal Central Banking has awarded the title of Central Bank of the Year to the Monetary Authority of Singapore (MAS).
The award was given in recognition for MAS’s best practices in its policy, economics, governance and management. Winners are determined by the Central Banking’s editorial team, along with an advisory board which includes the former central bank governors and Noble Prize-winning economists.
Singapore’s central bank stood out because of its pioneering fintech efforts, combined with its consistency of performance in its monetary policy, financial stability and supervision.
MAS had proven itself a well-structured and agile institution which was capable of introducing joined-up rule-making while simultaneously embracing technological change. MAS also demonstrated a track record of financial and monetary stability which was enviable.
The Pioneer of Creating Next-generation of Technological and Financial Innovation
It was also a pioneer when it came to creating frameworks which helped to facilitate the next-generation of technological and financial innovation. Moreover, it implemented coherent financial system oversight as a “super-regulator”. These aspects contributed to it winning the central bank of the year title.
MAS has always placed a keen emphasis on understanding the risks involved when it came to new technology, as well as the benefits. Among MAS’s recent fintech innovations included the setting up of a behavioural sciences unit. It also established a technology risk supervision department, together with a data analytics group.
Singapore’s payments infrastructure has also been upgraded as part of the monetary authority’s initiatives. It also supports pioneering initiatives around cloud computing, big data, artificial intelligence and distributed ledger technology.
MAS was also praised for its anti-money laundering efforts.
Praise for MAS for Helping Moderate the Price of Housing
Central Banking was also full of praise for MAS because of its tightening monetary policy, along with other policies which were implemented to help moderate the price of housing. Being awarded the Central Bank of the Year title was a testament to the hard work of the MAS staff, and the teamwork across the organisation. MAS also acknowledged that its success was thanks to the strong support and partnership of the Singapore financial industry as it continued to push the boundaries of innovation while still maintaining high standards of prudence.
MAS being awarded the Central Bank of the Year was the result of its continuous, consistent and sustained efforts, all of which has helped make Singapore a country that is regarded as one of the largest fintech hubs worldwide. The annual FinTech Festival is hosted by MAS for the third consecutive year, and this has now become the largest fintech event in the world.
The presentation ceremony for the award winners will be held in London at the annual Central Banking Awards gala dinner on 13 March.