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.
Speaking at an event of the Association of Banks in Singapore (ABS) on June 30, Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said the country will work to streamline distinctions between domestic and international activities in the current banking system.
He noted MAS regulations on the matter are no longer effective due to external market 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.
Authorities will also apply several manpower and competency development initiatives in an attempt to ensure Singapore’s core value in its banking sector’s activities, contributing to reinforcing the country’s role as a regional and international financial hub.
One of the many planned initiatives is a programme for technical students to work for a financial institution and receiving higher qualification trainings after graduation.-VNA
Speaking at an event of the Association of Banks in Singapore (ABS) on June 30, Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said the country will work to streamline distinctions between domestic and international activities in the current banking system.
He noted MAS regulations on the matter are no longer effective due to external market 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.
Authorities will also apply several manpower and competency development initiatives in an attempt to ensure Singapore’s core value in its banking sector’s activities, contributing to reinforcing the country’s role as a regional and international financial hub.
One of the many planned initiatives is a programme for technical students to work for a financial institution and receiving higher qualification trainings after graduation.-VNA
