Monetary Authority of : What You Need to Know

The Monetary Authority of Singapore (MAS) is the central bank and financial regulator of Singapore. It plays a vital role in maintaining the stability and resilience of the country's financial system, as well as promoting its growth and . In this article, we will highlight some of the latest news and developments related to MAS and its policies. 📰

and MAS Conduct Joint Cybersecurity Exercise

On May 2, , the US Treasury and MAS announced that they had conducted a joint exercise to strengthen their cross-border cyber incident coordination and crisis management. The exercise involved simulating a cyberattack on the financial services sector of both countries, and testing their response and capabilities. 🚨

The joint exercise was conducted in line with the Memorandum of Understanding (MoU) on Cybersecurity Cooperation signed by the US Treasury and MAS in 2021. The MoU aims to enhance information sharing, joint investigations, and capacity building on cybersecurity issues. 🔐

Given the rising cyber threats targeting financial services, and the interconnectedness of the US and Singapore's financial ecosystems, timely coordination and cooperation are essential. The joint exercise demonstrated the strong commitment and partnership between the two authorities to safeguard their financial systems from cyber . 💪

MAS Warns of Uncertain Economic Outlook, Keeps Growth View

On April 26, 2023, MAS released its April 2023 Macroeconomic Review, which provides an assessment of Singapore's economic developments and outlook. The review also shares the basis of MAS' decision in April 2023, which was to maintain the prevailing rate of appreciation of the Singapore nominal effective rate (S$NEER) policy band. 💵

MAS warned that Singapore's economic outlook has turned more uncertain, as tighter financial conditions weigh on global demand and 's reopening is doing little more than boosting tourism. It also noted that inflationary pressures have risen due to higher oil prices and supply disruptions. 📈

However, MAS kept its growth forecast for 2023 unchanged at 4-6%, citing strong domestic demand and resilient exports as supporting factors. It also said that it expects to average 1-2% in 2023, while headline inflation will be higher at 1.5-2.5% due to higher car prices and accommodation costs. 🚗🏠

MAS Launches Grant Scheme to Encourage Hiring and Training of Polytechnic Talent for the Financial Sector

On April 24, 2023, MAS launched a new grant scheme to encourage hiring and training of polytechnic talent for the financial sector. The scheme, called Polytechnic Talent for (PTF), is part of MAS' efforts to develop a diverse and inclusive talent pool for the financial industry. 🎓

The PTF scheme comprises three tracks: Internships, Apprenticeships, and Sponsorships. The Internships track provides funding for financial institutions to offer internships to polytechnic students. The Apprenticeships track provides funding support for financial institutions to offer apprenticeships to polytechnic graduates who are keen to pursue a career in finance. The Sponsorships track provides funding support for polytechnic graduates who wish to further their studies in finance-related courses at local universities or institutes of higher learning. 📚

The PTF scheme will set aside S$8 million over the next three years from the Financial Sector Fund. It is expected to benefit about 1,200 polytechnic students and graduates over this period. 😊

Lauren Jones

By Lauren Jones

Hi, I’m Lauren Jones, a writer at I love to write about health, wellness, and lifestyle. I’m always looking for new ways to improve my well-being and happiness, and I enjoy sharing my tips and advice with my readers. I have a degree in psychology from the University of Michigan, and I have worked as a health coach and a blogger before joining When I’m not writing, I like to practice yoga, meditate, and cook healthy meals. You can follow me on Instagram @lauren_jones or email me at

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