Singapore

The Brunei Darussalam Central Bank (BDCB) and Monetary Authority of Singapore (MAS) reaffirmed the close ties between the two authorities at the fourth BDCB-MAS Bilateral Roundtable, and discussed new areas of collaboration.     2 At the Roundtable, BDCB Managing Director, Rokiah Bakar and MAS Managing Director, Ravi Menon signed a Memorandum of Understanding (MoU) to deepen cooperation in banking and insurance supervision. The MoU will facilitate the effective supervision of banks and insurers operating across the two jurisdictions, including through information exchange and cross border on-site inspections. 3 BDCB and MAS also exchanged views on recent economic and financial developments, cooperation...

This December 2022 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.

Singapore, 11 January 2023… The Monetary Authority of Singapore (MAS) today introduced amendments to the Code of Corporate Governance (Code), to reflect SGX RegCo’s Listing Rule changes to introduce a nine-year tenure limit for independent directorsPrior to the amendment, listed companies could continue to appoint a director as independent director beyond nine years, subject to a two-tier vote. and mandatory remuneration disclosure for each individual director and chief executive officer (CEO)Prior to the amendment, the exact remuneration disclosure requirement for directors and CEOs was set out in the Code of Corporate Governance, which applies on a “comply or explain” basis..

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Date: For Parliament Sitting on 9 January 2023

Name and Constituency of Member of Parliament

Mr Yip Hon Weng, MP, Yio Chu Kang SMC

Question

To ask the Prime Minister with the increase in Singapore-based Single Family Offices (a) how many financial professionals have left financial institutions to join these family offices; (b) what are the common reasons for the job switch; (c) how does the outflow of talent impact our local financial institutions and in turn, our global economy hub status; and (d) whether the Government plans to take measures to encourage the retention of top financial talents or grow the pool of financial professionals in Singapore.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. Data on the number of individuals who leave financial institutions (FIs) to join Single Family Offices (SFOs) is not available. But MAS estimates that the number of investment professionals employed at SFOs is about 1% of the total number of individuals employed by FIs in 2022. There is no indication of a sizeable outflow of talent from the financial sector to SFOs or adverse impact on the financial sector’s hub status. The growth of the SFO industry has also been complementary to Singapore’s value proposition as a global wealth management hub.

2. MAS has been working actively with the financial industry over the years to build a strong pipeline of professionals who can take on leadership roles as well as specialised jobs in the financial sector. The various measures that have been put in place and the outcomes achieved have been elaborated on several occasions in this House.See PQ 3454 , PQ 1570 , PQ 643 , PQ  21 . 

3. In the specific area of SFOs, MAS and the Institute of Banking & Finance (IBF) launched two skills maps in 2021 that set out the competencies that employees of SFOs and external service providers, including private banks, tax advisory firms and legal firms advising the SFOs, should acquire. These skills maps are used by training providers such as the Wealth Management Institute (WMI) and the SMU Business Families Institute to develop relevant training programmes, with co-funding of training fees provided by schemes administered by MAS. 

4. MAS and IBF will continue to work with FIs and tripartite partners to develop and grow the local talent pool to meet the financial sector’s needs, including that of SFOs. 

Joint Statement by Attorney-General's Chambers (AGC) Singapore Police Force (SPF) Monetary Authority of Singapore (MAS) Singapore, 28 December 2022... On 28 December 2022, the High Court sentenced Mr Soh Chee Wen (also known as John Soh), and Ms Quah Su-Ling to a total of 36 and 20 years’ imprisonment respectively for, among other things, orchestrating an elaborate scheme to manipulate the shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd between August 2012 and October 2013, and cheating two financial institutions.  2.  Earlier this year on 5 May 2022, Mr Soh and Ms Quah were convicted of a total of 180...

Singapore, 27 December 2022… The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) strongly encourage members of the public to use “Fit-for-Gifting” currency notes (Fit notes) or e-hong baos this coming Lunar New Year. These are more environmentally friendly options, as issuing new notesSee MAS’ media release on 6 December 2022, explaining how fit notes are environmentally friendlier compared to new notes. just to meet the demand for festive gifting generates unnecessary carbon emissions and wastes resources.

his November 2022 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.

Singapore, 19 December 2022… Mr Goh Jia Poh, Kenneth was today convicted and sentenced to 19 months’ imprisonment and fined $355,604 for multiple offences relating to false trading, unauthorised use of trading accounts and fraudulently inducing others to deal in shares, under the Securities and Futures Act (SFA). 

Singapore, 14 December 2022… The Monetary Authority of Singapore (MAS) has issued 8-year prohibition orders (POs) against Mr Selvarajulu S/O Subramaniam, a former representative of The Great Eastern Life Assurance Company Limited (Great Eastern). The POs were issued following his conviction in the State Courts for cheating offences.