Prime Minister's Office (Monetary Authority of Singapore)

The Deputy Prime Minister and Minister for Trade and Industry (Mr Gan Kim Yong): The Monetary Authority of Singapore (MAS) seeks to promote sustained non-inflationary economic growth and foster a trusted and resilient financial sector and will continue to do so amid the increasing global uncertainties and new risks. MAS will work with partners to secure Singapore’s position as a leading and innovative global financial centre.

This year, MAS eased monetary policy settings twice in response to the sustained decline in Singapore’s Core Inflation rate. With increasing global fragmentation, we must be ready for major shifts in production and supply chains. MAS will stay vigilant to the impact of these developments on growth and inflation. If cyclical economic conditions weaken unexpectedly during this period, MAS will ensure that the monetary policy response is timely and appropriate, while considering other supportive measures in conjunction with the financial sector.

MAS will uphold Singapore’s standing as a trusted financial centre through robust supervision and risk-proportionate regulation.

We will continue to work with the financial industry and other Government agencies to protect Singapore’s financial system from illegal activities. We have tightened controls to make it harder for scammers to access customer accounts or validate unauthorised transactions. We have also worked with banks to introduce Money Lock, to limit potential losses should customers’ digital banking access be compromised. We will consider other safeguards to fight scams, such as stronger user authentication to prevent unauthorised transactions.

On consumer protection, MAS has updated its Fair Dealing Guidelines to raise standards and improve the experience of customers dealing with financial institutions. We have also launched a Basic Financial Planning Guide to strengthen consumer education and help individuals take action to address savings, insurance and investment needs across life stages.

Singapore’s financial sector continues to see broad-based growth. MAS will continue to work with financial institutions to deepen capabilities across key asset classes such as banking, foreign exchange, insurance, asset and wealth management and payments. The Equities Market Review Group has recommended measures to encourage quality listings, enhance investor participation and broaden market liquidity and re-position regulatory structures and approach. The Review Group will consider additional proposals and complete its report by end-2025.

MAS will support financial institutions in building capabilities to adopt AI technologies in financial services, through the Financial Sector Technology and Innovation Grant Scheme. Industry collaborations, like the Pathfinder programme, will allow financial institutions to exchange insights and share experiences, including on AI use cases, and provide greater clarity on the responsible use of AI. We will also upskill the financial sector workforce to work effectively with AI.

MAS will continue to facilitate industry efforts to expand the use of tokenisation in financial assets transactions, to achieve greater efficiency and lower cost. Our plans include (a) forming broader commercial networks to deepen liquidity of tokenised assets; (b) facilitating interoperability across digital asset market infrastructures; (c) fostering standardised industry frameworks for tokenised asset implementation and adoption; and (d) enabling access to common settlement facility for tokenised assets.

MAS remains committed to support Asia’s transition to a low-carbon economy. Through the Financing Asia’s Transition Partnership (FAST-P), we aim to mobilise up to US$5 billion for decarbonisation and climate transition. A FAST-P office will facilitate the deployment of up to US$500 million of concessional capital from the Government, alongside capital from other partners. This blended finance model will seek to attract more funding for sustainable infrastructure in the region.

MAS will ensure that our workforce is equipped to navigate increasing complexities in the financial sector. The Sustainable Finance Jobs Transformation Map has identified the skills that our workforce will need to support the growing sustainable finance market.

Amid global uncertainty, MAS remains committed to securing medium-term price stability. We will continue to stay vigilant to risks and developments in global markets that affect Singapore and ensure that the financial system remains resilient and competitive.