SINGAPORE: The Monetary Authority of Singapore (MAS) has won the Central Bank of the Year award, given by London-based publication Central Banking.
MAS stood out because of its “pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision”, said the publication on Wednesday (Feb 6).
“The Monetary Authority of Singapore has displayed an enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’, and has emerged as a pioneer in creating a framework to facilitate next-generation technological and financial innovation,” it said.
Central Banking noted that in the past year, MAS had tightened its trade-weighted exchange rate and introduced macro-prudential cooling measures, while upgrading its regulatory, supervisory and resolution practices.
“The MAS has placed a keen emphasis on understanding the risks and benefits of new technology,” said Central Banking.
“It has upgraded Singapore’s payments infrastructure and supported pioneering initiatives around cloud computing, artificial intelligence, big data and distributed ledger technology.”
MAS’ managing director Ravi Menon said that the award was a tribute to the central bank’s staff.
“The Monetary Authority of Singapore is honoured to receive the ‘Central Bank of the Year’ award,” he said. “This award is a tribute to the staff of MAS – their unstinting commitment to doing their best and the One MAS spirit of teamwork across the organisation.”
Monetary Authority of Singapore’s (MAS) managing director Ravi Menon seen speaking at the inaugural Bloomberg New Economy Forum on Nov 7, 2018. (Photo: Bloomberg New Economy Forum)
“The MAS has proven itself to be a well-structured and agile institution capable of introducing joined-up rulemaking while embracing technological change, all the while seeking to maintain a focus on prudent oversight of financial institutions – for which it has a strong track record,” added chairman of the Central Banking Awards Committee, Christopher Jeffery.
The Central Banking Awards were judged by a panel comprising members of the Central Banking editorial team and editorial advisory board.
