IMF to gauge resilience of Singapore's financial sector

It will delve into macroeconomic scenarios and MAS' fintech and cybersecurity measures.

The International Monetary Fund (IMF) will conduct a financial sector assessment programme (FSAP) on Singapore in 2018 to evaluate the resilience of the country’s financial sector, the Monetary Authority of Singapore (MAS) revealed.

Singapore’s third FSAP assessment will also gauge the quality of MAS’ regulatory framework and supervision, as well as the capacity of authorities to manage and resolve financial crises.

The IMF FSAP delegation will arrive in Singapore in November and February 2019 to do the assessment through meeting senior representatives from MAS, other relevant government agencies, financial institutions, and academic bodies.

The assessment’s scope will specifically include a stress test of the financial system under hypothetical macroeconomic scenarios. It will also look into MAS’ regulatory and supervisory approaches covering fintech and cybersecurity, as well as MAS Electronic Payments System (MEPS+).

In addition, Singapore’s macroprudential policy framework to mitigate systemic financial risk and the MAS’ regime for managing crises and resolving banks in an orderly manner will also be scrutinized.

IMF has assessed Singapore to be a systemically-important financial centre due to its “large and globally connected” financial sector along with 28 other jurisdictions. Such financial centres go through the financial stability assessment every five years.

In 2013, the FSAP found the Singapore’s financial sector was well-regulated and highly complied with international standards for the regulation and supervision of the banking, insurance and securities sectors, and financial market infrastructures.

The 2013 stress tests indicated that banks and insurers were “resilient to adverse macroeconomic scenarios”. Whilst crisis management and resolution arrangements were found to be strong.

“This assessment by the IMF affirmed Singapore’s standing as a sound and stable financial centre,” MAS commented.

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