Singapore: Financial System Stability Assessment
IMF Staff Country Reports, July 15, 2019
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- Canonical URL
- Singapore: Financial System Stability Assessment
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Bibliographic details
- Published: July 15, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498325806.002
Key findings on financial system resilience and risks
- The attractiveness of Singapore as a financial center is underpinned by strong economic fundamentals, sound economic policies, and a sophisticated financial oversight framework.
- The financial system is exposed to global and regional macrofinancial shocks through significant trade and financial channels but appears resilient even under adverse scenarios.
- Banks’ U.S. dollar liquidity is vulnerable to stress conditions.
- Fintech developments so far have focused on partnerships with existing financial institutions and do not appear to contribute significantly to systemic risk.
Policy recommendations and supervisory priorities
- Continue to enhance the strong oversight of the financial system.
- Strengthen the framework for resolution and safety nets by devoting more resources to the Monetary Authority of Singapore (MAS)’ Resolution Unit.
- Enhance the oversight of MAS Electronic Payments System by ensuring more staffing resources.
Subjects and thematic coverage
- Banking; Cyber risk; Domestic systemically important banks; Financial institutions; Financial Sector Assessment Program; Financial sector policy and analysis; Financial sector stability; Insurance companies; Stress testing; Technology.
Content in this bundle
- Singapore: Financial System Stability Assessment; IMF Country Report No. 19/224; June 24, 2019