The Monetary Authority of Singapore (MAS) has won the Central Bank of the Year award, according to media reports.
Awarded by London-based publication Central Banking, MAS was praised for having displayed an “enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’".
It also noted that Singapore's financial regulator was a pioneer in creating a framework to "facilitate next-generation technological and financial innovation”.
In the past year, MAS tightened its trade-weighted exchange rate and introduced macro-prudential cooling measures. At the same time, it upgraded its regulatory, supervisory and resolution practices.
“The MAS has placed a keen emphasis on understanding the risks and benefits of new technology. It has upgraded Singapore’s payments infrastructure and supported pioneering initiatives around cloud computing, artificial intelligence, big data and distributed ledger technology," said Central Banking.
MAS managing director, Indian origin Ravi Menon, said the central bank is honoured to receive the award, which is in its sixth edition. “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,” he said.
“We would not have been able to achieve what we have without the strong partnership and support of the financial industry in Singapore, which has maintained high standards of prudence while pushing the boundaries of innovation.”
Christopher Jeffery, chairman of the Central Banking Awards committee and editor-in-chief of Central Banking, commented that Singapore's central bank stands out for its “pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision”.
“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,” he added.