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MAS issues guidelines for senior managers of FIs

The Monetary Authority of Singapore has come out with guidelines to strengthen the accountability of senior managers in key functions in financial institutions and to promote ethical behavior in FIs. The guidelines were accompanied by an information paper on good practices in these areas. The guidelines on Individual Accountability and Conduct sets out 5 high level outcomes for FIs, including senior managers responsible for managing and conducting the FI’s core functions should be clearly identified, senior managers are fit and proper for their roles, and held responsible for the actions of their employees and the conduct of the business under their purview and material risk personnel are fit and proper for their roles, and subject to effective risk governance, and appropriate incentive structures and standards of conduct. MAS wants the FIs to use the guidelines and the guidance in the information paper to develop and entrench a strong culture of responsibility and ethical behavior within their organizations.

Meanwhile, MAS and Enterprise Singapore announced that the Singapore FinTech Festival (SFF) and Singapore Week of Innovation & Technology (SWITCH) will expand to become the world’s first week-long round-the-clock, hybrid digital and physical event.

It will be organized from 7 to 11 December 2020 and will provide a combined online-offline platform for the global fintech and deep tech communities to continue to engage and connect in spite of the current challenges with international travel. The event will feature a hybrid experience knitting together an online city with various physical locations around the world, centered on business activities to boost sales cycles, discover partnerships and generate investments.

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