Singapore and China reaffirm financial regulators' partnership

Singapore and China reaffirm financial regulators' partnership | Insurance Business

Singapore and China reaffirm financial regulators

The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) have reaffirmed their commitment to boost supervisory cooperation between the two countries.

MAS deputy managing director Ong Chong Tee and CBIRC vice chairman Liang Tao signed a memorandum of understanding to enhance supervisory cooperation and facilitate the exchange of information between the two regulators in the areas of banking and insurance supervision and crisis management, the MAS said in a statement.

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On October 21, the agencies also held a supervisory roundtable session. The topics discussed included various supervisory developments in the banking and insurance sectors of China and Singapore, such as digital banking, risk-based capital frameworks, and the insurance intermediary market.

“This MOU affirms the close partnership between both regulators,” said Ong. “It will facilitate regulatory cooperation, given the growing presence of banks and insurers in both our jurisdictions. Discussions at the roundtable have deepened our understanding of each other’s regulatory regime and supervisory practices. Both sides agreed to deepen our supervisory cooperation and to further strengthen our working relationship.”