Singapore: Financial System Stability Assessment

International Monetary Fund

No 2019/224, IMF Staff Country Reports from International Monetary Fund

Abstract: This Financial System Stability Assessment paper on Singapore highlights 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. However, banks’ US 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. Singapore authorities should continue to enhance its strong oversight of the financial system. Strengthening the framework for resolution and safety nets, namely by devoting more resources to the Monetary Authority of Singapore (MAS)’ Resolution Unit; and enhancing the oversight of MAS Electronic Payments System by ensuring more staffing resources are two other important areas for action.

Keywords: ISCR; CR; U.S. dollar; financial system; foreign exchange; Singapore dollar; exchange rate; capital adequacy ratio; central bank; U.S. dollar liquidity; Domestic systemically important banks; Stress testing; Insurance companies; Cyber risk; Financial sector stability; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 65
Date: 2019-07-15
New Economics Papers: this item is included in nep-cwa and nep-sea
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