Singapore

The Monetary Authority of Singapore (MAS) serves as both the central bank and the financial regulatory body of Singapore. It was formed on 1st January 1971 by the Monetary Authority of Singapore Act 1970. Unlike countries where there is separation of financial regulation from the central bank, MAS is the only financial regulator that performs all responsibilities associated with implementing monetary policy by way of exchange rate, management of official foreign reserves, and regulation of banking, insurance, securities, and the cryptocurrency market. The establishment of the Board of Commissioners of Currency in 2002 made MAS the sole issuer of currency in Singapore. The main function of MAS is the non-inflationary development of economy in Singapore.

The Monetary Authority of Singapore (MAS) keeps an eye on, regulates, and develops the country's financial system to ensure sustainable and non-inflationary economic growth through a strong financial ecosystem. In order to do so, the authority implements its monetary policy through an exchange-rate-based system by maintaining the Singapore Dollar vis-à-vis a basket of currencies to ensure stability in the country's prices. The organization strictly maintains prudential supervision over all the financial institutions in the country, such as banks, insurers, capital market intermediaries, and digital payment systems, along with maintaining strict measures against money laundering and printing the country's currency notes. Furthermore, the organization manages the country's foreign reserves while ensuring the development of Singapore as an international financial center at the same time.