MAS Annual Report 2023/2024 Summary
<Economic Developments and Monetary Policy>
➢ Global growth is anticipated to remain strong this year, despite a slower pace of disinflation. In the medium term, there are potential risks for an increase in global inflation.
➢ Singapore’s growth is projected to align more closely with its potential of 2-3% this year.
➢ Core inflation is expected to continue its downward trend, with forecasts predicting it will reach around 2% by 2025, assuming no additional shocks occur.
<Trusted and Dynamic Financial Centre>
➢ The asset management, wealth management, insurance, and banking sectors have experienced strong growth.
➢ From 2018 to 2023, assets under management in Singapore grew at a compounded annual rate of 10%, reaching $5.41 trillion.
➢ High regulatory standards have been and will remain crucial to the success of the wealth management sector.
➢ Singapore continues to welcome legitimate wealth, ensuring that its processes and regime are supportive while maintaining high regulatory standards.
<Building New Capabilities and Improving Customer Outcomes>
➢ Enhanced reliability and resilience of digital financial services through:
⇨ Strengthening MAS’s technology resilience standards for financial institutions (FIs)
⇨ Establishing a technology assurance program for critical FIs
➢ Banks have implemented measures to combat scams, with additional measures under consideration. However, all bank customers will need to sacrifice some convenience for increased security.
➢ MAS will engage with FIs on their progress in implementing fair dealing guidelines to achieve better customer outcomes.
➢ Developing new capabilities for a competitive financial sector, with up to $100 million in funding support for FIs to anchor AI and Quantum projects and capabilities in Singapore.
