Guide to Financial Services Regulations & Guidelines in Singapore

Financial regulators in Singapore include:

The Monetary Authority of Singapore (MAS): MAS is the central bank of Singapore and the regulatory body of the financial industry. It is responsible for the supervision and management of all financial industries in Singapore, including banking, insurance, and capital market intermediaries.

• The Association of Banks in Singapore (ABS) is an association for managing banks in Singapore.

The preceding regulators have formulated many regulations and requirements for the banking and financial industries to comply with when using cloud services.

Financial regulators in Singapore include the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). MAS is the central bank of Singapore and main regulatory body of the financial industry. It is responsible for the supervision and management of all financial industries in Singapore, including banking, insurance, and capital market intermediaries.

To standardize the use of the information technology in the financial industry, MAS and ABS have released a series of regulatory requirements, guidelines, and notices. These requirements address risk management, outsourcing management, and cloud computing implementation of financial institutions in Singapore. The related regulatory requirements and guidelines include:

• MAS Guidelines on Outsourcing（Bank）

• MAS Technology Risk Management Guidelines

• MAS Notice on Cyber Hygiene

• ABS Guidelines on Control Objectives and Procedures for Outsourced Service Providers

• ABS Cloud Computing Implementation Guide

• MAS Notice 658 Management of Outsourced Relevant Services for Banks

• MAS Notice 1121 Management of Outsourced Relevant Services for Merchant Banks

These requirements and guidelines cover the areas of board and senior management responsibility, risk assessment, assessment of service providers, outsourcing agreements, confidentiality and security, business continuity management, and monitoring, auditing and inspection of outsourcing arrangements.

HUAWEI CLOUD Compliance with Singapore Financial Services Regulations & Guidelines describes how Huawei Cloud will help you meet the regulatory requirements of the financial industry in Singapore.