Monetary Authority of Singapore and the China Banking and Insurance Regulatory Commission reaffirmed their commitment to boost cooperation through the signing of a memorandum of understanding and roundtable discussions.
The MoU furthers commitment between the two regulators to boost cooperation through the exchange of information with regards to the supervision of the banking and insurance sector as well as crisis management. The MoU was signed by MAS deputy managing director Ong Chong Tee and CBIRC vice chairman Liang Tao.
A roundtable was also held where the two watchdogs discussed supervisory developments in their respective countries including digital banking, risk-based capital frameworks and the insurance intermediary market.
«This MOU affirms the close partnership between both regulators. It will facilitate regulatory cooperation, given the growing presence of banks and insurers in both our jurisdictions,» Ong said in a published statement.
«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.»
