The Monetary Authority of Singapore has signed a memorandum of understanding with the Australian Prudential Regulation Authority, the prudential regulator of financial institutions in Australia.
The memorandum of understanding (MoU) was signed by Teo Swee Lian, deputy managing director of The Monetary Authority of Singapore (MAS), and John Laker, chairman of Australian Prudential Regulation Authority.
The MoU provides a formal basis for supervisory cooperation between the two authorities in banking and insurance. It is also claimed to pave the way for mutual assistance and sharing of supervisory information between the two authorities to strengthen the supervision of cross-border operations of financial institutions under their purview.