The Monetary Authority of Singapore (MAS) has tightened its guidelines to strengthen financial institutions’ (FIs) responses to service disruption. MAS said the new guidelines come amid increased digitalisation in the financial sector. It also takes into account learning from the sector’s handling of the Covid-19 pandemic. The move also comes after several widespread disruptions in Singapore’s banking sector. MAS’ assistant managing director for technology Vincent Loy said the new guidelines will help financial institutions take an agile and holistic approach in sustaining their critical business services when faced with threats and risk of disruption. The revised guidelines will take effect on June 6, 2023. Under the new guidelines, FIs should also conduct regular audits, tests, and industry exercises. FIs should also take steps to mitigate concentration risks.
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