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Singapore banking sector, regulations remain strong: Fitch

Published on Aug 29, 2014 10:55 AM

SINGAPORE - The banking sector in Singapore remains strong and local financial regulations are keeping pace with global standards, said ratings agency Fitch in a new report on Friday.

The agency noted that the Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, "continues to be proactive in its oversight of the banking sector".

Banks in Singapore have maintained high levels of capital under the MAS' Basel III rules, which will help them retain strong credit ratings, Fitch added. The MAS' requirements under Basel III are higher than in many other jurisdictions.

While the competitive and mature nature of Singapore's domestic market are spurring local banks to expand overseas, their offshore expansion has been generally "disciplined" so far, Fitch said.

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