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SINGAPORE
Capital Currency Language Population GDP
Nominal Real growth rate
Points of interest
Economy
Singapore Singapore dollar English | Malay | Chinese | Tamil 5,183,700 (3,257,000 are Singapore citizens) $259.849 billion $314.911 billion 4.9% Unitary Parliamentary Republic Parliament 274 sq. miles | Southeast Asia, islands between Malaysia and Indonesia Singapore has a corruption-free, highly developed, successful freemarket economy, with stable prices, and a per capita GDP to match the best of the developed world. The economy depends heavily on exports, particularly consumer electronics, information technology products, pharmaceuticals, and financial services. GDP - composition by sector: Agriculture: 0% | Industry: 26.6% | Services: 73.4% Although the economy contracted 1.0% in 2009 due to the financial crisis, it rebounded 14.8% in 2010 and 4.9% in 2011, because of renewed exports. Singapore is the 14th largest exporter and the 15th largest importer in the world. Over the long term, the government aims to raise the sinking productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and continues its reign as Southeast Asia's financial and high-tech hub. 9.2 [10 good 0 bad]/ 5th
Residents of an all-urban country, Singaporeans enjoy one of the highest per capita GDP (5th rank worldwide), with none below the poverty line. In the World Justice Project's Rule of Law Index, Singapore was ranked amongst the top countries in "Order and Security", "Absence of Corruption", and "Effective Criminal Justice". However, it scored poorly for "Freedom of Speech" and "Freedom of Assembly": all public gatherings of five or more people require police permits, and protests may only be legally held at Speakers' Corner. Aggressive law enforcement limits drug abuse. The death penalty is in practice, and Singapore is believed to have the highest execution rate in the world, relative to its population. Yet, some money laundering eludes the law. Singapore is a financial services hub with a remarkably stable economy despite periods of global turmoil. Although it has the world's highest percentage of millionaires, it has one of the highest income inequality levels amongst developed countries.
has been established in Singapore for over a decade providing focused professional services for automation of regulatory reporting for financial institutions in this jurisdiction. We proactively monitor upcoming regulatory changes issued by Monetary Authority of Singapore, and work with our clients to assess the impact and provide the upgrade needed. Lombard Risk REPORTER for regulatory compliance
Regulatory compliance Lombard Risk business and regulatory compliance experts explain:
GDP Growth (%) of Singapore and comparisons
Bank composition
Tharman Shanmugaratnam Goh Chok Tong (2011) 10 Shenton Way MAS Building, Singapore 079117 http://www.mas.gov.sg/
The MAS was established in 1971 to oversee various monetary functions, and has the authority from the Parliament of Singapore to regulate all elements of monetary, banking and financial aspects of Singapore. It also regulates the securities market and the insurance market. Its main functions are to: Act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government Conduct integrated supervision of financial services and financial stability surveillance Manage the official foreign reserves of Singapore Develop Singapore as an international financial centre
Regulatory compliance
The MAS requires reports such as: Balance sheet reporting P&L reporting Capital adequacy reporting Liquidity reporting Credit exposures reporting Foreign exchange reporting Operational and transactional reporting
BA35 FC FD QR QRD QRM QRMD DI DIAN01 DIAN01Q FAA Foreign exchange turnover | Merchant Banks, DBU RSTATQA Quarterly return on classified exposures | Merchant Banks Credit facilities to bank directors, staff and related concerns | Merchant Banks, ACU Credit facilities to bank directors, staff and related concerns | Merchant Banks, DBU Weekly S$ FX transactions reporting | Merchant Banks Lending of Singapore dollar to non-resident financial institutions | Merchant Banks Additional information to be submitted with annual accounts | Banks Monthly statement of assets and liabilities | Banks Foreign exchange turnover | Banks, ACU Foreign exchange turnover | Banks, DBU Quarterly returns on classified exposures | Banks Minimum liquid assets for BB and BG MAS613 for BS framework Private equity and venture capital investments Exposures to single counterparty groups | Banks Exposures and credit facilities to related concerns | Banks Asset maintenance requirement quarterly return Weekly S$ FX transactions reporting | Banks institutions | Banks Lending of Singapore dollar to non-resident financial Minimum cash balance Minimum cash balance - Appendix 1 Collection of statistical returns for unsecured credit facilities Asset maintenance for non-bank deposit liabilities Asset maintenance for non-bank deposit liabilities | daily RSTATQD RSTATHA RSTATHD SFA28 SURVEYA SURVEYD SURVEYMA SURVEYMD T100 BS35 quarterly report on loans secured by real estate BIS form FC BIS form FD Third schedule - Quarterly return of income and expenditure | Banks, ACU Third schedule - Quarterly return of income and expenditure | Banks, DBU Third schedule - Quarterly return of income and expenditure | Merchant Banks, ACU Third schedule - Quarterly return of income and expenditure | Merchant Banks, DBU Insured depositors Insured deposit base/deposit insurance asset maintenance for premium assessment Deposit insurance asset maintenance requirement quarterly return FAA exemption - client profile report Quarterly statements of retail payment statistics (ACU) Quarterly statements of retail payment statistics (DBU) Semi-annual statements of retail payment statistics (ACU) Statements of retail payment statistics (DBU) Securities and futures form 28 Annual survey of services | Banks, ACU Annual survey of services | Banks, DBU Annual survey of services | Merchant Bank, ACU Annual survey of services | Merchant Bank, DBU Top 100 borrowers reporting
Regulatory compliance
Lombard Risks REPORTER keeps pace with regulatory requirements, automating end-to-end from data collection to electronic output, so giving you the ideal solution for all automated regulatory reporting requirements. With full support for key supervisory computations and powerful workflow, status dashboards, graphical presentation of trends and validations, REPORTER delivers huge savings in time and effort, reduces operational risk, and delivers significantly improved management information and management oversight. Basel III, EBA / European common reporting COREP and FINREP and transaction reporting, as well as Solvency II for the insurance marketplace Regulatory computation from raw data with comprehensive Capital, Liquidity and Large Exposures engines as well as detailed statistical computations Automation of regulator-mandated and client-defined validation rules Support for all transmission requirements including XBRL, XML and proprietary formats Powerful data management functionality overcomes The Data Problem: fully automated cleansing, consolidation and normalisation of multiple data sources irrespective of data format Automated Straight-Through-Processing (STP) enables exception-based management, ensuring regulatory reporting is automated unless manual intervention is needed Workflow automation job-streams your production process enabling sign-off dependencies to be achieved under strict timetable conditions Full security for all processes Trends and Variance analysis provides automated drill-down comparison tools, significantly accelerating review, reconciliation and sign-off. Regulators enquiries are anticipated and easily answered
For more information on any of these topics visit www.lombardrisk.com and/or email info@lombardrisk.com
August 2012