The Monetary Authority of Singapore is the central bank managing money supply and regulating interest rates, inflation rate, and value for Singaporean currency.
The Singaporean Ministry of Finance and Monetary Authority are two separate entities that control different aspects of its economy, but they both play important roles. The former handles fiscal policy while the latter deals with monetary policy.
Monetary policy deals with the macroeconomic level of an economy, GDP, and unemployment rate. Macroeconomic policies influence both short-term and long-term economic growth. The fiscal policy addresses government spending on different projects or tax collection efforts to create a taxation system that best suits its needs at any given time while also considering inflation rates when making financial decisions about what types of taxes should exist within your country’s current economic climate.
The Monetary Authority of Singapore (MAS) performs unique roles in the sense that it not only regulates the financial sector but also deals with the fintech policy. It regulates both traditional banks and tech startups that provide financial services using new technologies, such as digital currencies or blockchain-based trading platforms for cryptocurrencies.
Singapore is heaven for blockchain-based fintech startups. Its policies are fuelling the cryptocurrency and blockchain revolution. MAS has led this new era in finance with regulations that promote innovation while protecting consumers from fraudsters. It recognizes and regulates fintech startups that use blockchain technology to improve lives across various sectors and achieve its goal of sustainable growth with innovative solutions like money remittance or mortgage service payments, among other things.
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