Regulatory Alerts2021-06-25
Added · Updated
Notice on Lending of Singapore Dollar to Non-Resident Financial Institutions
MAS Notice 109 governs the lending of Singapore dollars by insurers to non-resident financial institutions, excluding captive insurers, individuals, and non-financial institutions. Insurers may lend up to S$5 million per entity without restriction, but must ensure proceeds are swapped or converted into foreign currency if used outside Singapore and must not facilitate currency speculation for amounts exceeding this threshold. Insurers are required to report aggregate outstanding S$ lending monthly to the Monetary Management Division of MAS within 10 working days after the reporting month, including nil returns where applicable.
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