Ministry of Finance Singapore

Ministry of Finance Singapore Ministry of Finance (MOF) is responsible for the management and regulation of financial institutions and the economy of Singapore. The main regulation documents are the Company Law, the Law on Business Registration Act, the Currency and the Accountants Act.

The functions of the Ministry of Finance in the government is to ensure competitiveness for businesses operating within the jurisdiction of Singapore’s in accordance with international standards and practices in areas such as corporate law, accounting standards and corporate governance principles.

MOF Strategic Outcomes

Sound Public Finances

  • Optimally managed reserves
  • Managing our reserves to balance the present and future financial needs of Singapore
  • Fiscal sustainability
  • Ensuring government’s fiscal sustainability in the medium to long term

Growth with Opportunity for All

  • Pro-growth fiscal system
  • Promoting economic growth through the use of financial levers
  • Pro-Community Fiscal System
  • Creating opportunities for a better life for all and build a strong community
  • Conducive business environment
  • Facilitate growth of businesses and nurture an entrepreneurial environment
  • Expand international economic space
  • Increase opportunities for Singapore’s businesses globally

High Performance Government

  • Effective and efficient use of resources
  • Allocating government resources to achieve Whole-Of-Government objectives and achieving maximal outcome with available resources
  • Accountability for performance
  • Ensuring that government agencies are held accountable for the use of their resources
  • Integrated Government
  • Achieve service-wide synergies in policies, programmes, processes and systems
  • Anticipating future challenges and opportunities for the Whole-Of-Government and the nation

Singapore is one of the largest and fastest growing financial centres in Asia

Today, there are 111 commercial banks, 49 merchant banks, and 45 banks with representative offices operate in Singapore, managing more than $350 billion of assets (2004). The banking industry in Singapore is regulated by the Monetary Authority of Singapore.

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