Monetary Authority of Singapore (MAS) Guidelines
The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. MAS established the Guidelines on Outsourcing (MAS Guidelines) to govern outsourcing practices of financial institutions (FIs). MAS recognizes cloud services as a form of outsourcing.
Although the MAS Guidelines are not legally binding, the MAS expects FIs to follow the recommended practices when using outsourced services, particularly the outsourcing arrangements that the MAS deems as “material,” a qualitative judgement taking into account factors like the impact and importance of the outsourced business activity. FIs are ultimately responsible and accountable for aligning with industry frameworks, certifications, and regulations applicable to their use of cloud services, and are subject to the MAS’s oversight. In order to support your compliance, we provide a MAS Guidelines mapping and Cloud best practices for Singapore financial institutions whitepaper detailing how Google Cloud helps FIs meet the MAS Guidelines.