The future of MAS 610 reporting in Singapore

In Singapore, the future of MAS 610 reporting is here - implementing RegTech innovations is saving financial institutions time and money. In 2020, we partnered with Wolters Kluwer’s to create a reporting solution for the Monetary Authority of Singapore (MAS).  

Using our Reporting API, the regulatory reporting technology automatically updates published machine-readable regulatory rules and data models directly from Singapore’s regulatory system. Today, the solution is in use by more than 30 financial institutions in the state. 

This alignment between the regulator and financial institution systems facilitates on-time and high-quality submission of regulatory reports, as well as reducing the cost and effort associated with new or changing reporting requirements. 

What is MAS 610? 

From March 2018, regulated entities in Singapore were given the right to decline any request from the MAS for structured data they had already provided to regulators. The idea was aimed at moving towards zero duplication of data requests but, in order for the initiative to be successful, a change in how the central bank processed and used data was needed. 

Following a public tender process, we were chosen by the MAS to design a new ‘data collection gateway’, as well as to install, test and commission the new software. The software was designed to streamline and consolidate data collection, validation and administration into a single integrated commercial off-the-shelf product. 

MAS 610 incorporates the core set of reporting requirements for Singapore banks, including both balance sheet and off balance sheet information. This includes: 

• Monthly statement of assets and liabilities 
• Monthly return on foreign exchange business transacted 
• Quarterly return on classified exposures and collateral value of housing loans 

MAS 610 applies to all banks in Singapore, including foreign-owned entities. Banks need to submit information at both individual and group level and report separately for their Singapore operations, overseas bank subsidiaries and overseas banks.  

Revised MAS 610 collects more granular data of banks’ assets and liabilities by currency, country and industry. There are approximately 7,700 unique measures or data points to be reported across 45 different dimensions. 

How we support Singaporean banks with MAS610 reporting 

Our MAS610 Reporting Solutions automatically keep up to date with all data models and rules published for the new Data Collection Gateway. This eliminates complex system upgrades and reduces the cost and impact of future regulatory changes.  

The key benefits are: 

• Automatic system updates in line with published changes to MAS 610 and 1003 templates and rules 
• Pre-filing validation of your MAS 610 data to guarantee right-first-time submission 
• Easy integration with existing systems using RESTful API 
• Cost-efficient - all reports & updates are ‘out of the box’ 

This level of integration allows global and domestic financial institutions in Singapore to accommodate local requests in a timely and cost-efficient manner. By leveraging the same software as the Singapore regulator through our platform, the preparation and validation of regulatory data becomes a machine-to-machine task. Both financial institutions and regulators can instead focus on data analysis and risk management.