List of Brokers with MAS Regulation
All central banks and financial service providers in Singapore are regulated by the Monetary Authority of Singapore (MAS). Apart from implementing the rules and regulations that brokers must comply with, the MAS has several other functions including anti-money laundering, setting monetary policy, ensuring security and transparency in financial markets, and most importantly, allowing prospective traders to conduct entity searches through public registers.
What does MAS regulated mean?
Being regulated by the MAS or the Monetary Authority of Singapore means operating under the standards of a Singaporean financial regulator. Founded in 1971, MAS is Singapore’s central bank and integrated financial regulator. It oversees various monetary functions related to finance and implements a strict demand for licensing to every financial company based in Singapore.
What are MAS rules?
Singapore has a developed regulatory framework through its MAS Act that is regularly reviewed to incorporate new regulations and recommendations following the changes in the domestic and global economy.
MAS Forex brokers have an obligation to place competent and professional people and to disclose information of their recommended products to customers. Furthermore, forex brokers with MAS licenses should deal with customer complaints in a prompt and effective way. They are required to provide audit reports to the concerned authorities periodically, as well as hold their client funds in separate accounts.
As for the client's side, MAS sevice and protection is unavailable for Singaporean traders who choose oversea brokers that are not licensed by their agency. The traders would be denied any any assistance of financial aid in tackling scams and the approaching of Singapore Government for any problem resolution.
What is the main purpose of MAS?
To establish a competent regulation and supervise the financial services in Singapore. MAS is also responsible for developing an online financial network known as MASNET, which has grown into a communication hub for organisations such as banks and financial institutions to exchange data.
In general, MAS functions include:
- Acting as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems, and serving as banker to and financial agent of the Government.
- Conducting integrated supervision of financial services and financial stability surveillance.
- Managing the official foreign reserves of Singapore.
- Developing Singapore as an international financial centre.
What are the powers of MAS?
By enforcing all financial services regulatory and registry legislation, the BVIFSC has the power to monitor the regulated financial services activity to protect the public against any illegal and/or unauthorised financial services. The agency also has the right to review all financial services and related enforcement legislation and policie to keeping attuned to domestic and international developments affecting the financial services industry.
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.