15 May 2020

Challenges and Solutions: MAS610 Reporting for Singapore Banks

In March 2018, the Monetary Authority of Singapore (MAS) announced changes to regulatory reporting within Singapore, introducing new data collection requirements for banks, known as the revised MAS 610 requirements. As a result of the revision, banks are now required to file their core set of data to MAS at a far more granular level.

What data do I need to report under revised MAS 610?

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

  • 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.

What challenges are Singapore banks facing?

From April 2020, revised MAS 610 is available in the new Data Collection Gateway for a 6-month pilot phase ahead of reporting from 1 January 2021.

MAS issued the XML schema for revised MAS 610 in December 2019 and updated form templates in January 2020.

With these amendments, Singapore banks are facing several challenges:

  • Keeping up to date with regulatory changes
  • Choosing the right technology solution with appropriate data management capabilities
  • Ensuring a high level of data quality for submissions to MAS
  • Lack of automation
  • Financial and time pressures
How can Vizor help Singapore banks automate their regulatory reporting?

Vizor’s MAS610 Reporting Solutions keep automatically 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. 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’

“Working with some of the largest regulators across the world to deliver new data collection platforms, we are at the leading edge of emerging trends in both the channels and data models used for regulatory reporting. Regulators are moving to standardised, machine-readable data models and from aggregate to granular requests. It is no longer enough to simply submit data on time, your data must be explainable and high-quality.” says Joanne Horgan, CIO of Vizor.