Monetary Authority of Singapore Preps Framework

The Monetary Authority of Singapore continues to attract press after its billion-dollar program and plans to partner with financial agencies. Meanwhile, the Singaporean dollars to USD dollars exchange rate holds steady.

Earlier this week, Singaporean Central Bank announced that it has put up a $2 billion green investment program. This will enable the people to invest and use public market investment strategies.

The bank aims to have a strong green focus saying that it will help the country’s financial center to promote eco-friendly and sustainable projects.

Aside from this, the Monetary Authority of Singapore is also teaming up with the other financial industry players for the innovation of the sector. The bank plans to develop a framework that guarantees the responsible implementation of Artificial Intelligence and Data Analytics in the industry.

Dubbed as “Veritas”, the new framework aims to incorporate AI and AIDA on the principles of fairness, transparency, accountability, and ethics. The bank’s plan is to support customer marketing, fraud detection, and risk scoring to lure more people in the industry.

Critics and public figures have applauded the plans of the Monetary Authority of Singapore for the country’s financial industry. With its approach in its monetary policy and plans for the sector, traders are drawn by the central bank.

So, How’s the SGD?

The Singaporean dollar is slowly losing its momentum in today’s trading sessions and is slipping against the greenback and euro.

The EUR to SGD trading pair is currently inching its way up by 0.06% or 0.0010 points in sessions. Since July, the pair started to decline in trading, however, the euro is trying to prevent it from falling lower.

Meanwhile, the Singapore dollars to USD pair is flat at +0.03%, only gaining 0.0002 points this Thursday’s trading sessions.

The Monetary Authority of Singapore loosened its monetary policy last month. Singapore’s fiscal policy and last month’s easing were necessary considering the current conditions according to the central bank.