Singapore has paid close attention to culture issues at financial institutions and, in 2017, signaled that its focus on culture and conduct issues will intensify. Ravi Menon, head of the Monetary Authority of Singapore (MAS), has repeatedly reinforced the importance of “getting the culture right” as key to building trust in the integrity of the financial sector.1He commented, “Reform of the financial industry will not be complete until this issue of trust and ethics is addressed. This requires ‘getting the culture right.’ And by culture, I mean the shared values, attitudes and norms that guide actions.”2
Menon has highlighted that MAS balances two roles that of regulator as well as business developer of the financial sector – and emphasizes that this is built on being a trusted financial center.
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