Singapore assets under management up 10% to $5.4 trillion in 2023; new debt issues rise 21%

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The Straits Times 3h ago

Singapore assets under management up 10% to $5.4 trillion in 2023; new debt issues rise 21% - The Straits Times

Quick Summary:

It will consult on enhancing the requirements set out in its notice on technology risk management, with the intention for financial institutions to take a service-centric recovery time objective and not just a system-centric recovery time objective.

The insurance sector also continued to grow in 2023, with net premiums increasing by 6.4 per cent and total assets for the overall insurance sector up by 6.8 per cent.

Financial institutions also need to identify and address single points of failure in critical business services; and fully test their recovery plans through an annual exercise to ensure that they are able to operate from their disaster recovery site for a prescribed minimum time period.