MAS expands in London, NY

MAS expands in London, NY

SINGAPORE (DPA): The Monetary Authority of Singapore (MAS) has opened a London representative office and expanded its New York facilities in an effort to promoting the city-state as an international financial center amid the Asian economic crisis.

"These overseas offices will foster greater understanding and cooperation between (the) MAS and other central banks ... and attract more financial activities to Singapore," Deputy Prime Minister Lee Hsien Loong said at the London opening late Wednesday.

Lee, also the chairman of the MAS, said the crisis has reminded governments, regulators and investors of the need for higher standards of supervision, disclosure and transparency.

Singapore will emerge ahead when the region recovers, he said.

Among those praising the MAS expansion was William McDonough, president of the Federal Reserve Bank of New York.

"The MAS offices in New York and London will further enhance Singapore's position as a major international financial center, serving to inform financial institutions in America and Europe about the opportunities that Singapore offers as an international financial hub in Asia," McDonough said in a message.