The Monetary Authority of Singapore issued new reporting standards for banks to reduce duplicate data submissions, effective Oct. 1, 2020.
The key changes include collecting more granular data of banks' assets and liabilities by currency, country and industry, and rationalizing the collection of data on Chinese yuan business activities and deposit rates.
Further, banks will no longer be required to maintain Domestic Banking Unit and Asian Currency Unit accounts, and will instead be allowed to report their returns in Singapore dollar and foreign currency.
The regulator said in a May 17 report that collecting more detailed data allows it to better identify potential systemic risks, while standardizing requirements provides greater data consistency and reusability.
It added it is also looking into rationalizing data collection for over-the-counter reporting to improve efficiency and reduce costs for banks.