Financial institutions need to be a force for good: MAS Ravi Menon

SINGAPORE (June 3): In these times, Financial Institutions (FIs) like banks and brokerages need to be a positive force for good and merely being safer or doing no harm is not enough.

But for FIs to be a force for good, they must be trusted, inclusive and sustainable, says Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS).

To win the trust of its customers, FIs “must ensure that finance is not abused for illicit purposes; that it places its customers first and deals with them fairly; and that it fosters a culture of good conduct grounded in strong values and ethics,” says Menon in his opening address at Symposium on Asian Banking and Finance at the MAS Building on Monday.

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