Singapore central bank selects new social media agency

SINGAPORE: The Monetary Authority of Singapore (MAS) has selected Edelman Singapore as its new social media agency for a two-year period, with the option to extend the contract for an additional year, as per records from the Government Electronic Business (GeBiz) portal.

MAS, which functions as Singapore’s central bank and integrated financial regulator, plays a pivotal role in fostering sustainable economic growth through monetary policy, overseeing macroeconomic trends, and managing both the exchange rate and foreign reserves. Through this new partnership, MAS aims to leverage social media as a tool to broaden its engagement with a diverse audience both locally and internationally.

The target audience for MAS’s social media efforts spans multiple sectors, including the general public, investors considering Singapore, financial institutions, industry associations, academics, students, and media professionals. In addition, MAS intends to strengthen its connections with other financial authorities and central banks worldwide.

The social media agency is tasked with several key responsibilities, including amplifying and providing updates on MAS news, developments and initiatives as well as enhancing the public’s view of the central bank’s role and mission. The agency is also required to promote MAS as an attractive employer on social media channels.

To meet these objectives, Edelman will oversee content management and production, ensuring that at least six content posts are delivered each month. Additionally, the agency will be responsible for developing a comprehensive, always-on social media strategy aimed at growing MAS’s presence on various platforms while aligning with the institution’s broader communication goals.

The contract also includes robust reporting requirements. Edelman is expected to provide monthly and yearly reports that analyze the performance of MAS’s social media channels, audience demographics, post performance, and audience sentiment.

These reports are expected to offer insights and recommendations for refining MAS’s social media strategy. Where applicable, they will also include best practices from other government agencies, central banks, and prominent financial institutions.

This appointment follows the recent move by Singapore’s Central Provident Fund Board (CPF) to entrust its social media responsibilities to Wild Advertising and Marketing alongside Uniform, signaling a growing trend in the government’s efforts to enhance digital outreach and engagement.