The Republic of Singapore and the U.S. signed the FATCA Model 1 Intergovernmental Agreement (IGA) on 9 December, following the initial agreement on 5 May 2014, as published by the Singapore Ministry of Finance. The IGA was signed by Deputy Secretary (Policy) of the Singapore Ministry of Finance, Ng Wai Choong and the US Ambassador to Singapore, Kirk Wagar. The text of the agreement can be found here:
As of 1 December 2014 1307 Singapore FFIs have registered with the IRS in a first step to become compliant. The IGA relieves the reporting obligations by allowing the FFIs to report to the local tax authorities (IRAS).