A new international financial technology (fintech) advisory panel will look at ways to bring cost-efficient financial services to consumers, among other areas of focus.
The Monetary Authority of Singapore (MAS) announced the new panel yesterday on the same day as its first meeting. The panel will allow MAS to monitor fintech much more closely.
The regulator said in a statement: "The panel will advise MAS on international developments in fintech and how Singapore can harness new technologies to enhance the provision of financial services."
Deputy Prime Minister and MAS chairman Tharman Shanmugaratnam and senior MAS officials attended the meeting.
The panel itself includes chief innovation and science officers in major financial institutions, leaders in fintech businesses, venture capitalists and leaders in technology and innovation. Members include Mr David Ku, chief executive of WeBank, an online bank by Chinese Internet giant Tencent Holdings, and Professor Michael Stumm, co-founder of forex trading firm Oanda.
The meeting covered emerging trends in fintech, wider applications of decentralised systems such as blockchains, and new business models in areas such as retail and corporate banking, among others. The next meeting will be held next year.
MAS also said a key focus was the importance of a regulatory regime that facilitates innovation and uses new technologies while maintaining trust and confidence.
More than 500 industry professionals, academics and university students also spoke with the panel.
MAS managing director Ravi Menon said the panel has raised "useful ideas on how we can promote both competition and collaboration in the technology space to provide cost-efficient financial services to individuals, small and medium enterprises, and corporates".