MAS sets up new panel to monitor financial technology trends closely

SINGAPORE -Financial regulator Monetary Authority of Singapore (MAS) announced a new international technology advisory panel on Tuesday (Aug 2).

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."

The first meeting was held Tuesday morning, which deputy prime minister and MAS chairman Tharman Shanmugaratnam and senior MAS officials attended.

The panel includes chief innovation and science officers in major financial institutions, leaders in financial technology businesses, venture capitalists, leaders in technology and innovation.

The meeting covered emerging rends in financial technology, wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, among others. The next one will be held next year (2017).