New MAS group on fintech issues

The Monetary Authority of Singapore.
The Monetary Authority of Singapore.PHOTO: ST FILE

The central bank has formed a new work group to develop strategies and formulate regulation around the use of new technologies in financial services.

The Monetary Authority of Singapore's FinTech and Innovation Group will also work with industry partners to test-bed new financial technology (fintech) solutions.

Chief fintech officer Sopnendu Mohanty, formerly a Citibank global head of consumer innovation lab networks and programmes, will head the 12-person group. More staff will be recruited to build the team over the next few months.

The group comprises a Payments and Technology Solutions Office, a Technology Infrastructure Office and a Technology Innovation Lab. The Technology Infrastructure Office will look into sharpening surveillance of the financial system with better information to identify and mitigate risks, said the MAS.

Meanwhile, the MAS and the Ministry of Finance have been co-leading a multi-agency effort to address payment-related issues and guide the development of efficient digital and mobile payment systems.

"Over the past year, we have been engaging the fintech community (banks, start-ups, technology firms) to understand how MAS can better support the industry," it said.

For example, the MAS has participated in the Startupbootcamp FinTech accelerator programme as a mentor to start-ups, helping them to understand regulatory requirements.

The MAS has also engaged financial institutions to set up their innovation labs here.

"They chose Singapore due to our established infrastructure and strong public-private partnership. These put Singapore in a good position to be a global player in the fintech scene," said the MAS.

A version of this article appeared in the print edition of The Straits Times on July 28, 2015, with the headline 'New MAS group on fintech issues'. Print Edition | Subscribe