Singapore MAS Sets Up New FinTech And Innovation Group

With the rapid pace of innovations in FinTech eating into financial institutions as well as stretching the regulatory parameters, the Monetary Authority of Singapore (MAS) has announced the formation of a new FinTech & Innovation Group (FTIG) within its organisational structure with effect from 1 August 2015.

FTIG will be responsible for regulatory policies and development strategies to facilitate the use of technology and innovation to better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector.

MAS has appointed Sopnendu Mohanty as its Chief FinTech Officer to head FTIG. Sopnendu joins MAS from Citibank, where he was the Global Head of Consumer Innovation Lab Networks & Programmes. He will report to Jacqueline Loh, Deputy Managing Director (Monetary Policy & Investment/ Development & International).

The new FinTech & Innovation group will comprise:

Payments & Technology Solutions Office, led by Bernard Wee, which will formulate regulatory policies and develop strategies for simple, swift and secure payments and other technology solutions for financial services.

Technology Infrastructure Office, led by Tan Yeow Seng, which will be responsible for regulatory policies and strategies for developing safe and efficient technology enabled infrastructures for the financial sector,  in areas such as  cloud computing, big data, and distributed ledgers.

Technology Innovation Lab, led by Roy Teo, which will scan the horizon for cutting-edge technologies with potential application to the financial industry and work with the industry and relevant parties to test-bed innovative new solutions.

Ravi Menon, MAS Managing Director, said, “Technology is transforming financial services, and innovation will increasingly be the source of competitive advantage in the industry.  The formation of FTIG is a serious commitment by MAS towards our vision of a Smart Financial Centre, where technology is applied pervasively to create new opportunities and improve people’s lives. Sopnendu and his team will work closely with the financial industry and technology community to promote a culture of innovation in the industry while ensuring safety and security.”

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