The soon-to-retire managing director of MAS, Ravi Menon said the growing usage of technology should be used to increase inclusion in all human elements.

Singapore’s aging population will change its country's face and society. In today’s environment, the elderly are seen as unable to handle technology and it will disempower them.

However, the perspective needs to be changed, and the financial technology (fintech) community should focus on those who are less able in society, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) during the Singapore Fintech Festival 2023. «We can use technology to increase inclusion. I think that is what is happening, we need to push the boundaries,» he said.

What is the best defense?

Aside from inclusion, technology should also be used to create solutions and solve problems. Some of the problems may include banking scams, potential encryption breaking, or risks of AI.

«What is the best defense? Use AI to detect… to deter... to disrupt your malicious actors. So that's why this community here is so important, because you are the solution finders, using technology to find solutions,» Menon added.