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.
The Monetary Authority of Singapore has formed a group to develop new strategies and evolve the regulatory structure as more Fintech solutions emerge. In an interview with CoinDesk, Mr Ong said that while there are many different types of financial services in Singapore, they have been “siloed” together by regulators for too long. Focus will be placed on payment processing and infrastructure, including how surveillance can be improved to identify and mitigate risks. It will also continue to collaborate with the Ministry of Finance to address payment related issues and guide the development of digital & mobile payment systems.