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.
The Monetary Authority of Singapore has formed a group to develop new strategies and evolve the regulatory structure as more Fintech solutions emerge. The MAS Fintech and Innovation Group will also work with industry partners testing new Fintech solutions. 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.