MAS to form FinTech & Innovation Group

MAS to form FinTech & Innovation Group
The MAS reiterated that it is in close contact with the relevant financial institutions related to the 1MDB probe.
PHOTO: The Straits Times

SINGAPORE - A new FinTech & Innovation Group (FTIG) will be formed within the Monetary Authority of Singapore (MAS) with effect from Aug 1.

MAS announced in a press release on Monday that the 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.

The new group will be headed by Mr Sopnendu Mohanty, the former Global Head of Consumer Innovation Lab Networks & Programmes at Citibank.

He will report to Ms Jacqueline Loh, Deputy Managing Director (Monetary Policy & Investment/ Development & International).

Its services will comprise of:

- 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.

Mr Ravi Menon, MAS managing director, said: "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," he added.

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