In response to the flourishing financial technology (FinTech) scene in Singapore, the Monetary Authority of Singapore(MAS) has established a FinTech & Innovation Group (FTIG).
Housed under the central bank's organisation structure, FTIG will be effective from 1 August 2015. It will be responsible for regulatory policies and development strategies to facilitate the use of technology to better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector, according to MAS.
Sopnendu Mohanty will be leading FTIG as its Chief FinTech Officer, and reporting to Jacqueline Loh, Deputy Managing Director (Monetary Policy & Investment/ Development & International). Mohanty joins MAS from Citibank, where he was the Global Head of Consumer Innovation Lab Networks & Programmes.
The FTIG will have three sub-units:
- Payments & Technology Solutions Office. Led by Bernard Wee, this office will formulate regulatory policies and develop strategies for simple, swift and secure payments and other technology solutions for financial services.
- Technology Infrastructure Office, which is led by Tan Yeow Seng. This sub-unit 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. Distributed ledgers — the technology behind the Bitcoin blockchain — can be used to issue, trade and process an array of financial instruments on a single, global, peer-to-peer financial network.
- Technology Innovation Lab, which is led by Roy Teo. This sub-unit will look for technologies with potential application to the financial industry, and work with the industry and relevant parties to test-bed innovative new solutions.
"Technology is transforming financial services, and innovation will increasingly be the source of competitive advantage in the industry," said Ravi Menon, MAS Managing Director. "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," he added.