MAS sets up new fintech and innovation group

Chris Hamblin

1 August 2015

MAS propaganda says that the FinTech Innovation Group will be responsible for regulatory policies and development strategies that facilitate the use of technology and "innovation," whatever that word means in this context, to manage risks, enhance efficiency, and strengthen competitiveness in the financial sector.

Sopnendu Mohanty of Citibank is now the regulator's chief fintech officer and is in charge of the new group. He reports to Jacqueline Loh, the deputy managing director. His new office comprises the following.

A "Payments & Technology Solutions Office" led by Bernard Wee, which formulates regulatory policies and develops strategies for simple, swift and secure payments and other IT for financial services.
A "Technology Infrastructure Office" led by Tan Yeow Seng, which will evolve regulatory policies for cloud computing, Big Data and distributed ledgers.
A "Technology Innovation Lab" led by Roy Teo, set up to scan the horizon for cutting-edge IT and work with the financial industry to develop software.

This is part of MAS's plan to build a "smart financial centre" in which new software is the first resort. The MAS waited until the last minute to publicise the new office's existence.