Singapore’s fintech strategy is evolving, central bank chief says

SINGAPORE (Nov 8): Singapore’s vision and strategy for developing financial technology is evolving with rapid technological and industry changes, Monetary Authority of Singapore chief Ravi Menon said, as the regulator prepares for its second FinTech Festival next week.

"What we know now is different from what we knew a year ago" when the MAS held the inaugural festival, Menon told Bloomberg News in an October interview. "So you will see an evolution in our fintech thinking, be it on regulation, be it on data analytics and some of the things that we are doing.”

The financial regulator has been creating new fintech positions within its organization in recent years, as it tries to build its ability to adapt quickly and cement Singapore’s status as a global financial hub. Among the latest appointments: Chief Cyber Security Officer Tan Yeow Seng and Chief Data Officer David Roi Hardoon.

---

Related Stories

• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
• MAS Financial Stability Review shows local banks can withstand multiple shocks

---