The Monetary Authority of Singapore (MAS) has formed a new FinTech & Innovation Group (FTIG) within its organisation structure with effect from 1 August 2015 and appointed Citi exec Sopnendu Mohanty to lead it.
The formation of the group and appointment of a Citi veteran is another sign that Singapore is actively seeking to rapidly establish itself as one of the global capitals of the FinTech industry. At the beginning of the month the MAS already pledged S$225m (US$167m) over the next five years to create a ‘vibrant ecosystem for innovation’.
The new group 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’.
Sopnendu Mohanty will act as its Chief FinTech Officer to head FTIG. At Citibank he was the Global Head of Consumer Innovation Lab Networks & Programmes.
The group will be split into three branches:
– Payments & Technology Solutions: will formulate regulatory policies and develop strategies for simple, swift and secure payments and other technology solutions for financial services.
– Technology Infrastructure Office: 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: 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.
“Technology is transforming financial services, and innovation will increasingly be the source of competitive advantage in the industry. 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,” said Ravi Menon, MAS Managing Director.
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