THE Monetary Authority of Singapore (MAS) has set up a new FinTech & Innovation Group (FTIG) within its organisation structure with effect from Aug 1, 2015.
The central bank has appointed former Citi banker, Sopnendu Mohanty, as its Chief FinTech Officer to head FTIG. 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 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,'' Ravi Menon, MAS Managing Director, said.
He said Mr Sopnendu and his team would work closely with the financial industry and technology community to promote a culture of innovation in the industry while ensuring safety and security.
Mr Sopnendu was Citibank's Global Head of Consumer Innovation Lab Networks & Programmes. He will report to Jacqueline Loh, Deputy Managing Director (Monetary Policy & Investment/ Development & International) at MAS.