MAS sets up advisory panel on fintech

THE Monetary Authority of Singapore (MAS) has set up a 15-member panel to advise it on international developments in fintech, it said in a press release on Tuesday evening.

The "International Technology Advisory Panel" (ITAP) had its first meeting on Tuesday morning with Deputy Prime Minister Tharman Shanmugaratnam, who is also MAS chairman, and senior MAS officials, the central bank said, adding that the panel would convene again in 2017.

It said that the meeting "discussed emerging trends in fintech; explored the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance; and highlighted the importance of a regulatory regime that facilitates innovation and adoption of new technologies while maintaining trust and confidence".

Members of the panel include chief innovation and science officers at financial institutions, fintech business leaders and venture capitalists.

MAS managing director Ravi Menon said in the press release that the discussion "marks another step in the ongoing journey by the MAS and the financial industry in Singapore to create a smart financial centre - one that harnesses technology to increase efficiency, manage risk, create new opportunities, and improve the welfare of Singaporeans".