MAS to push banks, insurers for more data labs

Singapore

THE Monetary Authority of Singapore (MAS) will work with several other banks and insurers on plans to establish and expand their data analytics and innovation teams in Singapore, said its managing director Ravi Menon on Thursday.

Speaking at the Sibos 2015 conference, he also highlighted that banks need to find a way to reduce the overall cost of data management, make payments more convenient and improve the way payments are processed at points of sale (POS).