The Monetary Authority of Singapore is seeking to create a balanced framework to enable the city-state become the largest and leading location for experimental fintech.
Speaking in Singapore at the Financial Times Asia Banking Forum, at which finews.asia was a supporting partner, Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, (MAS) expressed his views on the growing influence of financial technology and how fintech is rebuilding the financial sector.
Agile Regulation
Technology Mohanty said, is rebooting the global finance industry and through their inertia, some traditional banks could be in danger of being passed by.
He also noted that over the years banks have built technology stacks leading to structural inefficiency. The MAS he commented, wants to see financial institutions become more agile to rebuild the financial sector in a different way.
Cyber Innovators
Mohanty spoke of the MAS’ aspiration to see Singapore become established as the largest and leading location for «experimental fintech» utilising the recently announced regulatory sandbox.
The MAS also wants to be the leading centre for cyber security innovators with banks sharing cyber risk intelligence. Cyber insurance, Mohanty said is set to triple in the coming 5 years.
finews.asia reported recently that the founder and CEO of global security company Kaspersky Lab, Eugene Kaspersky, has been appointed to the International Advisory Panel for Singapore's National Cybersecurity Research and Development Programme.
