The Monetary Authority of Singapore's push to be at the forefront of financial technology took another step forward with news that it has established an International Technology Advisory Panel.
The International Technology Advisory Panel (ITAP) is made up of chief innovation and science officers in major financial institutions, fintech business leaders, venture capitalists, and thought leaders in technology and innovation.
The ITAP met for the first time on Tuesday August 2, the meeting was attended by Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, and senior MAS officials.
Trust and Confidence
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.
The ITAP also engaged more than 500 industry professionals, academics and university students over four panel discussions. The discussions explored the impact of technologies like blockchains, wearables, and telematics on the financial services, as well as new business models for banking and fixed income and foreign exchange markets.
Smart Financial Centre?
«The ITAP has provided us with useful ideas on how we can promote both competition and collaboration in the technology space to provide cost-efficient financial services to individuals, SMEs, and corporates. This in-depth discussion with global leaders in innovation marks another step in the ongoing journey by the MAS and the financial industry in Singapore to create a smart financial centre,» said Ravi Menon, MAS Managing Director.
