MAS unveils panel to monitor international developments in FinTech

It will comprise of innovation officers from financial institutions.

Singapore’s central bank doubles down on the use of new technologies to enhance the provision of financial services as it sets up an International Technology Advisory Panel.

According to a statement by the Monetary Authority of Singapore (MAS), the panel comprises chief innovation and science officers in major financial institutions, Fintech business leaders, venture capitalists, and thought leaders in technology and innovation.

Additionally the ITAP 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.

“We had a fruitful meeting this morning. 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,” says Ravi Menon, MAS managing director.