The Monetary Authority of Singapore (MAS) has installed a new cooperative that advises and addresses the bourgeoning fintech space in Singapore, tapped the International Technology Advisory Panel (ITAP).
The panel’s formation comes amidst an uptick in fintech venues in the country as well as a groundswell of investment. Other countries and jurisdictions have grappled similar initiatives, conferences, and white papers to discuss the future of the industry and any levels of regulatory action that are needed to police it.
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The ITAP will also have a mandate to portend and ultimately find how Singapore can harness new technologies to enhance the provision of financial services. The panel’s composition will be made up of leading chief innovation and science officers from major financial institutions, fintech business leaders, venture capitalists, and thought leaders in technology and innovation.
The ITAP has also been active in engaging 500 industry professionals, academics and university students in recent panel discussions, designed to foster further discussion. These topics ranged from the adoption of technologies such as blockchains, wearables, and telematics on the financial services, in conjunction with new business models for banking and fixed income and foreign exchange (FX) markets.
According to MAS Managing Director Ravi Menon in a recent statement on the panel: “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 – one that harnesses technology to increase efficiency, manage risk, create new opportunities, and improve the welfare of Singaporeans,” he added.