MAS Launches International FinTech Advisory Panel

The Monetary Authority of Singapore (MAS) has installed a new cooperative that advises and addresses the bourgeoning Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term space in Singapore, tapped the International Technology Advisory Panel (ITAP).

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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.

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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (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.