The Monetary Authority of Singapore (MAS) announced that it has established an International Technology Advisory Panel (ITAP) to advise the regulator on financial technology “fintech” innovations and how the new technologies could be harnessed to enhance the provision of financial services.
The panel is made up of chief innovation and science officers in major financial services institutions along with fintech leaders, venture capitalists and technology sector experts. It includes Michael Stumm, co-founder of Oanda Corp., a Toronto-based company that provides online retail foreign exchange trading and transfers; Blythe Masters, CEO of Digital Asset Holdings, the fintech startup focusing on distributed ledger technology; and, Vikram Pandit, the former Citigroup CEO who now runs a company that invests in fintech.
In its first meeting, the ITAP discussed emerging trends in fintech; including blockchain technology; new business models in retail and corporate banking, wholesale markets and insurance. It also held panel discussions to explore the impact of technologies such as blockchains, wearables and telematics on the financial services sector.
“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,” says Ravi Menon, MAS’s managing director, in a statement. “This in-depth discussion with global leaders in innovation marks another step in the ongoing journey by the MAS and the financial services sector 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.”
The ITAP will convene again in 2017.