The Monetary Authority of Singapore (MAS) continues its relentless march towards the digital future through the creation of a data analytics group.
The new unit will lead MAS's efforts to harness the power of data analytics to unlock insights, enhance its supervision of financial institutions and make compliance more efficient for these firms.
David Roi Hardoon, who has a PhD in machine learning and co-founded data firm Azendian Solutions, has been brought in to head the new group and act as MAS's chief data officer.
Ravi Menon, MD, MAS, says: "Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work."
MAS has been aggressively pursuing major infrastructure projects to make Singapore a digital leader. This week, the body, which acts as both regulator and central bank, has been boasting about several undertakings in support of the island's wider 'future economy' push.
It is working with banks on a system that from later this year will let people make money transfers using proxies such as mobile numbers. Other projects include the development of an electronic marketplace for trade finance assets, the promotion of e-trading platforms for FX, and an exploration of whether an industry KYC utility is feasible.