Singapore central bank consolidates IT divisions

Singapore central bank consolidates IT divisions

The Monetary Authority of Singapore is consolidating its disparate technology functions under a single overarching structure.

The new Technology Group will comprise the Data Analytics Group, Information Technology Department as well as the Technology & Cyber Risk Supervision Department.

In a statement, the central bank says: "The formation of TG will concentrate MAS’ technology capabilities under a single group, to drive MAS’ digital transformation, enable a more integrated approach to providing technology solutions and systems, and strengthen supervision of continually evolving technology risks in the financial sector."

The formation of the new unit comes amid a management shake-up that will see Vincent Loy from Accenture appointed assistant managing director of technology. Lawrence Ang, currently executive director, Information Technology, will be re-designated as chief information officer "to better reflect the functions he has been performing as head of information technology department".

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