The Panel will advise MAS on international developments in FinTech and how Singapore can harness new technologies to enhance the provision of financial services.

The ITAP comprises chief innovation and science officers in major financial institutions, Fintech business leaders, venture capitalists, and thought leaders in technology and innovation. (Details of ITAP membership can be found in Annex A.)

The ITAP met for the first time this morning, and the meeting was attended by Deputy Prime Minister and Chairman of MAS Mr Tharman Shanmugaratnam and senior MAS officials.

The meeting discussed emerging trends in FinTech; explored the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance; and highlighted the importance of a regulatory regime that facilitates innovation and adoption of new technologies while maintaining trust and confidence.

The ITAP also engaged more than 500 industry professionals, academics and university students over four panel discussions. The discussions explored the impact of technologies like blockchains, wearables, and telematics on the financial services, as well as new business models for banking and fixed income and foreign exchange markets.

MAS Managing Director, Mr Ravi Menon said, “We had a fruitful meeting this morning. 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.”

The ITAP will convene again in 2017 and future meetings will take on a similar format.