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MAS creates FinTech & Innovation Group, to start in August

Channel NewsAsia: The new group in the Monetary Authority of Singapore will be responsible for regulatory policies and development strategies to facilitate the use of tech to better manage risks, enhance efficiency and strengthen competitiveness. 

There will a new group housed within the Monetary Authority of Singapore (MAS) come August: The FinTech and Innovation Group (FTIG).

FTIG will be responsible for regulatory policies and development strategies to facilitate the use of technology to better manage risks, enhance efficiency and strengthen competitiveness in the financial sector, said MAS in a news release on Monday (Jul 27).

 Mr Sopnendu Mohanty will head the group as Chief FinTech Officer. He joins from Citibank, where he was the Global Head of Consumer Innovation Lab Networks and Programmes. He will report to Ms Jacqueline Loh, MAS’ Deputy Managing Director for Monetary Policy and Investment, and Development and International.

Within the FTIG are three sub-units: Payments and Technology Solutions Office; Technology Infrastructure Office; and Technology Innovation Lab.

MAS Managing Director Ravi Menon said: “The formation of FTIG is a serious commitment by MAS towards our vision of a Smart Financial Centre, where technology is applied pervasively to create new opportunities and improve people’s lives.

“Sopnendu and his team will work closely with the financial industry and technology community to promote a culture of innovation in the industry while ensuring safety and security,” he added.

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DealStreetAsia: Monetary Authority of Singapore to form Fintech group in August

Finextra: The Monetary Authority of Singapore (MAS) has poached Citi exec Sopnendu Mohanty to head up a new fintech and innovation group

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