SINGAPORE: The Monetary Authority of Singapore (MAS) announced the formation of a new Data Analytics Group (DAG) as part of the regulator’s broader efforts to position itself and the financial sector for the digital economy of the future.
Taking effect from March 15, DAG will lead MAS’ efforts to harness the power of data analytics to unlock insights so as to enhance the supervision of financial institutions and make regulatory compliance more efficient as well as improve work efficiency across the organization.
MAS managing director Ravi Menon said: “The digitization of information and the harnessing of data from multiple platforms have created the opportunity to use data analytics to understand the economy and the financial system with a depth that was not possible before.
Dr David Roi Hardoon, formerly co-founder and Executive Director, Chief of Analytics of Azendian Solutions, has been appointed as the head of DAG and its Chief Data Officer.
DAG will comprise three units: The Data Governance & Architecture office will formulate data management policies, manage data collection and quality, maintain MAS’ data catalogue, and publish MAS’ official statistics.
The Specialist Analytics & Visualisation office will conduct data analyses in partnership with MAS departments, to help improve their data capabilities through reusable tools and code libraries.
The Supervisory Technology office will conduct data analyses on supervisory and financial sector data. It will work with the Fintech and Innovation Group to promote data analytics capabilities within the financial industry and foster innovations to make regulatory compliance more efficient and effective.
The MAS also highlighted how it will support the recommendations of the Committee on the Future Economy (CFE) by taking a series of measures to strengthen the financing channels for next-generation Asian growth companies and build technology infrastructure.
The regulator said it will simplify the authorization and regulatory requirements for venture capital managers to allow them to operate more nimbly in supporting start-ups in Singapore and the region. MAS will look to deepen the pool of private equity managers in order to draw in more capital for mature start-ups.
MAS will also adjust the regulations that apply to finance companies with a view to enhancing their ability to better meet the needs of small and medium enterprises while ensuring prudent risk management. SMEs are a core pillar of Singapore’s economy, contributing about half of gross domestic product and two-thirds of employment, it noted.
