Data gets greater with new Singapore group
The Monetary Authority of Singapore (MAS) has set up a new Data Analytics Group (DAG) with effect from 15 March 2017 as it looks to improve the financial sector and digital economy.
DAG will use data analytics for insights, “enhance the supervision” of financial institutions, make regulatory compliance better for financial institutions, and improve work efficiency across the organisation.
Ravi Menon, MAS managing director, says data analytics offer the ability “to understand the economy and the financial system with a depth that was not possible before”.
MAS has appointed Dr David Roi Hardoon as its chief data officer and head of DAG. Hardoon joins MAS from Azendian Solutions, where he was the co-founder and executive director, chief of analytics.
The new group will comprise three units:
- Data governance and architecture office (DGA) will make data management policies, manage data collection, maintain MAS’ data catalogue and publish MAS’ official statistics.
- Specialist analytics and visualisation Office (SAV) will conduct data analyses in partnership with MAS departments. It will help departments improve their data capabilities.
- Supervisory technology office (SupTech) will conduct data analyses on supervisory and financial sector data in partnership with MAS departments.
MAS has also announced regulatory changes to “strengthen the resilience” of finance companies and improve their ability to provide financing to small and medium sized enterprises (SMEs).
It says this is a “relaxation of business restrictions with enhanced prudential standards”.
Changes include the limit on a finance company’s aggregate uncollateralised business loans will be raised; firms will be allowed to offer current account and chequing services to their business customers; and they will also be allowed to join electronic payment networks, including Inter-bank GIRO, Fast and Secure Transfers (FAST) and Electronic Funds Transfer at Point of Sale (EFTPOS).