Regtech, Suptech and Beyond: Innovation in Financial Services
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Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Mok Pei Hong
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
In 2015, the Monetary Authority of Singapore (MAS) laid out a vision for a smart financial centre where innovation would be pervasive and technology widely used (Menon, 2015). At the time there was a clear sense that financial technology companies (fintechs) had the potential to fundamentally transform the financial services landscape.
There have been previous waves of excitement around the promise of technological innovation, but this time it was different. The availability of data and the ability to process it at scale appeared to have crossed a critical threshold, unlocking new possibilities in the delivery of financial services.
The Covid-19 pandemic has accelerated the drive towards digitalisation. Paperless and digitalisation initiatives became necessary to facilitate remote working arrangements and minimise physical interaction with customers. Paperless and “signature-less” onboarding have started to become the norm.
Singapore is a key hub where technology firms come to develop capabilities for applications both domestically and overseas. As a major financial centre, this is also fertile ground where fintechs can thrive.
In August 2015, MAS established the
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