Making the vision a reality: Perspectives from the Monetary Authority of Singapore

Mok Pei Hong

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

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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