The Monetary Authority of Singapore (MAS) rolled out a number of initiatives on Nov 14 as part of efforts to establish itself as a regional leader of fintech. Speaking on the first day of conferences at this year’s Singapore Fintech Festival, Managing Director of MAS Ravi Menon said that the central bank will sign 16 cooperation agreements with other governments, with the aim of facilitating information on fintech trends and issues.
In one of the tie-ups, MAS and the Bank of Thailand will link Singapore’s PayNow with Thailand’s PromptPay. With the deal, Singaporeans would be able to send money securely to someone in Thailand and vice versa with just their mobile numbers.
Besides consumer services, several initiatives were aimed at helping financial institutions become more efficient. For example, the regulator says it is looking to make its compliance requirements less painful for banks, especially in the area of data collection. Mr Menon said regulators sometimes request for the same data more than once under different data collection exercises.
“We’ll aim to achieve zero duplication in our data requests to financial institutions. If we ask for the same data twice to any banks, you will be allowed to gently turn us down,” he added. “All data requests from MAS will eventually be in machine-readable templates.”
Source: Chanel New Asia