MAS Sets Up Data Analytics Group to Prepare Singapore’s Financial Sector for the Digital Change

February 15, 20178:44 am831 views

The Monetary Authority of Singapore (MAS) announced the formation of a new Data Analytics Group (DAG) with effect from 15 March 2017. This move is part of MAS’ broader efforts to help position itself and the financial sector in Singapore for the digital economy of the future.

DAG will lead MAS’ efforts to harness the power of data analytics to unlock insights, enhance the supervision of financial institutions, make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organisation.

The Data Analytics Group (DAG) hence formed will comprise of three units namely:

  1. Data Governance and Architecture Office to formulate data management policies, manage data collection and quality, maintain MAS’ data catalogue, and publish MAS’ official statistics.
  2. Specialist Analytics & Visualisation Office (SAV) will conduct data analyses in partnership with MAS departments. It will help departments improve their data capabilities through reusable tools and code libraries, and partner MAS Academy to deliver data analytics training programmes. Together with MAS’ IT Department, the team will design and implement the technical infrastructure needed to support data analytics work in MAS.
  3. Supervisory Technology Office (SupTech) will conduct data analyses on supervisory and financial sector data in partnership with MAS departments. 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.

See: Changes in MAS Regulation Creates New Job Opportunities for Audit, Risk and Compliance Professionals in Singapore

Ravi Menon, MAS Managing Director, said, “The digitisation 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. MAS is committed to building strong capabilities in data analytics to seize this opportunity. Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work.”

MAS has appointed Dr David Roi Hardoon as its Chief Data Officer and Head of DAG. Dr Hardoon joins MAS from Azendian Solutions, where he was the co-founder and Executive Director, Chief of Analytics. He has a PhD in machine learning, as well as a deep research background and extensive experience in developing and applying analytical models. He will report to Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision).

Also read: PMETs worst hit by lay-offs, lack skills for new jobs: MAS

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