The Monetary Authority of Singapore (MAS) has announced the formation of a new Fintech & Innovation Group (FTIG) to be headed up by former Citibank executive, Sopnendu Mohanty. Effective August 1, FTIG will be responsible for creating development strategies and regulatory policies around technology innovation to “better manage risks, enhance efficiency and strengthen competitiveness in the financial sector,” according to the release. Monhanty joins MAS as Chief Fintech Officer of FTIG after 12 years with Citibank where his most recent position was global head of consumer innovation lab networks and programs.
“Sopnendu and his team will work closely with the financial industry and technology community to promote a culture of innovation in the industry while ensuring safety and security,” says Ravi Menon, managing director of MAS. “Technology is transforming financial services, and innovation will increasingly be the source of competitive advantage in the industry.The formation of FTIG is a serious commitment by MAS towards our vision of a Smart Financial Centre, where technology is applied pervasively to create new opportunities.”
The formation of FTIG is the latest stage in MAS’ development of fintech resources in Singapore after the regulator announced the creation of a Financial Sector Technology & Innovation (FSTI) scheme in June that would pump $225 million into the sector “for the creation of a vibrant ecosystem for innovation.”