MAS establishes data analytics group
The Monetary Authority of Singapore (MAS) has established a new data analytics group (DAG) to improve its supervision of financial institutions.
The new unit, which will be operational from 15 March 2017, will leverage data analytics to make regulatory compliance more efficient for financial institutions and enhance operational efficiency across the organisation.
DAG will be made up of three units, namely the Data Governance and Architecture Office (DGA), Specialist Analytics & Visualisation Office (SAV), and the Supervisory Technology Office (SupTech).
DGA will be responsible for formulating data management policies, managing data collection and quality, and publishing the central bank’s official statistics. SAV would conduct data analyses and help departments with MAS to improve data capabilities.
SupTech will collaborate with MAS departments to carry out data analyses on supervisory and financial sector data, as well as will work with the fintech and innovation group to promote data analytics capabilities.
DAG will be led by chief data officer David Roi Hardoon, who previously served as co-founder and chief of analytics at Azendian Solutions.
MAS managing director Ravi Menon 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.”
Other Latest News
- Whitney Bank receives regulatory nod for acquisition of nine First NBC Bank branches
- Grameen America, Citi and MasterCard to unveil digital finance platform
- TSYS, International Bank of Qatar ink payments agreement
- RBS to abandon Williams & Glyn spin-off
- Ant Financial to invest $200m in South Korea’s Kakao Pay
Whitney Bank receives regulatory nod for acquisition of nine First NBC Bank branches
Whitney Bank, the banking subsidiary of Hancock Holding Company, has obtained regulatory approval to acquire nine branches and about $1.3bn in loans from First NBC Bank, a banking unit of First NBC Bank Holding Company.read more
Lloyds annual pre-tax profit surges to £4.2bn
Lloyds Banking Group has reported a statutory pre-tax profit £4.23bn for the year ended 31 December 2016, a huge surge compared to £1.64bn a year ago.read more
Grameen America, Citi and MasterCard to unveil digital finance platform
Grameen America, a microfinance organisation, has partnered with Citi and MasterCard to roll out a range of fintech solutions to promote digital financial access and inclusion for over 86,000 low-income women entrepreneurs across the US.read more
TSYS, International Bank of Qatar ink payments agreement
TSYS, a US-based credit card processor, has inked a licensing agreement with International Bank of Qatar (ibq) whereby the bank will leverage TSYS' PRIME payment solutions platform.read more
RBS to abandon Williams & Glyn spin-off
Royal Bank of Scotland (RBS) has announced that it could scrap the sale of Williams & Glyn (W&G) division after an agreement was reached between the HM Treasury and the European Commission (EC).read more