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.”