MAS sets up International Technology Advisory Panel

The Monetary Authority of Singapore (MAS) has set up an International Technology Advisory Panel (ITAP) to advise it on international developments in fintech and how Singapore can harness new technologies to enhance the provision of financial services.

The ITAP comprises chief innovation and science officers in major financial institutions, Fintech business leaders, venture capitalists, and thought leaders in technology and innovation:

1. Dr Andreas Braun, Head of Global Data and Analytics, Allianz 
2. Blythe Masters, CEO, Digital Asset Holding, a fintech startup which provides distributed ledger technology solutions to wholesale financial firms
3. Daniel Gallancy, CEO, SolidX, a financial services company providing custom software and Blockchain-related financial products/technology to enterprise customers 
4. David Gurle, CEO, Symphony Communications, a provider of secured, cloud-based communications 
5. David Ku, CEO, WeBank, an online bank created by Tencent Holdings 
6. Kurt vom Scheidt, Global Head, FX, Saxo Bank. He is also a member of the London Foreign Exchange Joint Standing Committee (FXJSC) chaired by the Bank of England 
7. Matthias Kroner, CEO, Fidor Bank, a digital-only bank 
8. Michael Stumm Co-founder, Oanda, a FX company providing currency conversion, online retail FX trading and online FX transfers
9. Murli Buluswar, Chief Science Officer, AIG 
10. Pieter Franken, Chief Technology Officer, Monex Securities, a retail brokerage in Japan which plans to build a global IT platform 
11. Robert Wardrop, Executive Director, Cambridge Centre for Alternative Finance, an international interdisciplinary academic research institute dedicated to the study of alternative finance
12. Sabine Vanderlinden, MD, Startupbootcamp Insurtech, a programme to identify, recruit and shape the next generation of solutions targeted at the insurance sector 
13. Sassan Danesh, CEO, Etrading Software, a capital markets technology consultancy. Danesh is also Co-Chair of the OTC Products Committee of the FIX Trading Community, the non-profit organisation that sets global standards for the electronic trading of all OTC products. 
14. Tim Grant, MD, R3, a consortium startup that was set up by the banks to help understand Blockchain’s promise 
15. Vikram Pandit, Chairman and CEO, Orogen Group, which makes investments in financial services companies and related businesses 

The inaugural ITAP meeting discussed emerging trends in fintech; explored the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance; and highlighted the importance of a regulatory regime that facilitates innovation and adoption of new technologies while maintaining trust and confidence.

The ITAP also engaged more than 500 industry professionals, academics and university students over four panel discussions. The discussions explored the impact of technologies like Blockchain, wearables, and telematics on the financial services industry, as well as new business models for banking and fixed income and foreign exchange markets.

MAS Managing Director Ravi Menon said, “The ITAP has provided us with useful ideas on how we can promote both competition and collaboration in the technology space to provide cost-efficient financial services to individuals, SMEs, and corporates. This in-depth discussion with global leaders in innovation marks another step in the ongoing journey by the MAS and the financial industry in Singapore to create a smart financial centre – one that harnesses technology to increase efficiency, manage risk, create new opportunities, and improve the welfare of Singaporeans.”

The ITAP will convene again in 2017 and future meetings will take on a similar format.