MAS sets up data analytics group

The Monetary Authority of Singapore (MAS) will establish a Data Analytics Group (DAG) from 15 March 2017 as part broader efforts to help position itself and the financial sector 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 them, as well as improve work efficiency.

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 Ong Chong Tee, Deputy MD (Financial Supervision).

DAG will comprise three units:

 The Data Governance & Architecture Office (DGA) will formulate data management policies, manage data collection and quality, maintain MAS’ data catalogue, and publish MAS’ official statistics.

 The 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.

 The 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.

Ravi Menon, MAS MD 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.”