The Monetary Authority of Singapore (MAS) has created an International Technology Advisory Panel (ITAP) to advise the regulator on international developments in the area of financial technology.  

The newly-formed panel will also advise MAS on how the country can leverage new technologies to improve financial services provision. 

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The panel includes chief innovation and science officers in key financial institutions, fintech business leaders, venture capitalists, as well as thought leaders in technology and innovation.

In its first meeting, ITAP discussed on emerging fintech trends, wider applications of decentralised systems including blockchains and new business models in retail and corporate banking, wholesale markets and insurance, the regulator said in a statement.

The panel also pinpointed the significance of a regulatory regime to support innovation and adoption of new technologies.

Over panel discussions, which involved over 500 industry professionals, academics and university students over four panel discussions, centred on assessing the effect of technologies such as blockchains, wearables, and telematics on the financial services, and new business models for banking and fixed income and foreign exchange markets.

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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.”