Monetary Authority of Singapore sets up new Data Analytics Group
The Monetary Authority of Singapore (MAS) is forming a new Data Analytics Group (DAG), as part of efforts to position itself and the financial sector for the digital economy of the future. The DAG will commence operations from 15 March 2017.
Big data analytics is an integral part of FinTech and RegTech. The Group will lead MAS’ efforts to leverage data analytics to unlock insights, enhance the supervision of financial institutions, make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organisation.
DAG will have three units: 1) Data Governance & Architecture Office (DGA), 2) Specialist Analytics & Visualisation Office (SAV) and 3) Supervisory Technology Office (SupTech).
DGA will formulate data management policies, manage data collection and quality, maintain MAS’ data catalogue, and publish official statistics from MAS.
SAV will conduct data analyses in partnership with different 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. Working together with MAS’ IT Department, the SAV team will design and implement the technical infrastructure required to support data analytics work in MAS.
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. Dr. David Roi Hardoon has been appointed as the Chief Data Officer and Head of DAG and he will report to Mr. Ong Chong Tee, Deputy Managing Director (Financial Supervision). Dr. Hardoon has a PhD in machine learning, as well as a deep research background and extensive experience in developing and applying analytical models. He was previously with Azendian Solutions, where he was the co-founder and Executive Director, Chief of Analytics.
The Managing Director of MAS, Mr. 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.”
Read the press release here.