The Monetary Authority of Singapore (MAS) has established a FinTech panel to advise on disruptive technologies that can improve the financial services industry.
The International Technology Advisory Panel (ITAP) had its first meeting this morning where members discussed emerging trends in FinTech, like blockchain.
ITAP comprises of chief innovation officers and science officers from major financial institutions, as well as ’FinTech leaders’ and venture capitalists.
MAS officials also attended ITAP’s first meeting, and managing director of the Singapore regulator Ravi Menon, described it as “fruitful”.
Menon said the panel “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.”
More than 500 industry professionals and academics have engaged in discussions with ITAP, exploring the uses of technologies like blockchain, wearables and telematics in financial services.
ITAP is set to reconvene for its second in 2017, with future meetings taking on a similar format.