Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector

July 15, 2019

Preview Citation

Format: Chicago

Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector, (USA: International Monetary Fund, 2019) accessed December 22, 2024

Summary

This technical note examines the implications of fintech for the regulation and supervision of the Singaporean financial services sector. It provides an overview of the financial system with a focus on fintech developments. The note looks at not only fintech developments but also the institutional setup as well as Monetary Authority of Singapore’s (MAS) approach to fintech. The MAS has so far managed to strike the right balance between innovation and safety and soundness. MAS has responded quickly to the challenges of fintech. The impact of fintech on the financial services sector has largely been internalized by financial institutions (FI). FIs are swiftly digitizing and modernizing their systems, products and business models. Because of their market knowledge and higher investment capacities, incumbent FIs are getting better at providing services and products by adopting new technologies or improving existing ones. The note also recommends that it is imperative to develop a cyber network map that considers both financial linkages and Information and Communications Technology connections and use it for cyber risk surveillance.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Economic sectors, Financial sector, Financial services, Fintech, Technology

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Big data, Business model, CFT rule, CR, Due diligence, Financial sector, Financial system, Fintech, Fintech firm, Global, ISCR, Market structure, Risk assessment, Risk management, Technology firm, Unit cost

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/229
Stock No:

1SGPEA2019006
ISBN:

9781498325882
ISSN:

1934-7685

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