Singapore regulator creates data analytics group

The Monetary Authority of Singapore has formed a group tasked with enhancing its in-house data capabilities and encouraging the uptake of analytics among financial firms. (picture credit: Sam Kang Li/Bloomberg)

The Monetary Authority of Singapore (MAS) has created what it is calling its Data Analytics Group (DAG), which it will task with leveraging the power of data to enhance its supervision of financial institutions. MAS says it believes this will decrease the cost of compliance for financial firms through the use of analytics, and increase its own internal efficiency.

The group will be headed by David Roi Hardoon, PhD in machine learning with a background in analytical modeling. Hardoon joins is coming from Azendian Solutions, a data analytics firm, where he was co-founder and executive directors. Hardoon will report to Ong Chong Tee, deputy managing director, financial supervision.

The DAG will be divided into three units: the Data Governance & Architecture Office (DGA), the Specialist Analytics & Visualisation Office (SAV) and the Supervisory Technology Office (Suptech).

SupTech will conduct analyses of data from the supervisory and financial sector. Working with the Fintech and Innovation group, SupTech will promote data analytics capabilities among financial firms, and encourage the innovative use of analytics to make regulatory compliance more efficient.

The DGA is tasked with creating data management policies, overseeing data collection on behalf of the regulator, maintaining a data catalogue, and publishing official statistics. The SAV will work with MAS departments to develop analyses of their data. It will provide reusable tools and code libraries to these departments to enhance their data analytics capabilities, and it will also partner with the educational arm of the regulator, the MAS academy, to provide data analytics training programmes. In collaboration with the MAS IT department, the unit will create infrastructure to support data analytics work.

Ravi Menon, managing director at the MAS, said the digitisation of information and the ability to gather data from multiple platforms has created unprecedented opportunities to examine and understand the financial system.

“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,” added Menon.

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