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

International Monetary Fund

No 2019/229, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; fintech firm; risk management; business model; financial system; market structure; unit cost; big data; risk assessment; technology firm; due diligence; CFT rule; Fintech; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector; Global (search for similar items in EconPapers)
Pages: 57
Date: 2019-07-15
New Economics Papers: this item is included in nep-pay and nep-sea
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