The Monetary Authority of Singapore (MAS) said on Monday (Feb 13) that it has formed a new Data Analytics Group (DAG) which will start functioning on 15 March, in order to help position itself and the financial sector for the digital economy of the future.
The DAG will lead MAS' efforts to harness the power of 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.
The Authority said it has appointed David Roi Hardoon as its Chief Data Officer and Head of DAG. Hardoon is currently Executive Director of Data Analytics of Azendian Solutions, which he has co-founded. He will report to Ong Chong Tee.
The DAG will have three units, MAS said, such as Data Governance & Architecture Office (DGA), Specialist Analytics & Visualisation Office (SAV) and Supervisory Technology Office (SupTech).
The DGA will formulate data management policies, manage data collection and quality, maintain MAS' data catalogue, and publish MAS' official statistics, while the SAV will conduct data analyses in partnership with MAS departments.
The SAV will help departments improve their data capabilities through reusable tools and code libraries, and partner MAS Academy to deliver data analytics training programmes.
"Together with MAS' IT Department, the team will design and implement the technical infrastructure needed to support data analytics work in MAS," the authority said.
The SupTech will conduct data analyses on supervisory and financial sector data in partnership with MAS departments, the MAS said.
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, Monday's statement 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," said Ravi Menon, MAS managing director.
"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."