Tech@MAS

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. MAS also works with the financial industry to develop Singapore as a dynamic international financial centre.

The rapid pace of technological developments and substantial increase in the availability of data in recent years is unprecedented.  In response to the fast changing landscape, MAS strives for continuous innovation and technology adoption. In 2021, MAS launched PayNow-PromptPay, the world’s first linkage between Singapore’s PayNow and Thailand’s PromptPay real time retail payments systems. MAS also worked on retail Central Bank Digital Currency (CBDC) solutions to enhance payment efficiencies and promote financial inclusion.

Click here to find out more about the Paynow-PromptPay project as well as the CBDC project.

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Culture@MAS

Shaping the Future of Financial Services, Together

 

At MAS, our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. We are guided by our values of Integrity, Commitment, Enterprise and Teamwork.

Let’s hear from Wong Zeng Yi, Assistant Managing Director, Organisational Development & People. Find out what our culture is like, what attributes we look for in individuals. 

Click here for more information on opportunities at MAS.

FinTech@MAS

Leveraging on Distributed Ledger Technology to enable seamless transactions

 

Project Ubin is one of many FinTech initiatives.  Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities.  The eventual goal is to develop simpler to use and more efficient alternatives to today’s systems based on central bank issued digital tokens.

 

The completion of Phase 5 marks the end of Project Ubin, a five-year journey of practical experimentation on blockchain technology with the industry and understanding how it could be applied to payments and settlements. 

 

Click here to join our Tech Community.

PayNow-PromptPay@ MAS

E-Payments should be interoperable, Inclusive and Intuitive.

E-payments are a key component of our Smart Financial Centre agenda. With the rise of the digital economy, we have empowered individuals and businesses with simple, swift and secure cross border payments using just their mobile phones.

Find out from Jo Yeo, Deputy Director & Head, Payments Development and Data Connectivity Office, at MAS about her journey to launch PayNow-PromptPay, the world’s first linkage between two national real-time retail payment systems.

 

SupTech@MAS

Deploying Data Analytics in Supervision of Financial Institutions

 

As an integrated financial supervisor, MAS fosters a safe and sound financial services sector through its oversight of financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and payment entities.  MAS is also responsible for well-functioning financial markets, sound conduct, and investor education. Here are just two examples of how we leverage on data analytics.

 

Network Analysis for Suspicious Transaction Reports 

As part of its supervision of financial institutions (FIs), MAS monitors and assesses FIs’ money laundering and terrorism financing (ML/TF) risk management. The work includes monitoring the Suspicious Transaction Reports (STRs) filed by FIs on potentially illicit flows of funds and financial crime concerns.  To analyse the STRs, MAS developed a network analytics tool to identify concerning clusters of individuals/entities that exhibited suspicious behaviours. This sharpens our ability to prioritise and target FIs with higher ML/TF risks in our supervision.

 

Monitoring and Enforcement of Safe Management Measures

MAS has been using data analytics to monitor FIs’ implementation of safe management measures since the onset of the COVID-19 pandemic.  We review data such as customer footfall, wait time and peak hours to identify customer service locations and branches with large crowds and guide the prioritisation of inspections and enforcement actions on these locations. In addition, we use natural language processing (NLP) to gather international news to keep current with COVID-19 related developments, as well as to analyse consumer feedback and monitor vulnerabilities in different customer and product segments.   

 

We caught up with Grace Thng, Deputy Director, Supervisory Technologies at MAS to share her experiences at MAS.

 

Click here to join our Tech Community.

Tech Innovation@MAS

The Future of Financial Infrastructure needs to be open and inclusive.

Technological advances and the rapid digitalisation of the economy are unlocking new possibilities for the future of money and payments, including Central Bank Digital Currencies (CBDCs).

Hear from Alan Lim, Deputy Director & Head, Fintech Infrastructure Office, about the motivations behind the CBDC projects launched by MAS.

Cybersecurity@MAS

Keeping Cyber Risks at Bay

Pervasive remote working arrangements and growing customer use of digital finance have amplified cyber and technology-related risks.  MAS has stepped up it's monitoring of the cyber threat landscape and issued advisories to financial institutions to ensure that their IT infrastructure is secure and resilient, as well as to adopt additional risk-mitigating measures and precautions.

 

MAS’ Cyber Research and Intelligence team scans the horizon and gathers intelligence from public, private and commercial sources to maintain visibility and situational awareness over the latest cyber threats confronting the financial sector. This is aided by our recently acquired Cyber Threat Intelligence Management System, which automates the aggregation of all our intelligence feeds for pattern correlation and trend analysis, and presents the curated information and insights to the analyst in a single pane of glass for further assessment.

 

Hear more from Charles CS Lim, Deputy Director, Technology & Cyber Risk Supervision as he shares about his role in conducting surveillance in the cyber landscape, and how he transited from the private sector to MAS.

 

Click here to join our Tech Community.

Journey of a Gradate Officer@MAS

Wonder what your journey might be like if you start with us after graduation?

 

Let’s hear from Jeremy Hor, Deputy Director & Head, Transformation as he shares about his journey from working on Singapore Savings Bonds to driving transformation @ MAS.

 

Just graduated or graduating soon? Click here to find out more about our Graduate Officer Programme.

About Us
MAS' values and code of conduct support our mission of promoting sustained non-inflationary economic growth, and a sound and progressive financial centre.

Click here to find out more