Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector
IMF Staff Country Reports, July 15, 2019
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- Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector
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Bibliographic details
- Published: July 15, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498325882.002
Overview and scope
- Examines implications of fintech for the regulation and supervision of the Singaporean financial services sector.
- Provides an overview of the financial system with a focus on fintech developments, the institutional setup, and the Monetary Authority of Singapore’s (MAS) approach to fintech.
- Publication date: July 15, 2019.
- Series: Country Report No. 2019/229; IMF Staff Country Reports.
Key findings on fintech developments and market response
- 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.
Risks, surveillance, and supervisory implications
- Recommends imperative development of a cyber network map that considers both financial linkages and Information and Communications Technology connections and use it for cyber risk surveillance.
- Emphasizes the need for supervisors to monitor technological change as it affects business models, risk management, and systemic interconnections.
Subjects and keywords covered
- 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 metadata and identifiers
- Pages: 57
- Volume: 2019
- Issue: 229
- DOI: https://doi.org/10.5089/9781498325882.002
- Stock No: 1SGPEA2019006
- ISBN: 9781498325882
- ISSN: 1934-7685
IMF Staff Country Report: Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector (July 15, 2019).
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