## 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_

## Source details

**Canonical URL:** [Singapore: Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector](https://www.imf.org/en/publications/cr/issues/2019/07/15/singapore-technical-note-fintech-implications-for-the-regulation-and-supervision-of-the-47113)

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## Bibliographic details
- Published: July 15, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498325882.002

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### 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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_Source: https://www.imf.org/en/publications/cr/issues/2019/07/15/singapore-technical-note-fintech-implications-for-the-regulation-and-supervision-of-the-47113_