Singapore approach to develop and regulate FinTech

• Main Author: PEI, Sai Fan
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2018
• Subjects: FinTech; Financial technology; Regulatory Sandbox; Consumer protection; Financial stability; Asian Studies; Finance and Financial Management; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/5911; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6910/viewcontent/Singapore_Approach_to_Develop_and_Regulate_FinTech_2018_afv.pdf
• Institution: Singapore Management University

This paper starts with a brief introduction of the recent organizational support established by The Monetary Authority of Singapore (MAS) to promote the fast developing FinTech (financial technology) sector. Basing on its existing “balanced” approach in promoting financial development and ensuring a safe and sound financial sector, and in sync with its objective to harness technology to improve the efficiency of the financial markets, the paper elaborates on the insights of MAS' policy intent in regulating the FinTech sector. The paper then focuses on MAS' proposed “Regulatory Sandbox” – an innovative regulatory framework which helps to strike a good balance between creating a conducive environment for financial innovation and on the other hand protecting financial consumers and ensuring financial stability. In closing, the paper shares some thought of the writer on MAS' approach and the likely future development of MAS' financial regulation towards financial technology.