The panel is made up of chief innovation and science officers from major financial institutions, fintech business leaders, venture capitalists, and thought leaders in technology and innovation.
Its first meeting, held Tuesday, was attended by Singapore’s deputy prime minister and Mas chairman Tharman Shanmugaratnam, as well as senior Mas officials.
Emerging fintech trends were discussed, with the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance also explored.
The importance of a regulatory regime that facilitates innovation and the adoption of new technologies while maintaining trust and confidence was highlighted.
Itap also engaged more than 500 industry professionals, academics and university students over four panel discussions. The discussions explored the impact of technologies like blockchains, wearables, and telematics on the financial services industry, as well as new business models for banking and fixed income and foreign exchange markets.
Mas managing director Ravi Menon said: “The Itap has provided us with useful ideas on how we can promote both competition and collaboration in the technology space to provide cost-efficient financial services to individuals, SMEs, and corporates.
“This in-depth discussion with global leaders in innovation marks another step in the ongoing journey by the Mas and the financial industry in Singapore to create a smart financial centre – one that harnesses technology to increase efficiency, manage risk, create new opportunities, and improve the welfare of Singaporeans.”
