The Monetary Authority of Singapore (MAS) has announced the formation of a new Data Analytics Group (DAG), which will begin operations in mid-March.

The group has been established to unlock insights and enhance the supervision of financial institutions, make regulatory compliance more efficient for institutions, and improve work efficiency across the wider MAS organisation.

DAG will comprise of three units, including the Data Governance & Architecture Office, which will formulate data management policies and manage data collection, and the Specialist Analytics & Visualisation Office, which will conduct data analyses and improve other MAS departments’ data capabilities through reusable tools and code libraries.

The third unit is the Supervisory Technology Office, which will conduct analyses on financial sector data, working with MAS’s existing FinTech and Innovation Group to try and enhance analytics capabilities within the financial industry as well as make data regulatory compliance more efficient.

Ravi Menon, managing director of MAS, commented: “The digitisation of information and the harnessing of data from multiple platforms have created the opportunity to use data analytics to understand the economy and the financial system with a depth that was not possible before.

“MAS is committed to building strong capabilities in data analytics to seize this opportunity. Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work.”

David Roi Hardoon has been appointed by MAS as its chief data officer and head of DAG. Hardoon joins from Azendian Solutions, where he was the co-founder and executive director of analytics.

Share Story: