Monetary Authority of Singapore (MAS) has successfully implemented Open Architecture policy. Development Bank of Singapore (DBS) a leading financial bank in Asia is the biggest case study with 180 mobile applications available under open architecture. “Open architecture policy should be designed organically. Banks should be able to seek interest and value from the open architecture policy” says Sopnendu Mohanty, Chief FinTech Officer, MAS.
Open API is just one such innovation that MAS has executed. MAS has taken number of measures keeping technology as an integral part of the policy making. Sopnendu points out three important steps on how regulators can accelerate Fintechs. “First, regulators should support Fintechs by adopting cloud policies. Second, there should be thoughtful data sharing within the ecosystem along with Data Residency Policy. Third, adopting open architecture policy is important to accelerate Fintechs”.
Singapore is probably the first country to launch regulatory sandbox, which allows FinTechs to test their innovation. “It should be again approached from the policy framework. Ideas which test the existing policy create more impact”. He asserts.
At MAS, they consider security as a part of design and it is non-negotiable for them. “Security should be an integral part of the architecture” says Sopnendu. On emerging technologies, MAS believes Blockchain will support broader connectivity and Artificial Intelligence will refurbish the entire consumer experience.