Singapore’s MAS commits to provide regulations conducive to innovation

“Introducing regulations prematurely may stifle innovation and potentially derail the adoption of useful technology,” says Ravi Menon, MAS’ Managing Director.

By Nayela Deeba
Nov. 18, 2016

He added: "Financial institutions are free to adopt private clouds, public clouds, or both to secure data confidentiality. However, they need to conduct necessary risk management practices to address potential vulnerabilities."

On digital financial advice and insurance
According to Menon, automated, algorithm-based digital advice on financial or investment services by robo-advisers may soon take off in Singapore.

To prepare for that, MAS will soon set out proposals on the governance, supervision, and management of algorithms for robo-advisers to ensure integrity and robustness in the delivery of financial advice. It will also consult the industry before finalising the guidance.

As for insurers, MAS will now allow them to offer full site of life insurance and product online without advice. Guidance on the safeguards to be put in place for online distribution of life insurance products will be rolled out soon, Menon said.

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