February 24, 2024

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New Prototype Supervisory Analytics Platform Launched in Singapore

The Monetary Authority of Singapore (MAS) and the Innovation Hub Singapore Centre under a Swiss-based firm have developed a new prototype platform that integrates regulatory data and analytics. Known as Project Ellipse, the platform successfully demonstrates how regulatory and other data, such as articles and news, can be integrated into a single platform to help regulatory authorities identify potential risks to individual banks and the banking system.

To enable collaboration, the Hub will launch an Ellipse collaboration community to share, further test, customise and scale this solution across regulatory authorities around the world. The Ellipse prototype is the first to be published on BIS Open Tech, a new platform for sharing statistical and financial software as public goods, thereby promoting international cooperation and coordination.

The Acting Head of the Innovation Hub stated that regulators need accurate and timely information to assess emerging risks and to make informed supervisory decisions. Project Ellipse has now developed a potential tool for the global regulatory community to further explore and collaborate on common solutions that can improve the data and analytical capabilities of regulatory authorities.

He added that this has the potential to be a game-changer by giving supervisors access to more and better data, structured and unstructured, with greater predictive insights than ever before, it can be scaled to provide real-time analysis on a national or cross border supervisory basis.

Meanwhile, the Deputy Managing Director (Financial Supervision), MAS noted that recent technological advancements have opened up possibilities for supervisors to leverage more granular, timely and varied datasets to significantly improve supervisory effectiveness.

Project Ellipse demonstrates that the collection and use of such datasets need not be prohibitive, but can be codified, efficient, cost-effective and potentially scalable even on a cross border basis. MAS is adapting the prototype for our own supervisory needs. I hope other supervisors will similarly find it useful and look forward to further joint initiatives to develop common SupTech solutions for supervisors.

The project was undertaken in two phases:

  • Phase one of the project investigated how machine-executable digital reporting could enable data-driven supervision, using a cross-border common data model.
  • The second phase examined how advanced analytics such as machine learning and natural language processing could be applied to unstructured and granular reporting data. This allows the identification of risk correlations and sentiment analysis, to alert supervisors in real-time to issues that may need further investigation.

The World Bank notes that across the globe, financial sector supervisors are seeing a profound shift to data-driven supervision enabled by the latest in technology and data solutions.

While technology and data are not new to financial oversight, their specific application to financial consumer protection and market conduct supervision has become more widespread and sophisticated in recent years. Expanding on the World Bank’s 2018 note on supervisory technology, or suptech, states that increasing operational efficiency and enhancing supervisory effectiveness are two of the primary motivations for adopting suptech solutions for market conduct.

Two different motivations often drive financial authorities in their implementation of suptech. Namely:

  • increasing operational efficiency and,
  • improving hypothesis-driven supervision.

The report also notes that the growth in digital activity provoked by the COVID-19 pandemic re-emphasizes the necessity and value of suptech for financial authorities. This is true for all categories of suptech solutions for market conduct.

The direct and automated collection of granular regulatory data from supervised institutions is critical to replacing on-site examinations, as is the ability of supervisors to engage directly with consumers and manage their complaints with providers digitally. Meanwhile, both non-traditional market monitoring and advanced text analysis allow supervisors to monitor fast-moving sentiment remotely and emerging risks to consumers on a more rapid basis.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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