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The Monetary Authority of Singapore sets up Technology Group to support digital transformation

The Monetary Authority announced yesterday Wednesday 6th March that they were making organizational changes to strengthen its leadership as well as setting up a new technology group (TG).

MAS will form a new Technology Group

The TG will comprise the Data Analytics Group, Information Technology Department as well as the Technology & Cyber Risk Supervision Department.

Mr Vincent Loy will be appointed Assistant Managing Director (Technology). Mr Loy will be joining MAS from Accenture Singapore, where he was the Managing Director and Financial Services Leader. Prior to that, he led PricewaterhouseCoopers UK’s Financial Services Technology Risk practice. Mr Loy will report to Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) and Mr Chia Der Jiun, Deputy Managing Director (Corporate Development) as TG supports financial sector supervision as well as MAS’ digital transformation.

Mr Lawrence Ang, currently Executive Director (Information Technology), will be re-designated as Chief Information Officer to better reflect the functions he has been performing as Head of Information Technology department.

Digital transformation for MAS

The formation of TG will concentrate MAS’ technology capabilities under a single group, to drive MAS’ digital transformation.

It will enable a more integrated approach to providing technology solutions and systems, and strengthen supervision of continually evolving technology risks in the financial sector.

The organisational changes will help strengthen synergies across key capabilities or functions in MAS. All the appointments and organisational changes below will take effect from 1 May 2019.

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