FinTech, RegTech and GovTech – Is a Regulatory Sandbox the Optimal Solution?
On Tuesday morning, the Financial Services and ICT Committee had an engaging discussion on the regulatory aspects of Fintech. The panel of speakers included Head of Client Technology Solutions – Asia Pacific, BNY Mellon Hans Brown; Managing Director, Asia Pacific, Temenos Martin Frick; Head of Legal, Technology, Intellectual Property and Corporate Functions, Asia Pacific, JPMorgan Christian Gordon-Pullar; Chief FinTech Officer, Monetary Authority of Singapore Sopnendu Mohanty and Vice President, Innovation Management, Digital Payments & Labs Asia Pacific, MasterCard Tobias Puehse. The session was moderated by Global Head of the Telecom, Media & Technology (TMT) and Senior Managing Director, FTI Consulting Charles Palmer.
MAS Chief FinTech Officer Sopnendu Mohanty suggested that there is an increasing need for bankers to adopt technology as part of their skill set. Additionally, he also outlined the MAS’ proposition for the Smart Financial Centre Architecture. The MAS’ guidelines for a “regulatory sandbox” ’empowers both financial institutions (FIs) and non-financial players to experiment with financial technology (FinTech) solutions. The ideal environment for companies which desire to harness the power of FinTech would be one where there is “regulation conducive for innovation”.