The Monetary Authority of Singapore (MAS) has poached Citi exec Sopnendu Mohanty to head up a new fintech and innovation group.
As it bids to establish itself as a global hub for the fast growing fintech industry, Singapore recently committed S$225 million over the next five years to a scheme designed to build a vibrant ecosystem for the sector.
The new group, launching next month, will be responsible for regulatory policies and development strategies to facilitate the use of technology and innovation to "better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector".
It will be split into three main areas: a payments and technology office, a technology and infrastructure office, and a technology innovation lab.
Mohanty comes aboard as chief fintech officer after a 12 year stint at Citi. In his most recent role at the bank he was global head of consumer innovation lab networks and programmes, building and managing hubs around the globe where new ideas were hatched.
Ravi Menon, MD, MAS, says: "Technology is transforming financial services, and innovation will increasingly be the source of competitive advantage in the industry. The formation of FTIG is a serious commitment by MAS towards our vision of a Smart Financial Centre, where technology is applied pervasively to create new opportunities and improve people’s lives.
"Sopnendu and his team will work closely with the financial industry and technology community to promote a culture of innovation in the industry while ensuring safety and security."