Singapore's Tough-Love Regulator

Lee at al profiles central banker Ravi Menon who wants to give fintech startups room to run in Singapore. As head of the Monetary Authority of Singapore, Menon manages the city-state's monetary policy, but he's also the top financial watchdog for banks, insurers, and asset managers. In 201...

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Bibliographic Details
Published in:Bloomberg businessweek (Online) 2018-10 (4590), p.34
Main Authors: Lee, Yoolim, Chanjaroen, Chanyaporn, Tan, Andrea, Phang, Stephanie
Format: Magazinearticle
Language:English
Subjects:
Bank technology
Menon, Ravi
Monetary policy
Startups
Online Access:Get full text
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Summary:Lee at al profiles central banker Ravi Menon who wants to give fintech startups room to run in Singapore. As head of the Monetary Authority of Singapore, Menon manages the city-state's monetary policy, but he's also the top financial watchdog for banks, insurers, and asset managers. In 2016 and 2017, MAS shut down the local units of two Swiss banks and imposed more than $21 million in fines on financial institutions for breaches of anti-money laundering requirements linked to iMalaysia Development Bhd., the scandal-tainted Malaysian fund that's the subject of investigations in the US and Switzerland. But when it comes to fintech-companies looking to provide services ranging from crowdfunding to robo-advisories, Menon is comfortable with a more relaxed approach. It's part of the government's goal of turning Singapore into a global fintech hub, as it seeks to offset predictions of lower growth and reduced employment in the wider banking industry.
ISSN:0007-7135
2162-657X