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Photo credit: Drumah.

The Monetary Authority of Singapore (MAS) isn’t just dipping its toes in the technology pool so much as jumping into it feet-first. After setting up its own innovation lab and releasing a bunch of financial APIs for developers, the central bank today announced it’s founding a data analytics group.

Through the group, which will come together from mid-March onwards, MAS will be able to “unlock insights, enhance the supervision of financial institutions, make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organization.”

Heading the group will be Dr. David Roi Hardoon, who joins MAS as the chief data officer. He has a PhD in machine learning from the University of Southampton and is the co-founder of Azendian, a Singapore-based startup that specializes in data analytics.

See: Here’s how Singapore’s central bank is bringing fintech to the real world

The group will be made up of three units, each of which will focus on a different aspect of data analysis and usage:

• The data governance and architecture office will collect, curate, and manage data for MAS. It will set the group’s data management policies and publish official statistics.
• The specialist analytics and visualization office will perform the data analysis. Working with MAS departments, it will provide tools and code to improve their data capabilities and set up the technical infrastructure needed to do the work.
• The supervisory technology office will analyze financial sector data. Working with MAS’ fintech and innovation group, this team will help spread the word about MAS’ data analytics capabilities in the financial industry and work on ways to make compliance with regulations more efficient through data.

“The digitization of information and the harnessing of data from multiple platforms have created the opportunity to use data analytics to understand the economy and the financial system with a depth that was not possible before,” says MAS managing director Ravi Menon in a statement.

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