MAS assembles Data Analytics Group

It will be headed by a machine learning expert.

As part of its efforts in pushing for a digital economy, the Monetary Authority of Singapore announced the formation of the Data Analytics Group, which will commence its operations on March 15.

The newly-formed group will lead MAS’ efforts to harness the power of data analytics to unlock insights, enhance the supervision of financial institutions, make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organisation. It has appointed Dr David Roi Hardoon as its Chief Data Officer and Head of DAG.

Dr Hardoon joins MAS from Azendian Solutions, where he was the co-founder and Executive Director, Chief of Analytics. He has a PhD in machine learning, as well as a deep research background and extensive experience in developing and applying analytical models. He will report to Mr Ong Chong Tee, Deputy Managing Director.

MAS managing director Ravi Menon said the digitisation 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.

"MAS is committed to building strong capabilities in data analytics to seize this opportunity. Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work," he stressed.

The group will comprise three units, each with its own functions: