Former Citi banker named head of MAS’ new FinTech & Innovation Group

FTIG will regulate the use of tech.

The Monetary Authority of Singapore (MAS) will establish a new FinTech & Innovation Group (FTIG) within its organisation structure with effect from 1 August 2015.

MAS said that FTIG 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.

FTIG will be headed by Sopnendu Mohanty as its Chief FinTech Officer. Sopnendu joins MAS from Citibank, where he was the Global Head of Consumer Innovation Lab Networks & Programmes. He will report to Jacqueline Loh, Deputy Managing Director (Monetary Policy & Investment/ Development & International).