The vision of the Minister for Education (Higher Education and Skills) and MAS Board Member, Mr. Ong Ye Kung was clearly laid out at the launch of the Industry Transformation Map (“ITM”). He envisions Singapore to be a leading global financial center in Asia – one that connects global markets, supports Asia’s development and serves Singapore’s economy. MAS released ITM for the financial sector outlining their growth strategy through skill enhancement, innovation and disruptive technology.
Singapore remains the focal point of Asia
With the rapid urbanization and expansion of Asian enterprises, the demand for financing and risk management solutions has been on an upward trend and for Singapore to stay relevant and competitive we will have to not just innovate but transform. Considering Singapore aims to serve as Asia’s hub for fund management and domiciliation it’s important for us to ensure we are not just leading the market by introducing cutting edge technology and innovation, but by also ensuring that the oversight and talent for providing this is cutting edge and able to evolve and adapt as well. The MAS plans to introduce a new corporate structure – the Singapore Variable Capital Company – by end-2018, which will position Singapore to become a key fund domiciliation hub.
The Financial Winds of Change
Financial services, being a sector of its own, are intrinsically connected to every other industry. Hence what happens in the financial sector has a systemic impact on the economy. The financial sector has been continually evolving and changing over the years – from the setting up of the Asian Dollar Market in the 1960s and the liberalisation of the banking, insurance and securities industries in the 1990s, to the extensive regulatory reforms, including Basel III, and the rise of FinTech in more recent years. In financial services, technology is changing the way work is done, and how services are delivered and consumed. With innovation and technology taking a front seat wherein a consumer can do banking anywhere anytime, we have to ensure the fundamentals are set in stone and that can only happen with our continuous compliance with the overarching regulatory requirements.
The Sandbox Regime
We strongly believe embracing change through Innovation is the key – one key example of embracing change through innovation that comes to mind is the regulatory sandbox. In order to pave the way as a global leader in the industry, it’s understandable that Singapore needs to maintain the appropriate, nurturing environment for tomorrow. That’s precisely what the sandbox does – it gives an opportunity to new FinTech companies to learn and excel. An example here would be PolicyPal, a platform which helps users manage their insurance policies, as well as identify duplicate or missing coverage. Another example is Kristal Advisors, which provides AI-powered online investment advisory and management strategies. Both of these companies are currently operating in the sandbox. That’s a perfect place where Argus can fit in, working with you hand in hand to help you get your sandbox license.
Argus gets you Prepped, Ready and Engaged
We at ARGUS understand the details of how regulations are created and implemented. We repeatedly observe that start-ups often believe they need special regulatory permission to try something which in actual fact is already allowed. We assist to set the perspective to ensure they go full pace ahead.
The sandbox is a start, we continue to work companies to make it easier for them to innovate, for this innovation to flourish and for these companies to still be regulatory compliant.