MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push
The Monetary Authority of Singapore (MAS) mapped out a plan to show the central bank moving towards an open Application Programming Interface (API) architecture. APIs are defined as sets of requirements that specify how one application interacts with another . They will enable financial institutions to integrate their systems and open the way for interaction with third parties for the development of better products. “APIs reduce the time to market, lower the cost of implementing projects and changing business rules,” said Mr Lawrence Ang, Executive Director and Head of MAS’ IT Department.
“APIs reduce the time to market, lower the cost of implementing projects and changing business rules”
~ Mr Lawrence Ang, Executive Director and Head of MAS IT Department
MAS also raised the example of how APIs can increase the efficiency of certain regulatory processes, such as banks’ submissions of applications and transactions. This will be key in promoting regulatory technology and help the central bank to ensure a safe and secure financial sector, Mr Ang said.
About Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.
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