Singapore’s central bank has set up a dedicated data analytics team to strengthen its position in the global financial industry.

The Data Analytics Group (DAG) will use 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”, the Monetary Authority of Singapore (MAS) said in a statement.

The unit will start operations on March 15, and “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”, said Ravi Menon, Managing Director of MAS.

“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”, he added.

DAG comprises three units: the Data Governance & Architecture Office will draft data management policies, coordinate data collection and its quality, and publish MAS’s official statistics; the Specialist Analytics & Visualisation Office will oversee data analyses, partnering with various MAS departments to improve their data capabilities, and provide data analytics training to staff; and the Supervisory Technology Office will foster financial innovations, and conduct data analyses on supervisory and financial sector data with relevant MAS departments.

David Roi Hardoon – who was previously Chief of Analytics at Azendian Solutions, a private company – will act as Chief Data Officer and Head of DAG. He will report to Ong Chong Tee, Deputy Managing Director of Financial Supervision at MAS.

Image by Nicolas Lannuzel, licensed under CC BY-SA 2.0