MAS to set up financial technology and innovation unit

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The Monetary Authority of Singapore (MAS) is setting up a new unit within its organisational structure, dedicated to improving financial services technology in the economy.

It will introduce a new financial technology and innovation group (FTIG) on August 1, to strengthen risk management and improve competitiveness in the financial sector, the central bank said yesterday.

The FTIG will be responsible for "regulatory policies and development strategies" in traditional areas such as payments

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