The Monetary Authority of Singapore (MAS) unveiled the roadmap to transform its data collection approach from financial institutions, according to a press statement on Mar 14, 2018.
The roadmap includes measures to progressively reduce duplication and automate data submission by financial institutions. This will help the institutions to reduce the resources and time needed to produce data requested by MAS.
The aim is to eliminate all duplication in data requests by the end of 2019. Financial institutions will also be allowed to decline any request from MAS for structured data that they have previously provided.
All new regulatory returns from financial institutions to MAS from April 1 onwards will have to be in machine-readable formats. This will make it more efficient for MAS to process and analyse the data collected.
“MAS is doing a fundamental review of its data collection approach,” said Dr David Hardoon, Chief Data Officer, MAS, adding that the measures will be implemented in close partnership with the financial industry.
“MAS will also upgrade our data collection infrastructure to support these changes. This is an opportunity for both MAS and financial institutions to co-create an industry data collection platform that not only benefits MAS as a regulator, but also allows financial institutions to leverage the data collected to improve their operations,” said Dr Hardoon.
Changes are slated to take effect from March 31, 2018.