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Launched in April 2000, Technology in Finance (TiF) is an MAS initiative to establish a regular forum for MAS, financial
institutions, consultants and IT solution providers to exchange views on new technology developments and leverage on innovations to promote growth and greater efficiency in the
financial industry. The inaugural session, "Back-Office: Trends, Perspectives and Opportunities for Singapore", explored different ways of incentivising the development of processing hubs and
expanding skilled manpower in an increasingly competitive operating environment.
The second TiF session on "Security Technologies in Banking and Commerce" in September 2000 focused on the exchange of information and sharing of ideas with respect to the adoption of best practices in technology risk management, and security standards in the financial sector. The focus was on building and fostering public confidence in online financial services.
The third TiF session, "Electronic Personal Finance Services (e-PFS)", held in May 2001 focused on the demand side of the electronic financial services value chain and how financial institutions could leverage on consumer trends in e-PFS. Account Aggregation Services was the focal topic which was actively discussed amongst banks, brokers, insurers, legal firms and MAS. More than 200 industry participants attended the TiF session, an indication of its usefulness and relevance for the
promotion of industry innovations and the exchange of views on risk-related issues. MAS will consider the session's views as it formulates an appropriate regulatory response.
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