MAS Transformation
MAS continued with its internal transformation efforts to better meet the needs of staff, the financial sector, and the public
Future of Workforce - MAS launched a competency framework for technology- and data-related roles, to support staff’s career and professional development. Competency frameworks for other MAS functions will also be refreshed and developed. MAS continues to invest heavily in capability building in areas such as artificial intelligence, machine learning, decentralised finance and sustainable finance.
Future of Work - MAS has continued efforts to simplify and automate work processes, as well improve business efficiency to better meet stakeholders’ needs. In 2022, MAS exceeded its target of saving 100,000-man hours per year in the execution of business processes, including by implementing self-service capabilities and process automation.
To enable MAS officers to easily access and use timely and accurate enterprise-wide knowledge, MAS continued to build foundations and advance its technical capabilities to harness data and information through its Data & Knowledge Platform. MAS officers are able to quickly gain access and insights from internal information as well as external content such as news, to achieve greater work effectiveness and productivity. MAS also shared the source codes of its Platform with more than 10 central banks and regulatory authorities as part of the Open Tech initiative by the Bank for International Settlements. This would facilitate the international financial supervisory community’s collaboration on digital solutions for common use cases.
MAS continues to entrench the modernisation of its infrastructure through automation and refresh of key infrastructure components. During the year, MAS started migrating key applications to cloud, and this will continue on in a deliberate manner in the next few years. In the coming years, MAS will collaborate with its business partners to focus on applications consolidation and optimisation, with the objective of developing modular applications to increase customer centricity and reduce complexity.
Since January 2023, MAS has progressively rolled out the MAS-FI Transactions Platform (MAS-Tx), to consolidate financial institutions’ regulatory interactions with MAS through a single portal. New features will be developed on MAS-Tx for financial institutions to view upcoming tasks, retrieve past transactions, and navigate to the correct submission channels.
Future of Workplace - MAS is redesigning its workspaces to create more collaborative and environmentally friendly spaces, in support of hybrid work arrangements and sustainability efforts. A community and collaboration hub with biophilic elements, flexible meeting spaces, new pantry concept, self-help library, gymnasium and studio room was created for staff.
