From blockchain, e-payments to the use of artificial intelligence and data analytics, technology-driven innovations drive a larger purpose - to improve the lives of individuals, build a more dynamic economy, and promote a more inclusive society.

We live in a connected data-driven world. Technology and the use of artificial intelligence and data analytics are transforming our experience with the banking, asset management and insurance sectors, which are placing innovation and customer centricity at the heart of what they do.

Blockchain and distributed ledger technology (DLT) are at the centre of a massive push for innovation across the financial services sector. MAS has been collaborating with financial institutions, FinTech companies and the blockchain community in a multi-phase initiative, Project Ubin, to explore the use of DLT for the clearing and settlement of payments and securities.

E-payments are a key component of the Smart Financial Centre agenda, offering consumers a swift and efficient way to pay, and helping businesses to enhance productivity. MAS' vision is to create an e-payments society where convenience, competition and innovation can thrive.

Every second, massive amounts of data are mined to enhance financial products and services. As the financial industry harnesses the potential of artificial intelligence and data analysis (AIDA) on an increasing scale, it is important to deploy AIDA in a responsible and ethical manner.