Abstract

The technology landscape is constantly shifting, evolving and advancing. Major technological disruptions through innovations and new discoveries come around every decade or so. This decade is no different. The current technological trends emerging are related to mobile banking and payments, cloud computing, big data analytics, core banking systems upgrades, migration to chip card, dynamic authentication and IT security. Trust and confidence, safety and soundness should be the cornerstone of these developments and the initiatives taken in the financial industry.

The proliferation of technology in banking is pervasive and far-reaching. Technology and customer demand are driving a huge transformation as to how banking is done. Bank senior management will have to navigate the murky waters of over-hyped and under-delivered performance of some new technologies. IT governance and technology risk management play a very important role here. Regulators will need to see that due diligence practices and safety and soundness requirements are not impeded, impaired or undermined when new technologies are deployed.

Speaker’s Bio

Tony joined the Monetary Authority of Singapore in 1999 to head up the Technology Risk Supervision Division. His responsibilities included the development of strategies, programmes, standards and guidelines for the purpose of regulating and supervising financial institutions in respect of technology risk management requirements and information security processes. Tony has held the appointment of Director (Specialist Advisor) for information technology security and risk management since 1 May 2011. He has been actively engaged in conducting seminars and workshops on banking systems security and technology risk management in America, Asia, Australia, China and Europe.