The Monetary Authority of Singapore (MAS) has announced the formation of a new Technology Group (TG) comprising of a Data Analytics Group, Information Technology Department and a Technology & Cyber Risk Supervision Department.
In this new group, Lawrence Ang (pictured above), currently Executive Director (Information Technology) in the organisation, will be re-designated as Chief Information Officer to better reflect the functions he has been performing as Head of the Information Technology department.
The news, which were made public through a press release on 6 March, are part of a series of senior management appointments and changes to the authority’s organisational structure.
According to MAS, these organisation changes, which will take effect from 1 May 2019, will help strengthen synergies across key capabilities or functions in the organisation.
The formation of a TG will concentrate MAS’ technology capabilities under a single group, to drive MAS’ digital transformation, enable a more integrated approach to providing technology solutions and systems, and strengthen supervision of continually evolving technology risks in the financial sector.
Lawrence Ang’s previous experience include roles of CIO at the JTC Corporation, Pacific Internet Ltd and DaimlerChrysler Financial Services. Ang has served as Executive Director (Information Technology) at the city-state’s monetary authority since January 2011.
Vincent Loy will be appointed Assistant Managing Director (Technology). He will be joining MAS from Accenture Singapore, where he was the Managing Director and Financial Services Leader.
Prior to that, Loy led PricewaterhouseCoopers UK’s Financial Services Technology Risk practice. Loy will report to Ong Chong Tee, Deputy Managing Director (Financial Supervision) and Mr Chia Der Jiun, Deputy Managing Director (Corporate Development) as TG supports financial sector supervision as well as MAS’ digital transformation.