As we continue to see a growth in fintechs offering robo-advisor services to customers in the wealth management space, it is necessary for governments and regulators to modernize their regulatory frameworks. Recent regulatory changes by the Monetary Authority of Singapore (MAS) will make it easy for new firms to offer digital wealth management services and increase Singapore’s attractiveness as a fintech hub. For countries looking to spur innovation in the fintech sector, regulatory change is one lever to encourage greater investment and activity in this space.
Up Next in Blockchain
Technological advancements require that regulators become more inventive in how they monitor financial transactions. Blockchain technology is increasingly being viewed as a key component to enhance regulators’ digital capabilities for the oversight of financial markets.
CFTC Chairman: Government Must Ditch 'Analog Regulation,' Embrace Blockchain
Fedscoop - Carten Cordell
The Bank of International Settlements (BIS) has published a new report that recommends the use of distributed ledger (blockchain) technology to help central banks replace their aging payment systems. Various central banks are already experimenting with applications of blockchain tech, including the Bank of Canada, the Central Bank of Brazil, the Monetary Authority of Singapore, and the Bank of England.
'End of Life Cycle': BIS Report Positions DLT as Needed Banking Update