MAS CDO switches to new role of special adviser in AI

THE Monetary Authority of Singapore (MAS) confirmed on Friday that David Hardoon has relinquished his role as chief data officer (CDO) to take on the newly-created role in MAS of special adviser (artificial intelligence) with effect from July 18.

In his new capacity, he will help develop the artificial intelligence (AI) strategy for Singapore's financial sector as well as to promote open cross-border data flows.

Mr Hardoon will be reporting to Jacqueline Loh, deputy managing director (Markets & Development) and will be working closely with MAS's chief fintech officer Sopnendu Mohanty and the FinTech & Innovation Group.

According to his LinkedIn profile, Mr Hardoon has been CDO of MAS since March 2017, where he was responsible for spearheading innovation and data while leading efforts to leverage on data analytics and enhance operations across financial supervision, central banking and corporate services.

The CDO role is currently vacant and Vincent Loy, assistant managing director (Technology Group), is covering in the interim. An MAS spokesman said that the central bank plans to intensify collaboration with industry to deepen the use of AI in financial services.

"As we have done for fintech in general, MAS aims to broaden and deepen the application of AI in Singapore's financial centre," he added.

To give this initiative focused attention, MAS has formed an AI Development Office within the FinTech & Innovation Group to develop an AI strategy, facilitate AI projects and build up AI capabilities in the financial sector. MAS said that it will announce details when the plans have been developed more fully.