themselves, go elsewhere, and yet seamlessly offer the same services online. jurisdictional boundaries become harder to enforce, while new business models potentially raise new operational, strategic and systemic risks. evolving the infrastructure for electronic finance in capital markets mas has been closely monitoring these developments and scrutinising their implications for our financial centre. as financial activities consolidate globally into fewer centres, and services spill over traditional borders, we need to constantly move up the value chain, in order to capture and root intellectual content creation in singapore. a flexible and responsive supervisory framework is critical to accommodate rapidly changing business profiles of e - finance. in prescribing rules to regulate new activities, we are unable to run ahead of innovation, because we cannot tell for sure which way technology, or the industry, will develop. instead, we will monitor technology and market developments closely, and craft and update our rules in step with the market place. securities licensing in the electronic realm two months ago, 8 mas announced its intention to regulate securities and futures trading activities under a single licence, and the provision of personal investment and financial planning advice, also under a single licence. we shifted toward a unified licensing regime and a more holistic approach to personal investment advisory services, because the distinction between securities and derivative markets is blurring. financial products are converging, and one - stop distribution channels are emerging. those changes were part of a broader framework of review we have undertaken for the securities and futures industries. mas has now completed a study of another facet of the securities industry. we for instance, merrill lynch provides its online clients access to some of its research and videos of analysts ’ daily briefings. from the economist, 20 - 26 may 2000. charles schwab offers bill payment facilities, while e * trade has set up an online bank, e * trade bank. in may 2000, e * trade acquired an atm network to cross - sell e * trade bank, brokerage, mutual fund, and asset management products. these announcements were respectively made on 6 july by minister lim hng kiang at the third annual conference of the investment management association of singapore and on 7 july 2000 by dpm lee hsien loong at the first anniversary dinner of the securities investors association ( singapore ). have reviewed securities licensing requirements in the electronic realm for market intermediaries : investment advisers and dealers. objectives in supervising intermediaries our key objectives in supervising intermediaries are : 1. to reduce systemic risk in the securities market

ravi menon : fintech in its element - water, metal, fire, wood, earth speech by mr ravi menon, managing director of the monetary authority of singapore, at the singapore fintech festival 2022, singapore, 3 november 2022. * * * good morning, and welcome to day 2 of the singapore fintech festival. it's great to be able to meet in person after three long years. pandemic and lockdowns notwithstanding, fintech innovation has marched on briskly. if anything, digitalisation has gathered pace and become more pervasive. yes, in the realm of a crypto assets, a harsh winter has set in, even fears of an ice age. but i believe it is an overdue cleansing of unsustainable business models, highly risky practices, and unviable use cases. the digital asset industry will emerge leaner and stronger. but more of that later. fintech in singapore has continued to push new frontiers. there has been a surge in collaborations across businesses, financial institutions, fintech start - ups, and even central banks. in 2021, fintech investments in singapore hit a high of us $ 3. 9 billion, compared to us $ 0. 9 billion in 2019. i will focus my remarks today on five key problems that fintech collaboration in singapore is trying to solve. these problems will resonate with many industry players as among the biggest pain points crying for a solution. but before we get into the problems, some wisdom from ancient china. according to the chinese philosophy of wu xing, there are five fundamental elements that function as cosmic agents of change : water, metal, fire, wood, earth. in describing the fintech projects aimed at solving each of the five problems, i will relate them to the properties of these five elements. the five key outcomes we want to achieve through our collaborative fintech projects are : instant remittance atomic settlement programmable money tokenised assets trusted sustainability data 1 / 11 bis - central bankers'speeches flowing like water - instant remittance ( project nexus ) the first desired outcome is instant remittance. the advent of real - time payment systems over the last few years has made domestic payments flows seamless in many countries. today, with paynow, we can make 24 / 7 real - time transfers using just mobile numbers or unique entity numbers. but the world has not solved the cross - border payment problem. for most people, it remains slow, costly,