MAS Transformation

MAS continued to transform to stay relevant and seize opportunities

Ongoing

MAS must continue to evolve to improve the lives of our staff and people whom we serve. To be at the forefront of change, MAS embarked on a transformation journey driven by digital innovation, new ways of working, and focused on customer and stakeholder centricity. The aim was to improve the experiences of financial institutions that MAS regulates and engages, and the public whom MAS serves, while enabling MAS staff to achieve internal process efficiency.

MAS’ transformation efforts are geared towards being a digital, agile and efficient organisation that is driven by empathy and centred on people. To achieve our vision, we are driving change across:

• Culture and leadership: from formal hierarchies to a collaborative culture.
• Competencies: from present skills to future skills.
• Technology transformation: from monolithic to modular systems.
• Knowledge and data management: from information silos to enterprise insights.
• Customer centricity and design thinking: from transactions to customer experience.
• Agile ways of working: from projects to products to platforms.
• Industry collaboration: from infrastructure to financial ecosystems.

MAS’ transformation will be a multi-year journey and our key highlights so far include: 

• Collaborating with the financial sector to launch SGFinDex, which enables individuals to view their aggregate financial position across multiple financial institutions.
• Enhancing the user experience for the MAS website and MAS’ internal staff portal and mobile app called MASpace, through co-creation with users and a focus on customer centricity.
• Encouraging the use of data visualisation tools to improve our analytics and augment decision-making. 
• Exploring and implementing supervisory technology (SupTech) tools to enhance financial supervision.
• Enhancing internal efficiency through Robotic Process Automation (RPA), with plans to scale it up extensively over the next few years.
• Improving competencies through the ACT (Analytics-driven, Customer-centric, Tech-enabled) curriculum to equip staff with relevant skillsets and best practices.