FINTECH CHANGEMAKER OF THE YEAR
Asian Private Banker’s Fintech Changemaker of the Year award recognises an individual who has not only made a positive contribution to the progression of Asia’s fintech industry, but has fundamentally shaped the trajectory of its development for the better.
In 2016, that individual, as determined by industry votes, was Sopnendu Mohanty.
Mohanty joined the Monetary Authority of Singapore as chief fintech officer in June 2015, having previously helmed Citi’s consumer innovation lab networks and programmes for over a decade. His new role coincided with a surge in activity in Singapore’s fintech community and, notably, a rising call for greater regulatory clarity and support.
Accordingly, the regulator has embarked on a string of initiatives aimed at fostering the city-state’s fintech ecosystem. Under Mohanty’s guidance, MAS has launched a fintech lab, inked partnerships with the UK, India, South Korea and Australia, and has given its seal of approval to numerous institutions – including private banks – for fintech-related initiatives.
To a large extent, it is Mohanty’s optimism for what he calls the “fintech phenomenon”, and its impact on wealth management, that underpins MAS’ proactive approach to this burgeoning community.
“MAS views the increasing use of technology in private banking as a positive development that is consistent with our ambition to become a smart financial centre,” Mohanty says, adding that the “integration of technology with private banks’ depth of advisory experience” is a vital part attending to the full spectrum of client needs.
“We look forward to working closely with private banks to leverage technology to enhance client experience, strengthen private banks’ abilities to detect and manage risks, as well as enhance efficiency and manage costs.”
Moving forward, Mohanty says that he will continue to show that ambition and interest in fintech and wealth management that has earned him his reputation, and he believes that firms that specialise in automated financial advisory platforms and robo advisers are the ones to watch.
Sopnendu Mohanty is Asian Private Banker’s Fintech Changemaker of the Year.