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Singapore to Regulate Fintech Firms Only When They Pose Risk

  • Monetary Authority of Singapore head Menon speaks in New York
  • MAS is trying to encourage fintech sector to boost role as hub
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Singapore will start to regulate its financial technology companies only when they grow to a sufficient size to pose risks to the wider financial system, the managing director of the country’s central bank said.

"If you start regulating every one of those, you stifle a lot of innovation, and they don’t get a chance to grow,” the head of the Monetary Authority of Singapore Ravi Menon told reporters on Tuesday during a visit to New York. “So only when they grow and reach a certain critical mass, which then poses a significant impact on the system, or it can affect a large number of consumers, then we step in to regulate. It’s always a fine balance," Menon said.