Ravi Menon: Basics for smart finance. Mr Yawar Shah, Chairman, SWIFTMr Gottfried Leibbrandt, CEO, SWIFTLadies and gentlemen, good afternoon.
Download Accounting Basics (PDF 38P) Download free online book chm pdf. Closing remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the SIBOS Conference, Singapore, 15 October 2015.
Basics Of Banking And Finance Pdf Speech
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A. Revolution in communications"What hath God wrought?" read the first telegraphic message sent by Samuel Morse on 2. May, 1. 84. 4. The telegraph marked a revolution in communications at the time. Transatlantic telegraph cables cut communications between America and Europe from about 1. Atlantic - to a matter of minutes. In fact, the mid.
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Ground- breaking as the telegraph was, a text message that takes minutes to arrive will be considered glacial by today's standards. It will certainly not be able to support the frenetic pace of communications in the global financial system. Thankfully, we have SWIFT. Last year, there were 5.
SWIFT's network. Close to half the messages related to international payments, which lies at the heart of global banking. Technology has transformed cross- border finance. Smart Financial Centre. It is MAS's conviction that innovation and technology will be critical to the future growth and success of Singapore's financial sector. Earlier this year, MAS shared its vision of a Smart Financial Centre: a financial centre where innovation is pervasive and technology is used widely. It is about pursuing innovation and technology to: increase efficiency; manage risks better; create new opportunities; andimprove people's lives. We are walking the talk.
We formed a new Fin. Tech & Innovation Group (or FTIG) within MAS. FTIG's mission is to formulate policies and strategies to create a conducive ecosystem for innovation while fostering safety and security. MAS has committed $2. Financial Sector Technology and Innovation scheme. We have been working closely with the industry as well as reaching out to the broader "fintech" community.
We have been talking to start- ups, software providers, and experts and practitioners in various fields of financial technology, including data analytics, cyber security, blockchains, and digital payments. We have learnt much from these interactions. The response from the industry has been encouraging. Insurers such as Aon and Metlife as well as banks such as Citibank, Credit Suisse, DBS, HSBC, and UBS have already set up innovation labs in Singapore. Aviva has announced plans for a "Digital Garage" and AXA for a "Data Innovation Lab" here. MAS is working with several other banks and insurers on their plans to establish and expand their analytics and innovation teams in Singapore. At the heart of a Smart Financial Centre must be a progressive information technology architecture.
Two key characteristics of such an architecture are: common standards; andseamless data sharing. Common standards. Let me begin with common standards. They are key to making systems interoperable and harnessing fully the benefits of new payments technologies. Lack of standardisation leads to fragmentation, inefficiency, and inconvenience. Take for example electronic funds transfer.
Without a common standard, an application written to effect funds transfer for one group of financial service providers may need to be rewritten to work with another group of financial service providers that operate on different interface standards. Common standards allow systems and applications to operate efficiently and seamlessly when different financial service operators and solution providers come together. The EMV chip is one of the most impactful examples of a common standard. It is all the more impressive as it was an industry initiative without any government involvement. NFC, or near- field communications, represents the next big thing in common standards. It is enabling contactless payments on mobile devices like smart phones. Yet another good example of a common standard is ISO 2.
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This is the international standard for electronic data exchange among financial institutions. Its growing adoption has helped to make payments platforms interoperable and reduce inefficiency. Fast and Secure Transfers.
A successful example of ISO 2. Singapore is "Fast And Secure Transfers" or "FAST". This is a secure electronic funds transfer service that is available 2. We started with 1. March 2. 01. 4, we now have 1. FAST usage has risen steadily, clocking 1. FAST offers several advantages for bank customers in Singapore.
You can pay someone almost instantaneously from your computer or mobile device at any time of the day. You can receive confirmation of payment within seconds. If you are a company, whether big or small, near- instant payment and confirmation round- the- clock makes a huge difference if you rely on cashflow to pay suppliers frequently. With the whole transaction going electronic, you can look forward to more efficient reconciliation of your payments with your financial accounts. In short, FAST is almost as convenient as cash, yet potentially safer and cheaper.
While the take- up of FAST has been encouraging for person- to- person payments, it has some ways more to go for merchant payments. On the payee side, a barrier to adoption by merchants is the challenge of integrating electronic payments with the existing work flow of confirming and reconciling receipt of payment, which is currently done at the cash register. Two of our banks have come up with solutions for this. Standard Chartered Bank has had some success with helping food courts, fast food joints, convenience stores and taxi companies accept electronic payments by Dash. DBS has just announced a new product called Fas. Track, which lets you order and pay for coffee before you even arrive at the counter. It is good that there is a proliferation of innovative e- wallets, payment apps and mobile payment solutions in Singapore.
But just as man is not an island, neither should payment solutions be limited to themselves. For widespread take- up and usage of any digital payments solution, interoperability is critical. And this is where FAST comes in. With the common standard provided by FAST, banks can more readily collaborate on innovative payment products that are interoperable, without having to worry about incompatibility.
On the payer side, a barrier to adopting digital payments is the hassle involved in on- boarding payees. People should be able to pay each other electronically as simply as writing a cheque or handing over some cash.
It should not matter which bank that I bank with nor should a payee be identifiable only by his bank account number. Few of us can readily recall our own bank account numbers, let alone be familiar with those of our friends and family. I am pleased to note that the participating banks are studying a mobile addressing system for FAST. This means that you will be able to make payments through FAST as long as you know the payee's mobile number. May I suggest to the industry to go one step further and explore an "all- in- one" addressing system? This means being able to pay someone through FAST using also the payee's email address, social network account, or other proxies. Unified Points- of- Sale.
Let me move on from card issuance to card acceptance. In Singapore's retail payment scene, multiple Points- of- Sale (POS) terminals at the payment counters are a common sight.
They are a source of clutter and inconvenience. And as more stores and restaurants introduce self- checkout facilities to improve productivity, these multiple terminals have become a source of confusion as well. Our vision is a unified POS - a single terminal, preferably mobile, that can read all kinds of cards.
This will: allow merchants to enhance efficiency by simplifying front- to- back process integration; andenhance the shopping or dining experience of customers. A unified POS requires merchant acquirer systems to be able to communicate with one another. This interoperability can be achieved through standardisation. The technology exists but it requires some effort and some cost.
I am pleased that The Association of Banks in Singapore has formed a working group to look into standardising the POS applications to operate efficiently and seamlessly. I commend them for their resolve to address a long- standing bane in our retail payment scene. What have we learnt from all these experiences with common standards? The technology behind common standards is not all that complicated and is becoming less of an impediment to systems integration. What is more important is for operators, subscribers, and consumers to recognise the larger collective benefits from investing in an infrastructure for interoperability and to work out a framework to ensure its commercial viability for all participants. Seamless data sharing.
A second key characteristic of a progressive information technology architecture is seamless data sharing. By some estimates, the universe of digital information is growing at about 6. It will grow even faster as embedded sensors become more common. How to make sense of all this data? We must get the basics right in data management. First, quality data.
Data must be rich in quality, free from error, and commonly understood. Second, aggregated data. To extract maximum value, data must be efficiently aggregated. The value of each data point increases as it is connected to other data points. Third, intelligible data. Data must be formatted so that it is machine- readable as well as machine- usable.- For example, it is much easier for a system to process data provided in simple text formats such as CSV files rather than in a PDF report. Greater availability and deeper analysis of data helps us understand the world around us with a clarity and depth that was not possible before.
In particular, mashing together diverse data sets offers the possibility of new types of insights. New software algorithms crunch the enlarged Big Data sets to make more reliable predictions on repayment and hence improve performance of loan portfolios. For example, a lender to small businesses requires access to the company's bank and credit card accounts, to constantly monitor the company's cash flow and hence ability to repay the loan.
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Resources. Practical Money Skills for Life DVDThis DVD includes a wide range of financial literacy tools, games and resources for educators, parents, students and consumers. It features K- 1. Practical Money Guides; financial literacy articles and more.
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Marvel Spider- Man and the Avengers Saving the Day Instruction Guide. An action- packed financial literacy comic book that teaches kids about budgeting and saving.
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Financial Football 2. CDRun, pass and score your way to financial success with the latest version of the fast- paced interactive video game created by Visa and the NFL. The game is designed to teach students money management skills by having them answer financial questions to earn yardage and score touchdowns. The CD includes the full game and classroom teaching modules. All materials are available in both English and Spanish. Financial Football 2.
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This complete set of 6 Practical Money Guides educates consumers on the key issues of financial responsibility. The set covers everything from credit cards, to budget basics, to the ins and outs of credit history. Practical Money Guides: Complete Set.
Covers all of the personal finance basics in six guides. Practical Money Guide: Budget Basics. A budget can help you pay your bills on time, cover unexpected emergencies, and reach your financial goals now and in the future. Most of the information you need for your budget is already at your fingertips. This guide explains how to create a budget and stick to it. Practical Money Guide: Budget Basics. How to create and stick to a budget–and live within your means.
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If credit cards mean 'pay later,' debit cards mean 'pay now.' These cards are tied to your. With debit cards, you've got to have the money. These cards look similar to credit cards so make sure.
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How prepaid cards work and how they can benefit cardholders. What's My Score Money 1. Presenters Guide. A lesson- by- lesson guide to teaching the What's My Score Money 1. What's My Score Money 1. Presenters Guide.
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A flash- based version of the What's My Score Money 1. Use this with the Money 1. Presenter's Guide to cover topics such as budgeting, online banking and more.
What's My Score Money 1. Flash Presentation. Flash presentation of the personal finance course for college students. Take Control of Your Credit Score. This brochure covers all of the essentials of credit scoring. Learn what a credit score is, how it's calculated, why it's important, and tips on how to improve your score or keep it in top form.
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Ways to Love Your Money is a clear and simple guide from AARP Financial, Chase and Visa designed to help consumers over 5. Ways to Love Your Money. Personal finance tips for consumers over 5.
Financial Literacy for Everyone Brochure. This brochure provides an overview of Visa's financial literacy programs, games and materials. From classroom curricula to social media, Visa has delivered high- quality money management resources to consumers, educators and parents through multiple channels. Potential partners will also find important information about partnering with Visa here. Financial Literacy for Everyone Brochure. An overview of Visa's financial literacy efforts. What Women Need to Know About Retirement E- Book.
This e. Book addresses the unique challenges women face as they approach retirement age. A joint project of the Heinz Family Philanthropies and the Women's Institute for a Secure Retirement, its topics cover a range of financial investment options, a closer look at Social Security and health care, and tips on making a lifetime money plan that includes smarter spending. What Women Need to Know About Retirement E- Book. Smart financial basics and tips just for women. Credit Score Brochure. You may not realize it, but there is a three- digit. This number is your credit score and it summarizes.
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