Another example is that MAS is now working on a data analytics system to scour through the 3,000 “suspicious transaction reports”, or STRs, that financial institutions file each month on money laundering or terrorist financing risks. A major source of pain for financial institutions is regulators requesting for the same data more than once under different data collection exercises. We will fix this. By taking a more cohesive approach to data, MAS will aim to achieve zero duplication in our data requests to financial institutions. If we ask for the same data twice, the institution will be allowed to gently turn us down! We will work with the industry on making this a reality. And saving the best for the last: MAS will transform the way it collects data from financial institutions for supervisory purposes. Today, financial institutions’ data submissions to MAS often involve manual processes to extract the information from their databases and fill up the MAS-provided form or template. And over at MAS, processing that data is also done manually. We will make this more painless. We have set a goal: all data requests from MAS will eventually be in machine readable templates. The requested data will flow seamlessly from financial institutions’ databases to our forms and ultimately to the supervisory dashboards of MAS officers. No more “cut-and-paste”. We will work with the industry on an implementation plan and a reasonable timeline.
Trust is the foundation for a market economy. In financial services and in the digital economy, it is absolutely critical. Customers must have the confidence that systems are reliable, transactions are safe, their data are secure, and service offerings are in their best interest. 8/9  BIS central bankers' speeches  Finally, everything we do in FinTech must have a larger purpose. Ultimately, it must solve realworld problems, so that people’s lives are better off … so that deserving small and medium enterprises can get financing to grow their businesses; so that migrant workers can send money back to their families cheaply, quickly, and securely; so that people can plan their finances holistically to meet their needs. This room is filled with innovators, investors, business leaders, and policymakers from around the world. Together we can re-create finance with technology and innovation. As Tennyson puts it, “Come my friends, ‘tis not too late to seek a newer world”. Thank you. 1 1 Abu Dhabi, Australia, Denmark, France, Hong Kong, India, Japan, Malaysia, Philippines, Poland, South Korea,  Switzerland, Thailand and the United Kingdom, as well as the Association of Supervisors of Banks of the Americas. 9/9  BIS central bankers' speeches