In my opinion, a balance must be sought between the structure of ownership of a credit institution in resolution and the origin of the public funds which may be used in the process, with home country fiscal authorities covering the majority of the proceeds, once the asset quality review has proven that host country supervision was carried out correctly and effectively. I hope that an appropriate solution will be found to this matter, the same as in the case of the concerns voiced by some non-euro area countries in the early stages of the Banking Union project. What I have in mind is the issue of the representation in the decision-making mechanisms and that of the contribution requirements in the event of their opting in the Banking Union. Both concerns have been addressed during the negotiations. Specifically, the unequal status of non-euro area countries in the single supervisory mechanism decision-making bodies – given their lack of representation in the Governing Council of the European Central Bank, even though they enjoy representation in the Supervisory Board – has been addressed by establishing a mediatory body which would intervene in case a decision of the Supervisory Board is overturned by the Governing Council. BIS central bankers’ speeches  5  Furthermore, the current decision-making setup of the Single Resolution Mechanism ensures equal treatment of the countries participating in the Banking Union, regardless of whether they are Eurozone countries or countries that have established “close cooperation”.
Ravi Menon: Powering the next stage of Singapore FinTech Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore FinTech Festival “The Green Shoots Series – Leading Through a Crisis: Up Close and Personal with Mr Ravi Menon”, Singapore, 13 August 2020. * * *  Five years ago, we had a vision – to make Singapore a Smart Financial Centre. A financial centre where innovation is pervasive and technology is used widely – to increase efficiency; to create new opportunities; to manage risks better; and most importantly to improve people’s lives. A new buzzword was emerging on the scene – “FinTech”. We set our goal to become a leading global FinTech hub. At the core of our drive was a conviction that technology will fundamentally transform financial services … … that if our financial sector stood still, we would be swept away by the tides of technological changes. And the tides were coming in fast: digital and mobile payments; block chains; cloud computing; big data and analytics; AI and learning machines. Together with the industry, MAS set about creating a FinTech ecosystem that embraced both incumbents and insurgents. We wanted to facilitate the digital transformation of established financial institutions so that they can innovate and compete with the best. We also wanted to support FinTech firms outside the financial sector who were innovating new ways to provide financial services.