MAS' Menon Warns on Fintech Hype

Ravi Menon, head of a central bank, discusses the hype surrounding fintech innovations like blockchain and big data. He warns about the risks of peer-to-peer lending and cryptocurrencies, emphasizing the need for cautious regulation. The Monetary Authority of Singapore supports fintech growth while considering regulation based on the systemic importance of services. Menon highlights the unrealistic expectations of cryptocurrencies replacing fiat currency and the potential misuse of big data.

What is the potential impact of big data in financial technology as mentioned by Ravi Menon?

How does the Monetary Authority of Singapore approach the regulation of fintech according to the discussion?