The soon-to-retire managing director of MAS, Ravi Menon said the growing usage of technology should be used to make sure that no one gets excluded in the future.

Singapore’s aging population will change the face of the city-state and society at large. In the current environment, the elderly are seen as being unable to handle technology and this will eventually disenfranchise them.

Still, perspectives need to be changed, and the financial technology (fintech) community should focus on those who are less able in society, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) during the Singapore Fintech Festival 2023. «We can use technology to increase inclusion. I think that is what is happening, we need to push the boundaries,» he said.

What is the best defense?

Aside from being more inclusive, technology should also be used to create solutions and solve problems. Some of the problems may include banking scams, potential encryption breaking, or risks of AI.

«What is the best defense? Use AI to detect… to deter... to disrupt your malicious actors. So that's why this community here is so important, because you are the solution finders, using technology to find solutions,» Menon added.