Co-Creation for the Reduction of Uncertainty in Financial Governance: The Case of Monetary Authority of Singapore.

Abstract

Traditionally financial governance has been perceived and studied as a closed system. Yet, increasing sophistication of technology facilitates the emergence of new organizational forms of collaboration between the state and corporate actors. The study argues that co-creation becomes the way for public sector to mitigate new types of uncertainties, coming from increasing technological sophistication of the financial sector. Thus, new insights can be gained from looking at co-creation in financial governance, which is a unique setting for co-creation as state’s partners are large and capable corporate organizations, especially in regards to financial innovation. Such an approach also brings new insight into co-production literature. To exemplify the argument, a closer look at how co-creation has been effectively applied by the Monetary Authority of Singapore in financial regulation and supervision as well as in policies related to promotion of the financial sector is provided. 

Keywords: financial governance, co-creation, uncertainty, financial innovation, Singapore