The DAG will be established from 15 March, MAS said, and will be formed of three units: a data governance and architecture office (DGA), a specialist analytics and visualisation office (SAV), and a supervisory technology office known as SupTech.
The DGA will develop data management policies, manage data collection and quality, maintain MAS's data catalogue and publish official statistics, MAS said.
The SAV will work with other MAS departments to analyse data and help them improve their data capabilities through reusable tools and code libraries, MAS said. It will also work with the MAS academy on data analytics training programmes, and with the IT department to implement the technical infrastructure needed for its work.
SupTech will focus on the analysis of supervisory and financial sector data. It will work with MAS' fintech and innovation group to promote its data analysis capabilities within the financial industry, and look at ways to make regulatory compliance more effective, MAS said.
The DAG is part of efforts to help position the Singapore financial sector for the digital economy of the future, MAS said. It follows the publication of a government-commissioned report into how Singapore can ensure the future health of its economy.
Ravi Menon, MAS' managing director, said: "The digitisation of information and the harnessing of data from multiple platforms have created the opportunity to use data analytics to understand the economy and the financial system with a depth that was not possible before. MAS is committed to building strong capabilities in data analytics to seize this opportunity."