Why is FinTech important?

  • Advancements in financial technology, also known as “FinTech”, are increasingly challenging the way business is being done
  • To maintain our status as a regional financial hub, the Monetary Authority of Singapore (MAS) has set its sights on creating a Smart Financial Centre where technology is used pervasively in the financial industry to increase efficiency, create economic opportunities, and allow for better management of risks.

 

Fintech initiatives

Efforts are being put in place to nurture a FinTech environment that supports innovation in the financial services, and where financial institutions such as banks, can experiment with the application of new technologies in a safe environment.

  • Looking Glass @ MAS

The MAS opened its FinTech Innovation Lab to serve as a platform for the FinTech community to connect, collaborate, and co-create with one another.

 

  • LATTICE80

Singapore’s first FinTech Innovation Village, LATTICE80 offers dedicated physical space in Singapore’s Central Business District for FinTech start-ups to work, connect, and co-create with the financial industry and VC investors

 

  • "Regulatory Sandbox"

To provide a conducive environment for FinTech experiments and allow innovations a better chance to take root, the MAS is taking on a responsive and forward-looking regulatory approach.

It released a consultation paper on proposed guidelines for a “regulatory sandbox” that will enable financial institutions and non-financial players to experiment with FinTech solutions.

In November, MAS issued the "Regulatory Sandbox" guidelines for FinTech experiments.

 

  • One-stop virtual entity for FinTech matters

Plans are in place to set up a one-stop virtual entity for all FinTech related matters and to promote Singapore as a FinTech hub. Members of the office include MAS, Economic Development Board of Singapore, Infocomm Investments Pte Ltd, Info-communications Media Development Authority, National Research Foundation, and SPRING Singapore.

 

  • Open data

To encourage and facilitate development of innovative solutions, MAS published 12 sets of data from the MAS' Monthly Statistical Bulletin as Application Programming Interfaces (APIs) on their website.

 

 



Useful links

MAS Proposes a "Regulatory Sandbox" for FinTech Experiments

Speech Transcript: "Singapore's FinTech Journey - Where We Are, What Is Next"

MAS establishes FinTech Innovation Lab

MAS APIs

 

 

Last updated on 29 Jan 2019