Pushing Boundaries with Singapore’s Very Own FinTech Sandbox
Financial technology, or FinTech, is evolving quickly and changing the way business is and will be done. As one of the world’s financial hubs, Singapore will have to keep pace with these changes, and the Monetary Authority of Singapore (MAS) has this in mind as it develops a Smart Financial Centre.
The Smart Financial Centre will offer our financial institutions a space to experiment with new technologies to increase efficiency and better manage risks as they grow and innovate. This Centre will provide the facilities and infrastructure to keep us on top of the latest FinTech developments.
Here are some of the initiatives happening at the Smart Financial Centre:
Looking Glass @ MAS
The FinTech Innovation Lab serves as a platform for the FinTech community to connect, collaborate, and co-create with one another in an engaging and supportive environment.
To ensure a responsive, safe environment, MAS has taken a forward-looking regulatory approach with their “Regulatory Sandbox” guidelines for FinTech experiments.
One-stop Virtual Entity
A one-stop virtual entity for all FinTech-related matters that offers a seamless way for financial institutions to collaborate, converge and create innovative solutions.
MAS, Economic Development Board of Singapore, Infocomm Investments Pte Ltd, Info-communications Media Development Authority, National Research Foundation, and SPRING Singapore are just some of the organisations looking to make this a reality.