Singapore Steps Up Fintech Initiatives as Festival Unfolds

Marco Green
November 14, 2017

First unveiled in November, Project Ubin is a MAS-led initiative to see how DLT can be used for the clearing and settlement of payments and securities, specifically the use of a tokenised form of the Singapore dollar on a distributed ledger.

The Monetary Authority of Singapore (MAS), the driver behind the event, kicked off the proceedings via a speech from Ravi Menon the regulator's managing director.

The institution expects GTCN to go live in early 2019. This is not only inefficient, but increases risks such as fraud and duplicate invoicing, he added. The MAS has set aside S$225 million ($165 million) for fintech development over five years, nudged banks to collaborate on technology and spearheaded a blockchain-based study for cross-border interbank payments.

In the area of retail payments, the MAS and the Bank of Thailand have agreed to work together to link PayNow and Thailand's PromptPay.

To raise standards in cybersecurity, the MAS will partner the Association of Banks in Singapore to review the technology risk management guidelines.

The highlight of the festival is the three-day FinTech Conference, starting from today.

MAS is launching a $27m grant related to AI and data analytics as part of its $225m Financial Sector Technology & Innovation Scheme.

The source-codes and technical documentation of the three prototypes have now been released for public access under Apache License Version 2.0 with the objective of encouraging academics, financial institutions and other central banks to re-use the code for their own tests.

To unlock advanced technologies in financial industry, Monetary Authority of Singapore (MAS) has joined hands with Massachusetts Institute of Technology (MIT) Media Lab.

"If Singapore is to maintain its position as one of the top financial centres in the world, it must embrace fintech", Menon said.

Launched past year, Singapore's first fintech innnovation village, LATTICE80 occupied two floors at 80 Robinson Road. The space of 100,000 square feet will be dedicated to housing fintechs in the heart of the financial district.

Other reports by Click Lancashire

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