There are several reasons why FinTech and RegTech providers in Singapore should take notice of a new initiative in the state.
The Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS) has launched BIS Innovation Hub Centre in Singapore.
The project is set up to foster innovation and greater collaboration among the global central banking community, further the understanding of FinTech and to support the development of new technology.
The new hub will work in unison with BIS-run centres already established in Hong Kong and Switzerland. These centres will together with the one in Singapore find out what the next big thing in FinTech will be.
The Singapore hub will focus on two things from the get-go. Firstly, it will establish a framework for public digital infrastructures on identity, consent and data sharing.
Secondly, it aims to create a digital platform connecting regulators and supervisors with digital and technology solution providers. By doing so, banks will hopefully be able to voice regulatory concerns and challenges to source solutions from the FinTech community.
Ravi Menon, managing director of MAS, said, “MAS is delighted to partner [with] the BIS in this visionary initiative. The launch of the Innovation Hub Centre in Singapore is an important milestone for both the BIS and Singapore. It will help connect the global central banking community with the vibrant FinTech ecosystem in Singapore and the region.
“By working together, central banks can help accelerate the adoption of digital technologies that can help to better serve business and individual customers of financial services, especially in a cross-border setting.”
Agustín Carstens, general manager of BIS, added, “The BIS, together with its partners, is taking a leading role in coordinating central banks’ innovation efforts. Central banks are approaching the same challenges, from different directions and with different but complementary skills and experiences.
“The Hub is a central part of this effort and the launch of the Hub Centre in Singapore reflects the impressive work by the MAS on Fintech as well as Singapore’s reputation for excellence in innovation.”
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