Singapore Increases FinTech Focus
As Singapore actively encourages FinTech development and increases its focus on becoming Asia’s trading hub, it’s been a busy week at the Singapore FinTech Festival, with three announcements worthy of note –
MAS and BIS are launching an innovation hub in Singapore
The Hub will initially focus on two projects. The first is to establish a framework for public digital infrastructures on identity, consent and data sharing. Trusted digital identities for individuals and corporates support the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy.
The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the FinTech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision.
Mr Ravi Menon, Managing Director, MAS, said: "MAS is delighted to partner 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."
Mr Agustín Carstens, General Manager of the BIS, said: "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."
MAS Launches AI and Data Analytics (AIDA) Framework with 10 Banks
The new framework, known as Veritas, will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry last year to strengthen internal governance around the application of AI and the management and use of data.
The Veritas consortium is made up of 17 members, comprising MAS, SGInnovate and EY. It also includes AXA, Bank of China, BNP Paribas, BNY Mellon, DBS, HSBC, ICBC, MUFG, Ping An, Prudential, Standard Chartered, Swiss Re, Unionbank of Philippines and UOB.
The consortium will produce a report on its findings and conclusions in the second half of 2020.
MAS, Deloitte and S&P Launche FinTech Research Platform
The new FinTech Research Platform will help investors and financial institutions connect with FinTech start-ups, for partnership or investment.
This project began when Deloitte’s analysis discovered that investors and financial institutions currently do not have access to reliable and up-to-date company information of FinTech start-ups and have to rely on informal networks to source investment opportunities. This limits their view of all the companies in which they might deploy capital.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “We believe that the deployment of capital in start-ups, particularly those offering business-to-business solutions, can be vastly improved by enhancing transparency and increasing the confidence in data on early-stage companies. We are keen to leverage this platform, and create synergy with the API Exchange that was developed by MAS in collaboration with the World Bank’s International Finance Cooperation and the ASEAN Bankers Association.”
Bob Contri, Deloitte Global Financial Services Industry Leader, said, “We are proud to be part of the MAS’ efforts to improve and accelerate investment in the FinTech sector in the region. The ASEAN region presents ample opportunity for FinTechs to make an impact with their innovative financial solutions.”
Thomas Yagel, Managing Director, Corporates and Governments Segments at S&P Global Market Intelligence, said, “We are very excited to be working with MAS and Deloitte to design a solution that meets a growing market need, and help FinTech companies to unlock opportunities in the ASEAN region.”