Singapore Steps Up Fintech Initiatives as Festival Unfolds

Remigio Civitarese
Novembre 14, 2017

Singapore's PayNow system will soon be linked to PromptPay, which is Thailand's version of the same system to allow individuals to transfer money to each other using a mobile number.

The second edition of the week-long Singapore FinTech Festival began on Monday and is held at Singapore Expo.

This will enable local fintech talents to work alongside world-class researchers at the MIT Media Lab to come up with solutions to real-world issues, Mr Menon said.

MAS Managing Director Ravi Menon announced the measures in a speech on Tuesday at the Singapore FinTech Festival, a glitzy networking event that links banking executives with startups.

To this end, MAS is launching a S$27 million Artificial Intelligence & Data Analytics Grant that will "support the adoption and integration of AI and data analytics in financial institutions".

In addition, MAS also announced that it has entered into a research and development (R&D) fintech collaboration with the Massachusetts Institute of Technology (MIT). Among other technologies, pilots using distributed ledger technology, cryptography and machine learning will be conducted. This will enable professionals in the financial sector to upskill and adapt to the use of new technologies, he said.

Launched a year ago, Singapore's first fintech innnovation village, LATTICE80 occupied two floors at 80 Robinson Road.

The Monetary Authority of Singapore, which is championing the city's push into financial technology, unveiled a raft of new initiatives including a know-your-customer platform for banks and a cross-border payments collaboration with the Canadian central bank.

The whole building, with 100,000 square feet, will now become a fintech hub, and renamed 80RR.

The institution expects GTCN to go live in early 2019. More than 25,000 participants are expected to attend, up from over 13,000 at last year's inaugural conference, according to a statement released by the MAS and its event partners.

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