FinTech Festival cements Singapore as global hub

The combined Fintech Festival and Week of Innovation and Technology saw participants from 140 countries last month, shoring up its profile as the world’s biggest FinTech event.

This year’s focus was on green finance and sustainability. With around 60,000 delegates, MAS and other government entities took the opportunity to make a number of announcements. They covered a variety of themes which together demonstrate Singapore’s continued goal of becoming both a global fintech hub and a centre for green finance.

These are the key announcements made by MAS during this year’s festival:

  1. Singapore will invest US$2 billion in green funds
    The investment is part of MAS’ green action plan. The authority will develop incentives to encourage growth in green and sustainability-linked loans, roll out grant schemes, and support the development of innovative green finance solutions
  2. Successful development of Project Ubin
    Project Ubin is a blockchain-based prototype which enables payments to be carried out in different currencies on the same network. It is developed by MAS with JP Morgan and Temasek to improve cost efficiencies.
  3. New Fintech Research Platform
    The platform, developed by MAS, Deloitte and S&P Global Marketing Intelligence, aims to connect investors and financial institutions to FinTech start-ups. It will help to increase transparency by providing information on a comprehensive new set of FinTech companies, including their attributes on business models, use cases, funding and technology stack.
  4. Strengthened cooperation with Banque de France
    The two parties will collaborate on key areas such as cybersecurity. Bank de France (BDF) will open its second overseas office in Singapore in early 2020. BDF will also set up a dealing room to strengthen its operational capacity to better serve official sector entities in Asian time zones.
  5. FinTech cooperation with Canadian Securities Regulators
    MAS signed a cooperation agreement with eight Canadian members of the securities regulatory authorities (Alberta, British Colombia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan) to establish a referral and support mechanism for FinTech firms to make it easier to access each other’s markets.
  6. Veritas framework
    As part of the National AI Strategy, the MAS will work with financial institutions to create a framework named “Veritas”, with the purpose to ensure the responsible use of AI and data analytics (AIDA). Veritas will allow financial institutions to evaluate AIDA solutions based on the criteria of fairness, ethics, accountability and transparency (FEAT).
  7. BIS Innovation Hub Centre launched with the Bank of International Settlements
    The goal of this centre is to foster innovation and greater collaboration amongst the central banking community globally. As a start, the platform will focus on two projects: the establishment of framework for public digital infrastructures on identity, consent and data sharing; and the creation of a digital platform connecting regulators and supervisors with digital and technology solution providers.

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