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Briefing
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- Intergovernment Cooperation – Monetary Authority of Singapore (MAS) announced 16 cooperation agreements with other governments facilitating information sharing on financial technology trends and issues
- Borderless Banking via Blockchain – Collaborating with Bank of Canada and Hong Kong Monetary Authority for safer and more efficient cross-border financial transactions using blockchain technology
- Streamlined Processes – Making banks’ compliance requirements simpler and easier, and know-your-customer processes less costly and laborious
- Artificial Intelligence Adoption – Launching SG$27 million ($20.7 million) grant to adopt and integrate artificial intelligence and data analytics in financial institutions
- Other Partnerships – Include International Finance Corporation to create ASEAN Financial Innovation Network which will let banks search fintech solutions, Massachusetts Institute of Technology on fintech research and development, and Association of Banks in Singapore to develop cybersecurity guidelines
- SG$225 Million Investment – Investing SG$225 million ($165 million) for financial technology development over five years
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Accelerator
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Market Disruption
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Sector
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Financial Services, Government (excluding military)
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Organization
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Bank of Canada, Hong Kong Monetary Authority, International Finance Corporation (IFC), Massachusetts Institute of Technology, Monetary Authority of Singapore (MAS), The Association of Banks in Singapore
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Source
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Original Publication Date
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November 14, 2017
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