The Monetary Authority of Singapore will launch a one-stop virtual entity for all fintech matters. Earlier this week Japan announced new laws to make it easier for fintech firms to flourish.
The Monetary Authority of Singapore (MAS) and the National Research Foundation (NRF) have announced that a dedicated Fintech Office will be set up on 3 May 2016 to serve as a one-stop virtual entity for all fintech matters and to promote Singapore as a fintech hub.
The Fintech Office will be co-led by Sopnendu Mohanty, Chief Fintech Officer, MAS, and Steve Leonard, Chief Executive Officer, SG-Innovate, with representatives from The Economic Development Board, Infocomm Investments Pte Ltd, Info-communications Media Development Authority, National Research Foundation and SPRING Singapore.
Fintech businesses intending to set up in Singapore will be able to seek advice through the Fintech Office on various Fintech and technology-related government grants and schemes.
Identifying Gaps
The New Office will review, align and enhance fintech-related funding schemes across government agencies. It will also identify gaps and propose strategies, policies, and schemes in industry infrastructure, talent development and manpower requirements, and business competitiveness.
The new office will also take on the management, branding and marketing of Singapore as a fintech hub through specialist events and initiatives.
«The Fintech Office will enable a whole-of-government approach to develop the fintech ecosystem in Singapore and support MAS’ vision of fostering a Smart Financial Centre,» said Mohanty.
