The Monetary Authority of Singapore has announced the opening of its Fintech Innovation Lab. The purpose-built facility, known as Looking Glass@MAS, is located within the regulators own headquarters.
The progressive monetary authority which will also be hosting a week long fintech festival in November 2016 is hopeful that the new lab will encourage even greater acceptance of financial technology leading to more innovations and further cementing the city-state's leading fintech hub status.
Ideally the Looking Glass@MAS will allow the Monetary Authority of Singapore (MAS) to experiment with fintech solutions with financial institutions, start-ups, and technology vendors.
It is hoped the lab will also facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters while also providing a venue for relevant training sessions and networking activities for the FinTech community.
Inspired by Fantasy
«MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own FinTech Innovation Lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector. Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another,» said Sopnendu Mohanty, Chief Fintech Officer, MAS.
The name «Looking Glass» was inspired by the 1871 classic «Through the Looking Glass and What Alice Found in There» by Lewis Caroll. It represents a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things.
