MAS Unveils New Initiatives at Fintech Festival

MAS Unveils New Initiatives at Fintech Festival

In his keynote speech the head of Singapore's financial regulator outlined a raft of initiatives to bolster the city-state's standing as a hive for fintech.

In what has in the space of just two years morphed into the world’s largest fintech festival, Singapore is playing host to more than 25,000 participants from over 100 countries.

The Monetary Authority of Singapore (MAS), the driver behind the event, kicked off the proceedings via a speech from Ravi Menon the regulator's managing director.

Fintech Hitting Critical Mass 

Among the most prominent announcements Menon made is that Singapore plans to work with partners in Canada and Hong Kong in developing the use of blockchain technology.

The MAS will set up a cross-border platform with the Hong Kong Monetary Authority (HKMA), to boost trade finance using distributed ledger technology. This will enable the seamless transfer of digital documents and data across the Singapore-Hong Kong trade corridor and is expected to go live in early 2019.

In the area of retail payments, the MAS and the Bank of Thailand have agreed to work together to link PayNow and Thailand's PromptPay. Both are peer-to-peer payments transfer schemes. This tie-up will enable someone in Singapore to send money instantly and securely to someone in Thailand, and vice versa, using just their mobile phone numbers.

Deepening the Talent Pool