The Monetary Authority of Singapore will take «another crack» at developing a centralized know-your-customer system, naming the newly opened Bank for International Settlement’s innovation hub as a potential contributor.
«We are taking another crack at it,» said MAS managing director, Ravi Menon, during the BIS innovation hub launch in Singapore. «With the BIS innovation hub center here, I think it's a wonderful opportunity to see how this […] can dovetail with the work that the center will be doing.»
Following the development of an electronic KYC system, the regulator will create a digital platform for supervisory ethnology for central banks to resolve problems by sourcing solutions from the fintech market.
The innovation hub was launched during the Singapore Fintech Festival and marks the city-state as the third location including Switzerland and Hong Kong. BIS said it had more plans to add hubs across the Amdircas and Europe in its next phase.
