Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has made several announcements this week, launching a set of new initiatives intended to bolster financial innovation and support its ambition as becoming a fintech leader.
“An electronic payments society” Singapore has embarked on a journey to become a Smart Nation and is looking to “embrace innovation and harness technology so as to increase the productivity of our businesses and enhance the welfare of our citizens.” During a keynote at the Sim Kee Boon Institute Conference on Fintech Financial Inclusion earlier this month, Ravi Menon, managing director of MAS, told the audience: “The financial services sectors is well placed to play a leading role in the Smart Nation project. MAS has been partnering with the financial industry to create a Smart Financial Centre, where innovation is pervasive and fintech is used widely.” A key component of the fintech agenda is payments, which impacts every sector of the economy and which has been widely influenced by two major trends: digital and mobile
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