Singapore is bidding to become to the go-to region for fintech with a new joint initiative spearheaded by its financial regulator, set for launch in May.
Singapore’s financial regulator has announced the creation of a new ‘fintech office’ that aims to serve as a “one-stop virtual entity for all fintech matters” and promote the region as a fintech hub to the wider financial world.
MAS leading initiative
The Monetary Authority of Singapore (MAS) said that it is joining forces with the National Research Foundation (NRF) and and other key fintech organisations, with the office to be set up by May 3.
It will be co-led by Sopnendu Mohanty, chief fintech officer at MAS and Steve Leonard, chief executive officer, SG-Innovate. There will also be representatives on board from The Economic Development Board, Infocomm Investments Pte Ltd, Info-communications Media Development Authority, National Research Foundation and SPRING Singapore.
The new organisation said that it aims to enhance fintech-related funding schemes across government agencies, assist with start-ups and manage the branding and marketing of Singapore as a fintech hub.
“The fintech office will enable a whole-of-government approach to develop the fintech ecosystem in Singapore,” said Mohanty. “Through the fintech office, MAS will be able to go beyond the financial industry to help nurture a wider fintech ecosystem and engage the fintech community more actively.”
Fintech start-up support
Leonard said that SG-Innovate will target public and private sector leaders in the Singapore ecosystem to help build companies in key sectors such as finance, energy, and health. “We want to help translate innovative tech from the research phase into start-up and onwards into commercial success,” he added.
Fintech businesses intending to set up in Singapore can seek advice through the office on various fintech and technology-related government grants and schemes.