Singapore launches initiatives in bid to become regional fintech hub

On Tuesday the 14th of November, The Monetary Authority of Singapore (MAS) launched numerous initiatives relating to efforts to establish itself as a fintech regional leader.

The MAS Managing Director, Ravi Menon, has stated that the central bank will sign 16 collaboration agreements with other governments, with the objective of facilitating information on fintech trends and issues.

For example, the Bank of Thailand and MAS will unite Thailand’s PromptPay and Singapore’s PayNow. With this deal, people in Singapore are able to send money securely to someone in Thailand with just their mobile phone numbers and vice versa.

Various initiatives strive to help financial instituions become more efficient besides consumer services. According to sources, the regulator states that it is working on making its compliance requirements less demanding for banks, particularly with regards to data collection.

Moreover, trade finance could also be made more efficient through digitalization. By using blockchain technology, the Hong Kong Monetary Authority and MAS will initiate a cross-border partnership for trade finance.