21 November 2017

A number of FinTech developments and upcoming initiatives were announced by the Monetary Authority of Singapore in the course of the Singapore FinTech Festival 2017, which was held from 13 to 17 November 2017.

These developments and initiatives include:

  • a S$27 million Artificial Intelligence and Data Analytics Grant, to co-fund the adoption and integration of artificial intelligence and data analytics in financial institutions;
  • an update on Phase 2 of Project Ubin, a collaborative project which sought to efficiently and securely conduct cross-border interbank payments and settlements using distributed ledger technology;
  • a guide to digital token offerings;
  • the potential implementation of a centralised know-your-customer utility; and
  • various collaborations with the Bank of Thailand, the Polish Financial Supervision Authority, Bangko Sentral ng Pilipinas, the Financial Services Information Sharing and Analysis Center, the World Bank’s International Finance Corporation, and the Massachusetts Institute of Technology.

This article discusses these developments. To read the article, click here.