The Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS) propelled the BIS Innovation Hub Center in Singapore into existence this month on the 13th of November, 2019. This is the BIS’s first development of its worldwide impression in quite a while.
The BIS Innovation Hub will cultivate advancement and more noteworthy cooperation among the focal financial network internationally. It will upgrade the comprehension of money related innovation, and help advancement of imaginative answers for financial inclusion and to improve the monetary framework.
The BIS has likewise as of late settled Hub Centers in Hong Kong SAR and Switzerland. Together, the Centers will recognize and form top to bottom knowledge into basic patterns in innovation influencing focal banking; creating open dialogues in the innovation space to improve the working of the worldwide budgetary framework; and fill in as a point of convergence for a system of national bank specialists on development.
The Hub Centre in Singapore will initially focus on two projects. The first project is to establish a framework for public digital infrastructures on identity, consent and data sharing. Trusted digital identities for individuals and corporates is a foundational public good that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy.
The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the fintech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision.
“The BIS, together with its partners, is taking a leading role in coordinating central banks’ innovation efforts. Central banks are approaching the same challenges, from different directions and with different but complementary skills and experiences. The Hub is a central part of this effort and the launch of the Hub Centre in Singapore reflects the impressive work by the MAS on fintech as well as Singapore’s reputation for excellence in innovation” commented Mr Agustín Carstens, General Manager of the BIS.
Mr Ravi Menon, Managing Director, MAS, said: “MAS is delighted to partner the BIS in this visionary initiative. The launch of the Innovation Hub Centre in Singapore is an important milestone for both the BIS and Singapore. It will help connect the global central banking community with the vibrant fintech ecosystem in Singapore and the region. By working together, central banks can help accelerate the adoption of digital technologies that can help to better serve business and individual customers of financial services, especially in a cross-border setting.”
The launch of the Hub Centre took place on the sidelines of the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
The Singapore FinTech Festival (SFF) is the world’s largest fintech event and a global platform for the fintech community, drawing participants that comprise fintech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. The 2018 Festival saw close to 45,000 participants from over 127 countries, hosted more than 250 global luminaries and 480 exhibitors, and featured highlights such as the fintech Conference with a new AI in Finance Summit and Global Investors’ Summit, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl and Industry Networking and Workshops. The festival is organised by the MAS in partnership with the Association of Banks in Singapore and in collaboration with SingEx Holdings. In 2019, the SFF is held together with the Singapore Week of Innovation and TeCHnology (SWITCH) to synergize across the themes of fintech and deep tech.