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Singapore’s MAS establishes FinTech Innovation Lab

Kareyst Lin | Aug. 26, 2016
Singapore is reviewing rules to boost venture capital funding for FinTech startups: MAS chief

The Monetary Authority of Singapore (MAS) recently opened its FinTech Innovation Lab. The purpose-built facility is named Looking Glass @ MAS, and located within the MAS building.

Looking Glass @ MAS will allow MAS to experiment FinTech solutions with financial institutions, startups, and technology vendors. It will not duplicate what is already being done at labs and accelerators, which usually focus on early-stage companies.

The lab will facilitate consultations for startups by industry experts on areas of interest, such as legal, regulation, and business-related matters. It will also provide a venue for relevant training sessions and networking activities for the FinTech community.

"MAS has been encouraging financial institutions to anchor their innovation labs in Singapore," said Sophendu Mohanty, Chief FinTech Officer of MAS. "Looking Glass @ MAS will serve as a platform for the FinTech community to connect and collaborate, and co-create with one another.

MAS to review rules placed on venture capitalists
MAS will "review some of the regulatory replacements on venture capitalists," Ravi Menon, Managing Director of MAS told The Straits Times on Wednesday, 24 August 2016. The review aims to encourage more such investors to set up in Singapore and boost the funding pool for FinTech start-ups.

Beyond funding, Singapore is also lagging behind FinTech hubs like New York and Silicon Valley when it comes to having a pool of experienced mentors and investors in the FinTech ecosystem, Menon added. He was speaking to the media on the sidelines of the launch of the FinTech Innovation Lab.

"The innovation and technology will happen, [the key issue is] whether there are Singaporeans able to take those jobs," said Menon. To maximise the number of Singaporeans able to take the good jobs that are going to be created, MAS has to "intervene upstream, and work with polytechnics and universities to make sure we have a strong talent pipeline." 

 

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