Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), said that MAS will probably announce new funding plans next year following positive results from the financial technology initiatives ending in March 2020. Possible areas for future initiatives include cyber security and artificial intelligence.
The SGD 225Mn programme has spurred innovation, attracted new companies and created jobs, said Menon. MAS data shows that there are over 600 fintech startups in Singapore, up from about 50 in 2015, proving Singapore to have a vibrant fintech ecosystem.
In an interview before the city-state’s third annual fintech festival, Mr Menon said “I think it has been money that is extremely well spent. We’ve been creating outside of the financial sector about 1,000 fintech jobs each year. This is significant at a time when the need to create jobs is more paramount than ever before.”
According to Accenture, the private sector is also piling in, with investors spending a record US$735 million on the island’s fintech ventures in the first nine months of this year.
The Singapore Government has successfully developed an attractive Singapore FinTech ecosystem through a range of policies and schemes such as the FinTech Regulatory Sandbox, RegTech initiatives and the introduction of blockchain for interbank payments. MAS continues to encourage more FinTech experimentation so that promising innovations can be tested in the market and gain a chance for wider adoption in Singapore.
Date: 19 Nov 2019
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