Singapore Fintech Festival - What Have You Missed So Far? (Half Time Compilation)


Singapore Fintach Festival, the world's largest week-long Fintech event is still in-progress at the moment. The reported attendees is a whooping 25,000 from over 100 countries. Today is the 3rd day of the event and I am here to do some half-time compilation on what's going on so far. 

The focus of this half-time compilation is on initiatives/announcements that will impact the general public as a whole, especially those from our Central Bank, MAS (Monetary Authority Of Singapore).

Here you go...

1. Integration of PayNow with Thailand's PromptPay:

Singapore's PayNow system that lets individuals transfer money to each other using just a mobile number will soon be integrated with Thailand's PromptPay. With this marrying, user from Singapore and Thailand can easily send money to each other using just mobile phone numbers.

2. MAS to collaborate with MIT (Massachusetts Institute of Technology) in the space of Fintech Research & Development:

As per Mr Menon, Managing Director of MAS, "This will enable local Fintech talent to work alongside world-class researchers at the MIT Media Lab to devise solutions to real-world issues"

They will run pilots using distributed ledger technology, cryptography, quantum computing and big data, artificial intelligence and machine learning.

3. Launch of Innovation Hub:  

A Fintech innovation hub (a 2-floors building with 100,000 square feet) will be launched at 80 Robinson Road (called 80RR) to further encourage experimentation and collaboration.


4. Launch of S$27 million AI and Data Analytic Grant:


The MAS is launching a S$27 million Artificial Intelligence (AI) and Data Analytics Grant. This is part of the S$225 million Financial Sector Technology & Innovation Scheme.

The new grant will support the adoption of AI and data analytics in financial institutions and used to help professionals in the financial sector to gain new skills.

5. MAS and HK to work on blockchain-based trade network:

MAS and Hong Kong Monetary Authority will jointly develop a trade network (a cross-border platform) to exchange digital documents and data by using distributed ledger technology (blockchain). 

This is expected to go live in early 2019.

6. MAS issued the Guidelines for ICOs (Initial Coin Offerings):

MAS has issued issued a new guidelines on Initial Coin offerings (ICOs) providing guidance on how tokens should be applied under its securities laws. The 13-page guideline titled "A Guide To Digital Token Offerings"

There are a few case studies in the document to illustrate how the securities law administrated by MAS may apply. Do take note that this is only a guide and not a Policy/Act, hence, it's not meant to be conclusive. 

That's all for today. 

Cheers!

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