The Monetary Authority of Singapore (MAS) has officially launched its FinTech Innovation Lab today; located within the MAS building.
The fintech incubator is christened the “Looking [email protected]” after the famous Lewis Caroll book “Through the Looking Glass and What Alice Found in There.”
According to an official press statement, the name was picked because “it represents a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things.”
The incubator seeks to accomplish three goals:
- Facilitate collaborations between MAS, tech companies and financial institutions to test out fintech solutions.
- Bring in industry experts to provide consultation to startups on the areas of legal, regulation and other business-related matters.
- Be a venue to host relevant training sessions and networking sessions for the fintech community.
“MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own FinTech Innovation Lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.
Reviewing VC rules
In addition to its new fintech incubator, MAS also looks to review venture funding rules to ramp up fintech funding in Singapore.
According to a report by TODAY, Ravi Menon, Managing Director of MAS, said that Singapore can still has ways to go in terms of venture capital funding and tech talent for tech companies.
Menon also said that MAS will be working with polytechnics and universities to train more Singaporeans to take up fintech jobs.
Hence, the regulatory policy framework for VC firms setting up shop here have to evolve in order for companies to stay on top of new innovations.
Image Credit: MAS