Singapore to set up fintech office

Added 5th April 2016

The Monetary Authority of Singapore is in a push to develop a financial technology industry, following Hong Kong's move last month.

Singapore to set up fintech office

MAS and National Research Foundation said a fintech office will be established on 3 May in an effort to promote Singapore as a fintech hub. It will deal with funding schemes across government agencies, talent development and the branding and marketing of Singapore as a fintech hub via various events and initiatives.

Singapore has the vision of becoming a "smart financial centre", according to Sopnendu Mohanty, chief fintech officer.

A MAS official told FSA that it is still early to say whether the city-state's fintech efforts will have any impact on the asset and wealth management industries.

“My sense is that it is premature to talk about any impact on wealth management or asset management industries for now,” said the official, who asked not to be named.

“It’s an on-going process on how we are leveraging digital payment systems, how we are leveraging technology to do things better, in the areas of payment, lending and investment."

The MAS also intends leverage the future potential of robo-advising, the official added. 

The move comes about one month after after Hong Kong's Securities and Futures Commission established a fintech contact point and set up a fintech advisory group. 

Hong Kong has the highest rate of financial technology use of all markets surveyed globally, according to an EY report. 

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