THELOGICALINDIAN - Singapore has become a axis for banking technology and blockchain addition This anniversary the Monetary Authority of Singapore MAS has conceived two collective ventures that aim to advance blockchain analysis and development in Southeast Asia
Also read: Singapore Banking Industry Looks to Fintech & Blockchain
Monetary Authority of Singapore & Government of Andhra Pradesh Partner in a Blockchain Joint Venture
According to MAS belletrist of intent, the axial coffer of Singapore will coact with India and South Korea on distributed ledger projects.
The first partnership began with authorities from the Indian arena of Andhra Pradesh (GoAP). The organizations are aiming their focus on cryptocurrency solutions and the bookish analysis accompanying to broadcast ledgers. The aboriginal acceding states:
“Under the agreement, MAS and GoAP will analyze collective addition projects on technologies such as agenda payments and blockchain, and coact on the development of apprenticeship programs/curricula on FinTech. MAS and GoAP additionally agreed to altercate arising FinTech trends and barter angle on authoritative issues accompanying to innovations in banking services.—From MAS’ perspective, we are attractive to actualize a exchange in India for FinTech solutions developed in Singapore. This can potentially advice Singapore FinTech startups that are attractive to adventure into India.”
Two Days Later, The Monetary Authority of Singapore and the Korean Financial Services Commission Sign a Cooperation Agreement
Following the accord with GoAP, the Monetary Authority of Singapore additionally formed a partnership with the Korean Financial Services Commission (KFSC) to “foster fintech.”
MAS will abet with KFSC to advice body a framework that will analyze “potential collective addition projects on technologies.” Technology interests accommodate Big Data architecture, adaptable payments, and accepted fintech trends.
Singapore banks, corporations and able startups accept already been laying financial technology foundations in the region. Sopnendu Mohanty, arch fintech officer, MAS, believes the action will lay the “groundwork for added FinTech accord amid Singapore and South Korea.”
Mohanty says Singapore’s active fintech ecosystem will accomplish it a accustomed best for Korean fintech businesses and adjoining markets. KFSC admiral accede with Mohanty and attending advanced to the accommodating effort.
“This acceding is an important footfall advanced in acceptable the cyberbanking accord amid Korea and Singapore,” said Hoon Choi, administrator accepted of cyberbanking and allowance bureau, KFSC.
“We achievement that the acceding serves as a dispatch bean for FinTech firms from both Korea and Singapore akin to aggrandize their business globally.”
Singapore’s Financial Tech Interest Is Growing Exponentially
The Monetary Authority of Singapore has confused appear blockchain and fintech for over a year. In June 2015, managing administrator Ravi Menon appear the axial bank’s plan to advance $225 actor USD into the fintech space.
Additionally, in August of 2016, the Singaporean United Overseas Bank (UOB) started its own fintech accelerator program. The blockchain acute affairs activity Attores was included in the accelerator program.
Interest in the banking tech amplitude has grown rapidly in the arena and surrounding Southeast Asian countries. One affair is for sure: these countries are attractive to become leaders aural the arising abridgement of banking technology.
What do you anticipate about the Monetary Authority of Singapore affiliation with India and South Korea? Let us apperceive in the comments below.
Images via MAS, Pixabay, and the Korean Financial Services Commission.
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