New FinTech Office: A One-Stop Platform to Promote Singapore as a FinTech Hub
Singapore, 1 April 2016… The Monetary Authority of Singapore (MAS) and the National Research Foundation (NRF) announced today that a FinTech Office will be set up on 3 May 2016 to serve as a one-stop virtual entity for all FinTech matters and to promote Singapore as a FinTech hub.
2 The FinTech Office will be co-led by Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, and Mr Steve Leonard, Chief Executive Officer, SG-Innovate, with representatives from The Economic Development Board, Infocomm Investments Pte Ltd, Info-communications Media Development Authority, National Research Foundation and SPRING Singapore.
3 FinTech businesses intending to set up in Singapore can seek advice through the FinTech Office on various FinTech and technology-related government grants and schemes. The FinTech Office will:
- review, align and enhance FinTech-related funding schemes across government agencies;
- identify gaps and propose strategies, policies, and schemes in industry infrastructure, talent development and manpower requirements, and business competitiveness; and
- manage the branding and marketing of Singapore as a FinTech hub through FinTech events and initiatives.
4 Mr Mohanty said, “The FinTech Office will enable a whole-of-government approach to develop the FinTech ecosystem in Singapore and support MAS’ vision of fostering a Smart Financial Centre. Through the FinTech Office, MAS will be able to go beyond the financial industry to help nurture a wider FinTech ecosystem and engage the FinTech community more actively.”
5 Mr Leonard said, “SG-Innovate will be working with public and private sector leaders in the Singapore ecosystem to help build companies in key sectors such as Finance, Energy, and Health. We want to help translate innovative tech from the research phase into start-up and onwards into commercial success. We are proud to partner with MAS and kickstart the FinTech Office as part of the newly-formed SG-Innovate.”
6 For more information on the FinTech Office, please visit: www.mas.gov.sg/FinTech.