MAS establishes FinTech Innovation Lab
Singapore, 24 August 2016… The Monetary Authority of Singapore (MAS) today announced the opening of its FinTech Innovation Lab. The purpose-built facility, known as Looking Glass @ MAS1, is located within the MAS Building.
2 Looking Glass @ MAS will serve the following purposes:
- allow MAS to experiment FinTech solutions with financial institutions, start-ups, and technology vendors;
- facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters; and
- provide a venue for relevant training sessions and networking activities for the FinTech community.
3 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “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. Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another.”1 The name “Looking Glass” was inspired by the 1871 classic “Through the Looking Glass and What Alice Found There” by Lewis Carroll. 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.