Launch of Cross-border QR Code Payments Connectivity between Singapore and Malaysia
MAS and Bank Negara Malaysia launched a cross-border QR code payment linkage between Singapore and Malaysia.
Singapore, 27 May 2022… The Monetary Authority of Singapore (MAS) announced today the launch of the 7th edition of the Global FinTech Hackcelerator, with the theme “Accelerating A Greener Digital Future”. The competition, powered by Oliver Wyman, seeks to leverage the potential of FinTech in accelerating the development of Web 3.0 and Green Finance, in Singapore and the region.
2. FinTech firms and solution providers around the world are invited to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and industry players.
3. Up to 20 finalists will be shortlisted for a virtual programme where they will be paired with a Corporate Champion
4. Finalists will pitch their solutions at the Demo Day that will be held as part of this year’s Singapore FinTech Festival
5. Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, "We are at the precipice of a major shift in the delivery of financial services. By addressing issues relating to the scalability and implementation of blockchain technology and decentralised finance across broader areas of finance, this will spur the development of innovative real-world solutions to benefit the financial sector. The FinTech sector is also uniquely-positioned to tackle challenges in climate change and accelerate Asia’s shift towards sustainable finance. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world."
6. Mr Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman said, “The dual themes in this year’s Hackcelerator are a sign of the times. We look forward to the continued pursuit of solutions in Green Finance to minimise negative impact in our physical world, and harness technology to build towards a digital future with advances in Web 3.0. This is the platform for innovators to drive real change in the world we live in for current and future generations.”
7. All FinTech firms and solution providers are encouraged to submit their applications for the MAS Global FinTech Hackcelerator here by 26 June 2022.
MAS and Bank Negara Malaysia launched a cross-border QR code payment linkage between Singapore and Malaysia.
At the IMAS-Bloomberg Investment Conference, Mr Ravi Menon, Managing Director, MAS, highlighted three key uncertainties that will drive financial market returns and risks: inflation, geo-economic fragmentation, and climate change.
The Green Finance Industry Taskforce (GFIT), convened by the Monetary Authority of Singapore (MAS), today launched its final public consultation on a green and transition taxonomy for Singapore-based financial institutions.