Embracing Innovation and Technology

MAS and Temasek successfully completed fifth and final phase of Project Ubin

13 July 2020

MAS and Temasek jointly released a report that examined the use of blockchain technology in commercial applications across different industries, and how these applications could benefit from integrating with a blockchain-based payments network prototype. These benefits were validated through workshops. The payments network prototype would continue to serve as a test network to facilitate collaboration on the development of next-generation cross-border payments infrastructure. Technical specifications for the functionalities and connectivity interfaces of the prototype network were also made publicly available to spur further industry development.

The Singapore Financial Data Exchange (SGFinDex) launched to enable more effective financial planning by Singaporeans

7 December 2020

SGFinDex, developed by the public sector in collaboration with The Association of Banks in Singapore (ABS) and seven participating banks, uses Singapore’s National Digital Identity (SingPass) and a centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions (FIs). This enables Singaporeans to consolidate their financial information for more effective financial planning. In the next phase of SGFinDex, individuals will be able to access information on their insurance policies held with insurers and their holdings of stocks at The Central Depository.

MAS selected four successful applicants for the award of digital banking licences 

4 December 2020

On 4 December 2020, MAS announced four successful digital bank applicants, comprising two digital full banks (DFBs) and two digital wholesale banks (DWBs). The successful applicants must meet all relevant prudential requirements and licensing pre-conditions before MAS grants them their respective banking licences. The new digital banks are expected to commence operations in the first half of 2022. The digital banks will raise the industry’s bar in delivering quality financial services. MAS also expects the digital banks to better address the needs of currently underserved businesses and individuals.

MAS organised first hybrid virtual and physical Singapore FinTech Festival (SFF)

7 to 11 December 2020

The 2020 SFF x Singapore Week of Innovation and TeCHnology (SWITCH) was the world’s first week-long round-the-clock hybrid event. SFF x SWITCH attracted 60,000 participants from over 160 countries with more than 2,000 speakers, over 1,300 exhibitors, 27 international pavilions and 45 satellite events hosted by partner cities across the world. 

In all, there were more than 3.5 million session views on the online event platform and social media. In addition, selected SFF sessions were broadcast live via local and international TV. More than 4,400 business meetings were facilitated through SFF x SWITCH, including over 1,000 virtual meetings between technology seekers and providers.

MAS concluded first phase of framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA)

6 January 2021

MAS concluded the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing. The Veritas Consortium, comprising MAS and industry partners, also published whitepapers on the fairness assessment methodology and the open source code of two use cases to help FIs validate the fairness of their AIDA solutions. This would ultimately benefit customers by improving the fairness of financial services delivered by AIDA systems and establish Singapore as a responsible artificial intelligence hub for financial services.

MAS launched report on critical infrastructure for an inclusive digital economy

26 April 2021

MAS published a report on ‘Foundational Digital Infrastructures for Inclusive Digital Economies’, with the aim of encouraging public and private sectors to come together to co-create common digital infrastructures and avoid the pitfalls of isolated technology solutions. 

The report highlighted the four key pillars that underpin effective foundational digital infrastructure, namely the ability to authenticate an individual’s identity while protecting their privacy and information security; ensuring the transparency and security of digital transactions through the authorised use of data and mechanisms for obtaining users’ consent; ensuring the interoperability of systems for clearing and settlement of payments between users; and enabling users to make their data accessible to third parties for their benefit.