Embracing Innovation and Technology
MAS launched the inaugural Global Veritas Challenge
12 July 2021
The Global Veritas Challenge was launched with the aim of promoting responsible Artificial Intelligence (AI) use by incorporating FEAT (Fairness, Ethics, Accountability and Transparency) principles in Artificial Intelligence and Data Analytics (AIDA)-driven solutions. The themes focused on the banking sector, specifically in the areas of: (i) product marketing; (ii) risk, compliance, and fraud monitoring; (iii) loan origination and know-your-customer; and (iv) credit scoring and profiling. The winners were announced at the Singapore FinTech Festival 2021.
Singapore FinTech Festival 2021 sees 33% year-on-year increase in number of attendees
8 to 12 November 2021
The sixth edition of the Singapore FinTech Festival (SFF), with the theme— “Web 3.0 and its impact on financial services”, attracted close to 60,000 attendees from over 160 countries, representing a 33% growth over 2020. SFF 2021 saw the introduction of a new Web 3.0 certification programme to support learning, development and upskilling in Web 3.0 focus areas. Over 5,000 knowledge certificates issued by the Asian Institute of Digital Finance in partnership with the National University of Singapore, were awarded digitally via blockchain technology to participants from over 80 countries. The programme will continue to run until 30 September 2022.
MAS and its partner agencies also announced various initiatives that would bring about new digital efficiencies and benefits to the financial sector. These initiatives included: The National Artificial Intelligence Programme in Programme in Finance; Phase Two of SGFinDex; ChekFIN; Sandbox Plus; and the Retail Central Bank Digital Currency paper.
- MAS media release, published on 17 November 2021, on Singapore FinTech Festival 2021 growth in attendance
- Managing Director of MAS Ravi Menon’s speech “The Future of Money, Finance, and the Internet”, delivered on 9 November 2021, at the Singapore FinTech Festival
- Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat’s speech, delivered on 8 November 2021, at the Singapore FinTech Festival x Singapore Week of Innovation and Technology
- MAS media release, published on 7 November 2021, on the 6th edition of Singapore FinTech Festival
- MAS media release, published on 4 August 2021, on Singapore FinTech Festival's key focus on Web 3.0
National programme to deepen AI capabilities in financial services
8 November 2021
The National Artificial Intelligence (AI) Programme in Finance is a joint initiative led by MAS and the National AI Office at the Smart Nation and Digital Government Office. It aims to develop Singapore into a global hub for financial institutions (FIs) to research, develop, and deploy AI solutions, promote sustainable long-term growth for Singapore’s financial sector by building deep AI capabilities, and harness the potential benefits of AI responsibly.
Key initiatives include:
NovA!: An AI technical platform to generate insights on financial risk. In the initial phase, NovA! will help FIs harness AI to assess companies’ environmental impact and identify emerging environmental risks.
Veritas: An AI governance initiative to help FIs utilise AIDA responsibly, based on MAS’ FEAT principles.
MAS and the Smart Nation and Digital Government Group (SNDGG) launched second phase of the Singapore Financial Data Exchange (SGFinDex)
8 November 2021
MAS and SNDGG launched the second phase of SGFinDex where individuals can view information on their investment holdings at the Central Depository via various financial planning applications of participating banks and the MyMoneySense platform. The next phase of SGFinDex will allow individuals to access information on their insurance policies.
FinTech global registry ChekFIN unveiled at the Singapore FinTech Festival
9 November 2021
ChekFIN, a decentralised credentials platform, was launched to assist FIs in identifying and evaluating FinTech companies’ reputation and credibility for partnership opportunities. The platform will enable FIs to obtain verified credentials of FinTech firms, stored immutably on a blockchain. ChekFIN is a partnership among the ASEAN Financial Innovation Network, BCG FinTech Control Tower, and Affinidi, with MAS as a founding partner.
MAS enhances its FinTech regulatory sandbox with Sandbox Plus
9 November 2021
MAS announced three enhancements to its FinTech Regulatory Sandbox framework to further catalyse financial innovation and FinTech adoption. Sandbox Plus would provide more effective one-stop assistance in regulatory support and financial grants for firms looking to introduce innovative products and services regulated by MAS.
MAS and Singapore FinTech Association (SFA) announce award winners at the Singapore FinTech Festival 2021
12 November 2021
MAS and the SFA announced the winners of the Global FinTech Hackcelerator, the SFF Global FinTech Awards, and the Most Innovative FinTech e-Gifting Award, at the SFF. The winners, comprising FIs, FinTechs and solution providers, were recognised for their distinctive solutions that promoted financial inclusion and sustainable development in the financial industry.
- MAS and SFA media release, published on 12 November 2021, on winners at the Singapore FinTech Festival
- MAS media release, published on 29 October 2021, on the 60 finalists for the 2021 Global FinTech Hackcelerator and FinTech Awards
- MAS media release, published on 6 May 2021, on the launch of the Global FinTech Hackcelerator 2021
Assessment Methodologies for Responsible Use of AI by Financial Institutions
4 February 2022
Five white papers and an open-source toolkit were released by the Veritas Consortium. The white papers detailed assessment methodologies for the FEAT principles, to guide the responsible use of AI by FIs; while the toolkit will help FIs adopt the Fairness Assessment Methodology.