MAS to Set Up Regional Digital Finance Institute

Source: Regulation Asia Sanday Chongo Kabange, Regulation Asia 2020-08-07

The Asia Institute of Digital Finance will be jointly operated by MAS, the National Research Foundation and the National University of Singapore.

MAS (Monetary Authority of Singapore) is planning to create a specialised research institute that will train and groom a new breed of fintech leaders to support growing capabaility needs of the digital financial services sector in Asia.

The research institute, to be called the Asia Institute of Digital Finance (AIDF), will be jointly operated by MAS, the National Research Foundation (NRF) and the National University of Singapore (NUS).

AIDF will offer educational opportunities and an incubation unit to foster the development of new tech-driven financial services products. It will also develop deep capabilities to support the needs of digital financial services in Asia by providing thought leadership and strengthening synergies between education, research and entrepreneurship in digital finance.

The institute is expected to begin operating by the end of this year, bringing together deep expertise in finance, technology and other disciplines that are critical to integrating financial services with technology.

AIDF will pursue foundational and inter-disciplinary research projects covering fundamental digital infrastructure, performance optimisation of business processes, and advanced application development research on cyber, fraud and AML challenges. The institute will also facilitate the development of financial services to meet sustainability and resiliency needs.

The institute will also establish a so-called “Fincubator” programme that will promote entrepreneurship and provide the support to drive transformation of ideas and projects from students and entrepreneurs into market-ready products and services.

“AIDF will be an important addition to Singapore’s rich and vibrant FinTech ecosystem. Through applied research and active collaboration with industry, AIDF will help to build strong capabilities in digital finance and FinTech,” said MAS managing director Ravi Menon.

The institute will also facilitate the expansion of knowledge and skills among FinTech leaders in the region and support the digitalisation of economies in ASEAN and beyond.

financial technology

AML

fraud

MAS

MAS to Set Up Regional Digital Finance Institute

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