Singapore watchdog creates FinTech Innovation Lab (1)

The Monetary Authority of Singapore (MAS) has opened its FinTech Innovation Lab

The Monetary Authority of Singapore (MAS) has opened its FinTech Innovation Lab to promote a culture of innovation in the financial sector.

Known as Looking Glass @ MAS, the purpose-built facility is located within the regulators own headquarters building.

MAS intends to use the lab to experiment fintech solutions with financial institutions, start-ups, and technology vendors.

It is hoped that Glass @ MAS will facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters.

It will also provide a venue for relevant training sessions and networking activities for the fintech community, the regulator said.

MAS chief fintech officer Sopnendu Mohanty said: “MAS has been encouraging financial institutions to anchor their innovation labs in Singapore.

“Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another.”

The name ‘Looking Glass’ was inspired by the 1871 classic ‘Through the Looking Glass and What Alice Found in There’ by Lewis Caroll.