Monetary Authority of Singapore sets up fintech innovation lab ‘Looking Glass @ MAS’

The Monetary Authority of Singapore (MAS) today officially announced the opening of its FinTech Innovation Lab – Looking Glass @ MAS.

According to the official release, the name “Looking Glass” is inspired by the 1871 classic by Lewis Caroll “Through the Looking Glass and What Alice Found in There”. The MAS explains that the name was chosen as it represents “a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things”.

The purpose-built facility is located within the MAS Building and will serve three key purposes. Firstly, it will allow MAS to experiment FinTech solutions with financial institutions, start-ups, and technology vendors; secondly, it will facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters; and lastly, it will provide a venue for relevant training sessions and networking activities for the FinTech community.

“MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own FinTech Innovation Lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector. Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another”, Sopnendu Mohanty, Chief FinTech Officer, MAS, said.

Singapore is highly active in the fintech space and formulating policies to encourage startups. Earlier this month, the MAS announced that it has set up an International Technology Advisory Panel (ITAP), which will advise MAS on international developments in FinTech and how Singapore can harness new technologies to enhance the provision of financial services.