The Monetary Authority of Singapore (MAS) has released a roadmap for making Singapore a leading global financial center in Asia.
The industry transformation map (ITM) for financial services outlines growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption. The MAS said that it has been working with the industry to develop Singapore in areas including capital raising and enterprise financing, fixed income, and insurance among others. With respect to global capital for Asian insurance and risk transfer, it said:
“MAS is working with the industry to transform the insurance marketplace through centralised blockchain platforms which will allow for more efficient risk placements, and create specialist insurance solutions to address emerging risks in the region.”
The ITM will particularly focus on innovation in the financial sector and encourage the adoption of technology for increasing efficiency and creating opportunity. To that end, the MAS said that it will (among other things):
“facilitate and invest in R&D to develop new solutions, including the use of distributed ledger technology for inter-bank payments and trade finance;
“expand the web of cross-border cooperation agreements with other key FinTech centres, helping to grow Singapore as a base for foreign FinTech start-ups.”
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