Singapore is a hub for global finance and trade, and is aiming to be a regional leader of financial technology (fintech) as well. The Monetary Authority of Singapore (MAS) has rolled out several initiatives as part of Singapore’s efforts to establish itself as a regional fintech hub.
Among these, Project Ubin is a notable collaborative project undertaken by the MAS and industry to explore the use of distributed ledger technology (DLT) for clearing and settling payments and securities transactions with the aim of making them more transparent, resilient and cheap.
In the area of fintech, the MAS has taken a collaborative and proactive approach in engaging with industry. In response to industry feedback, the MAS is looking to foster self-regulation efforts while continuing to develop legislative options for regulating electronic payments, including the use of cryptocurrencies and blockchain.
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CHIEW YU SARN is a co-managing partner at Yusarn Audrey in Singapore. He can be contacted at +65 6358 2865 or on email at yusarn@yusarn.com
