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MAS and MIT Media Lab to collaborate in FinTech R & D

MAS and MIT Media Lab to collaborate in FinTech R & D

Featured image via Singapore FinTech Festival’s Twitter page.

At the opening of the Singapore FinTech Festival 2017
today, Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS)
announced that MAS will join the Massachusetts
Institute of Technology (MIT) Media Lab
in Cambridge, Massachusetts to
collaborate on FinTech Research & Development.

This collaboration will also help to strengthen Singapore’s talent pool in the
FinTech industry, by providing Singapore-based industry professionals and
researchers with opportunities to work alongside MIT researchers. Financial
institutions and FinTech players will be able to participate in pilots and
experiments in a wide range of financial-services projects. 

The financial industry in Singapore has been actively
engaged in experimentation on Distributed Ledger Technology (DLT) and has
developed prototypes on interbank payments, securities settlement, insurance
claims processing, trade, and trade finance. This collaboration with MIT
signals the growing role that cryptocurrencies and blockchain technology are
beginning to play in the financial industry. It also underscores the value of
industry working with academic institutions that can provide unbiased
evaluation and feedback and help bring about further innovation. 

Neha Narula, Director of the Digital Currency Initiative at
the MIT Media Lab, said, “Cryptocurrencies and blockchain technology pose a
dramatic change to the existing regulatory landscape; they have the potential
to reform the global financial system around peer-to-peer transactions, without
traditional financial intermediation. We are excited to work with an organization
like the MAS which shares our thinking around the impact of open-source,
layered architectures and permissionless systems.” 

Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “We are
pleased to be working with leading experts with a diverse range of expertise
from the MIT Media Lab. The intersection of Distributed Ledger Technology (DLT)
and other related technology areas such as quantum computing and new methods of
cryptography will help to bring about the next wave of innovation.” 

In addition, MAS is launching a S$27 million Artificial Intelligence & Data Analytics Grant. This is part of the S$225 million Financial Sector Technology & Innovation Scheme launched in June 2015. The new grant will support the adoption and integration of AI and data analytics in financial institutions. 

It will be used to help professionals in the financial sector to up-skill and adapt to the use of these new technologies. 

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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