The Monetary Authority of Singapore (MAS) has joined hands with the MIT Media Lab in Cambridge to help strengthen Singapore’s talent pool in the fintech industry and advance fintech and blockchain research and development.
At the annual Singapore Fintech Festival event, Ravi Menon, managing director of MAS,told the audience that the collaboration will enable Singapore’s local fintech talents to work alongside world-class researchers at the MIT Media Lab to come up with tech solutions to real world use cases. They will run pilots using blockchain, cryptocurrency, quantum computing and Big Data, artificial intelligence, and machine learning.
MAS and the financial industry in Singapore as a whole have been actively engaged in experimentation on blockchain and have developed prototypes on interbank payments, securities settlement, insurance claims processing, trade, and trade finance.
Last year, DBS Bank and Standard Chartered Bank completed a proof-of-concept that demonstrated how blockchain enables banks to detect if an invoice had already been financed. Shortly after, HSBC and Bank of America did a proof-of-concept that showed how blockchain and smart contracts could streamline trade finance processes…