The Monetary Authority of Singapore (MAS) says it will establish a Future of Finance Institute (FFI) to accelerate the adoption of new financial technologies and catalyse innovation in the financial sector, says Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, who is also chairman of the MAS.
The institute will initially focus on artificial intelligence (AI) and tokenisation and help connect the financial and technology ecosystems. It will also provide shared resources and the expertise required to promote the broad-based adoption of these technologies.
The FFI will build four capabilities, says Gan. This includes being a knowledge hub to help financial institutions adopt frontier technologies. The hub will serve as an expanded repository of validated use cases, deployment playbooks and solution providers, complemented by a capability development roadmap.
It will also serve as an innovation garage to pool resources across research institutes, fintechs and financial institutions to accelerate the move from experimentation to deployment.
