The announcement came from Monetary Authority of Singapore (MAS) managing director Ravi Menon on Tuesday (Nov 14) at the Singapore FinTech Festival, dubbed the world’s largest fintech festival.
The initiative is one of several Singapore is taking to further its Smart Nation agenda, and will allow people in Singapore and Thailand to remit money to each other.
Mr Menon said that it will enable local fintech talents to work alongside world-class researched at the MIT Media Lab to come up with solutions to real-world issues.
He added that a fintech innovation hub will be launched at 80 Robinson Road, which now houses Lattice 80, a fintech “innovation village” that occupies two floors.
With a total of 100,000 sq ft, the whole building will become an fintech hub and be renamed 80RR.
The second edition of the week-long Singapore FinTech Festival began on Monday and is held at Singapore Expo.
It is expected to attract more than 25,000 participants from over 100 countries.
Participants are expected to see many of the highlights from the inaugural festival making a comeback – like the FinTech Conference, Global FinTech Hackcelerator, visits to innovation labs, and community and networking events.
The Global FinTech Hackcelerator to be held on Nov 16 will showcase 20 market-ready FinTech solutions that are intended to solve real-life industry problems in four areas, including customer-facing solutions, regulatory technology (RegTech), and financial inclusion.
These 20 market-ready solutions were shortlisted from 580 global submissions.
Some 280 exhibitors are presdent at the event, and they include Amazon Web Services (Singapore), Cisco Systems Inc (USA), Fidel Technologies (Japan), GrabPay (Singapore), and Microsoft (USA), among others.
The Singapore FinTech Festival is organised by the Monetary Authority of Singapore (MAS), in a partnership with The Association of Banks in Singapore (ABS) and in collaboration with SingEx Holdings.