The Monetary Authority of Singapore (MAS) has teamed up with the National Research Foundation and the National University of Singapore to set up a research institute to develop capabilities aimed at supporting the needs of the digital financial sector in Asia.
It will be called the Asia Institute of Digital Finance (AIDF) and will bring together education, research and entrepreneurship in the fintech field.
The regulator expects it to become operational by the end of 2020.
Educational courses will be hosted at the University of Singapore and the institute will offer a master’s programme as well as award scholarships to students to pursue their research at a doctoral level.
Transforming financial services
Ravi Menon, managing director at the MAS, said: “AIDF will be an important addition to Singapore’s rich and vibrant fintech ecosystem.
“Through applied research and active collaboration with industry, AIDF will help to build strong capabilities in digital finance and fintech. Located in the heart of the fastest-growing digital finance market in the world, the institute will facilitate the expansion of knowledge and skills among fintech leaders in the region and support the digitalisation of economies in Asean and beyond.”
Low Teck Seng, National Research Foundation chief executive, said: “AIDF will help build strong fintech research capabilities in Singapore, and commercialise high-impact research ideas to deliver practical and innovative solutions for the market.
“It will leverage on the National University of Singapore’s regional and global networks involving local and foreign universities and research institutes to generate and testbed fintech solutions for the Asian markets.”
Tan Eng Chye, president at the National University of Singapore, added: “Fintech is making a profound impact on financial services, and will continue to drive the transformation of the financial services industry in Singapore.
“The university is deeply honoured to partner MAS and the National Research Foundation to achieve the vision of AIDF – the first of its kind in Singapore and this region, which takes an integrative approach to education, research, innovation and business incubation.”
