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IDB Group and MAS collaborate to promote inclusive financial services

The alliance will allow Latin American and Caribbean financial entities to benefit from the innovations in regulation, knowledge and networks of the Asian country, world leader in Fintech

The Inter-American Development Bank (IDB) Group, led by IDB Lab – the Group’s innovation laboratory – and the Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU) to collaborate on projects and initiatives that will foster innovation in financial services in the Latin America and the Caribbean (LAC) and ASEAN regions.

The key collaboration areas include:  

  • Creating cross-border collaboration networks between the FinTech ecosystems in Singapore and LAC to enable joint innovation projects on financial inclusion in both LAC and ASEAN regions.
  • Holding policy dialogues on topics of common interest such as API standards, data governance, cybersecurity and digital identity.
  • Facilitating knowledge exchange on digital transformation in financial institutions and the benefits of collaborating with FinTechs.

Through this collaboration, the IDB Group will create a platform that will allow financial institutions in the LAC region to test solutions, connect and exchange knowledge on innovation strategies and initiatives. “With this agreement, we take a step forward to consolidate the role of IDB Lab as the hub that connects Latin America and the Caribbean with one of the most innovative financial agents in the world,” said Irene Arias, CEO of IDB Lab. “We believe that the experience of MAS, particularly through its FinTech & Innovation Group, with new regulatory approaches such as the use of regulatory sandboxes and digital financial solutions are some examples of what our region can learn from Singapore, one of the most advanced countries in the world of Fintech,” she added.

Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “This agreement opens doors for collaboration between the FinTech ecosystems in Latin America and Caribbean with Singapore and the rest of ASEAN. We are happy to welcome participants from 15 countries in LAC to the Singapore FinTech Festival this year. We look forward to the synergies and new partnerships that will be forged during and beyond the Festival.”

About the Singapore FinTech Festival

Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and global platform for the FinTech community, drawing more than 30,000 participants last year which comprised of FinTech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. The 2018 Festival will see participants from over 100 countries and host more than 250 global luminaries and 400 exhibitors, featuring highlights such as the FinTech Conference with a new AI in Finance Summit and Global Investors’ Summit, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl, Industry Networking and Workshops. The Festival is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Festival Grand Sponsors include AMTD, Deloitte, GIC, Google Cloud and Prudential. Find out more at http://fintechfestival.sg.

About IDB Lab

IDB Lab is the innovation laboratory of the Inter-American Development Bank (IDB) Group, a purpose-driven innovation platform, open to the world, that mobilizes capital, knowledge, and connections to promote innovation for inclusion in Latin America and the Caribbean.   IDB Lab works with the private sector and leverages IDB's ability to dialogue with governments and civil society to maximize the impact of its projects and investments on vulnerable populations. www.iadblab.org.

About IDB Invest

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. www.idbinvest.org.

About the Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

Press contact
EXTERNAL PRESS CONTACT

Bridgitte Lee
Assistant Director (Communications)
Monetary Authority of Singapore
Tel: +65 6229 9262     
Email: Bridgitte_lee@mas.gov.sg
 

 

More Information

Fernando Campero
IDB Lab
fcampero@iadb.org