Chia Der Jiun, Managing Director Monetary Authority of Singapore (MAS)addressed Singapore FinTech Festival 2024which emphasizes the importance of community, collaboration, and capability in shaping the future of fintech.
In a fireside chat, Mr Chia highlighted the vibrancy of Singapore’s fintech community and its global reach. Global FinTech Network (GFTN)aims to strengthen international cooperation.
Mr. Chia emphasized the need for cooperation to address industry challenges, saying: project nexus as a “game changer” for expanding cross-border payment systems through a central framework.
he also project guardianexplores use cases for asset tokenization across a variety of assets and demonstrates clear economic benefits.
He said MAS’s long-term commitment to strengthen its capabilities, including developing a national digital identity, a fast payments rail, and enabling seamless interoperability between payment schemes to ensure low-cost, accessible and efficient payments. We have outlined our efforts.
Mr. Chia emphasized the importance of interoperability in payment platforms, citing the following initiatives: Nets SGQR+ and Liquid Group’s roamQRwhich aims to address fragmentation and enable sellers to serve a broader customer base.
Regarding asset tokenization, Mr. Chia detailed MAS’ three-tier approach that focuses on token standards, high-quality payment assets such as stablecoins, and interoperable infrastructure.
MAS also introduced a regulatory framework for stablecoins and partnered with global banks to overcome barriers to scale.
While discussing generative AI, Chia described MAS’ cautious but collaborative approach.
Through Project MindForge, MAS has identified risks such as data leakage and hallucinations while addressing governance practices for responsible AI use.
Mr Cheah highlighted Singapore’s leadership in sustainable finance, highlighting training initiatives to improve the skills of professionals, transition plans for financial institutions, and tools such as: Gprnt To simplify data collection.
Regulatory measures such as climate disclosure will further support decarbonization efforts in the region.
