The Group’s task is to work with the financial industry and FinTech players and help foster a conducive ecosystem for innovation. MAS has committed $ million (or $ million) over five years to support the development of a vibrant FinTech ecosystem. Earlier this year, MAS and the National Research Foundation (NRF) set up a FinTech Office to provide a one-stop point-of-contact for all FinTech matters. – If you are a FinTech company interested in finding out what are the grants and assistance schemes available in Singapore or connecting with relevant government agencies to expedite approvals – this is the Office to go to. Creating the infrastructure for an innovation ecosystem is a shared responsibility and joint effort. MAS plays the role of a facilitator, the real work is done by the financial industry and the FinTech community coming together to collaborate and create. Let me highlight the exciting infrastructure initiatives underway: Physical spaces for collaboration and experimentation. Infrastructure for electronic payments. A national “know-your-customer” utility. A blockchain infrastructure for cross-border inter-bank payments. An open API architecture. Physical Spaces for Collaboration and Experimentation A basic element of the FinTech infrastructure is having physical spaces that facilitate collaboration and partnerships among different players. 5/9  BIS central bankers' speeches  Just last week, we saw the launch of LATTICE80, Singapore’s first FinTech innovation village. LATTICE80 offers dedicated physical space in the heart of Singapore financial district for FinTech start-ups to work, connect, and co-create with the financial industry and VC investors.

More than 20 global FIs have set up innovation centres here. You would have seen during the Innovation Lab Crawl earlier this week some of the exciting things they are experimenting with: digital health solutions tapping on wearable devices; telematics for motor insurance; blockchains to streamline payments; big data to produce customised service offerings. MAS itself has set up an innovation lab – called Looking Glass. It aims to: spur collaboration among MAS, FIs, start-ups, and technologists; and facilitate consultations for start-ups by industry experts on legal, regulatory, and businessrelated matters. Infrastructure for Electronic Payments: UPOS, CAS We have a world-class infrastructure for electronic payments. It is a 24/7, real-time inter-bank fund transfer system. We call it FAST; short for Fast and Secure Transfers. But FAST is grossly under-utilised and Singapore is still heavily dependent on cash and cheques as means of payments. The Association of Banks in Singapore is working on two key initiatives to make electronic payments seamless and convenient for everyone. First, a Central Addressing Scheme (CAS) that will allow you to pay anyone using that person’s mobile number, national ID number, email address, or any other social media address, without the need to know the recipient’s bank or bank account number. Second, a Unified Point-of-Sale (UPOS) terminal that will allow a merchant to accept all major card brands, including those that are contactless or embedded in smartphones. A National KYC Utility Knowing the identity of a customer – or KYC – is one of the biggest pain points in the financial industry.