The Monetary Authority of Singapore (MAS) and Securities Commission Malaysia (SC) have signed an agreement to foster closer cooperation on financial technology (fintech) and innovation in financial services.
It establishes a framework for both regulators to assist innovative businesses to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation processes. The regulators will also consider participating in joint innovation projects related to technologies such as blockchain and distributed ledgers.
The agreement was just one of several fintech-related developments that took place here yesterday. Among them were the launch of a training programme for young professionals, and the naming of finalists for a coveted "Hackcelerator" programme.
The MAS announced the 20 finalists of its 2017 Global FinTech Hackcelerator, which included three start-ups from Singapore.
It had published in May a catalogue of 100 "problem statements" gathered from the financial industry - statements that described problems or issues related to finance which could potentially be solved by technology.
The MAS received 580 submissions from over 40 countries.
The finalists will now undergo a 12-week programme, during which they will work with corporate leaders, investors and regulators to convert their proposals into market-ready solutions in time for the Singapore FinTech Festival in November. They will then present a working prototype of their solutions.
580 Number of submissions from over 40 countries received by MAS for its 2017 Global FinTech Hackcelerator, announced at a separate event.
Meanwhile, 30 companies were shortlisted for the FinTech Awards, comprising the MAS FinTech Awards and ABS Global FinTech Award, which recognise innovative fintech solutions that have been implemented by start-ups, financial institutions and technology companies.
Up to 10 winners will be selected and honoured at the FinTech Awards Night, also part of the Singapore FinTech Festival.
Separately, DBS Bank said it has partnered the Infocomm Media Development Authority (IMDA) to create a fintech training programme under the Government's TechSkills Accelerator (TeSA) initiative.
85 Number of young professionals to be trained in fintech skills under the DBS Bank's partnership with the Infocomm Media Development Authority, announced on the same day.
The programme will groom young professionals skilled in agile development, development operations, information security and data analytics for the financial services sector.
DBS and IMDA will train over 85 young professionals in these technology skills, through the new DBS Skills Enhancement and Education (Seed) Programme and the ongoing DBS Business Analytics Graduate Immersion Programme (BAGIP).
The 12-month DBS Seed Programme is open to diploma or degree-holders who have graduated in information technology, science, technology, engineering, or mathematics-related disciplines no more than three years ago.
Trainees join the bank's technology and operations department to get on-the-job training and are assigned projects while being mentored by senior technology managers at DBS.
The DBS BAGIP, launched in 2013, is a 12-month accelerated programme that focuses on developing core analytical skills essential to business growth. In the last two to three years, more than 30 people have been trained.