Monetary Authority of Singapore to Support G20 TechSprint Initiative
The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, recently announced that it would be in favor of the launch of the G20 TechSprint initiative, introduced by the Bank for International Settlements (BIS) Innovation Hub and the Saudi G20 Presidency on the API Exchange (APIX) innovation platform.
Monetary Authority of Singapore to Support G20 TechSprint Initiative which Helps Fintechs, Regulators, Reserve Banks in Communicating with Each Other https://t.co/i79biybcOe pic.twitter.com/cXkeVBnFh4
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The APIX is an open-architecture API platform that acts as an international marketplace for financial institutions, regulatory authorities, reserve banks, supervisors, and Fintech firms. APIX assists these business entities in associating and interacting with each other.
The purpose of the TechSprint project is to aid banks and financial regulators working with Fintech firms that are coming up with innovative technology platforms, aiming to follow regulatory and supervisory requirements.
Large-scale meetings have started being conducted digitally instead, because of the deadly Coronavirus pandemic. The APIX platform will allow the TechSprint initiative to connect with central banks, Fintech firms, regulatory authorities, etc. on a digital platform.
After the event, a report will be prepared which will feature options proposed by the shortlisted participants. The MAS said that the winning solutions will be displayed at the upcoming Singapore Fintech Festival.
Ravi Menon, Managing Director at the MAS, stated:
“At a time when much economic activity globally has been curtailed by the COVID-19 pandemic, the work of innovation goes on, powered by technology. The G20 TechSprint has made a virtue out of adversity and is a small indication of the post-COVID world to come.”
Last month the MAS introduced a $125 million support package, to aid local financial institutions and Fintech firms, after the Coronavirus epidemic, and resulting economic instability.