Singapore sets up a research institute to enhance fintech capabilities

A new research institute will be established in Singapore to help link research, education and entrepreneurship and strengthen the country’s fintech capabilities. Scheduled to start operations by the end of the year, the new facility will require expertise in several areas, including payments, cloud computing and artificial intelligence (AI).

The new Asian Institute of Digital Finance (AIDF) will be jointly established by industry regulator the Singapore Monetary Authority (MAS), the National Research Foundation (NRF) and the National University of Singapore (NUS). The institute will be located at the local university, the organizations said in a joint statement Tuesday. The NRF is a department parked under the Office of the Prime Minister.

A master’s program and scholarships will be offered by AIDF to students seeking to pursue doctoral-level research. Training will also be offered to fellow post-doctoral students in digital and fintech finance.

Through such efforts, the institute aimed to develop the skills needed to support digital financial services across Asia, as well as to gather expertise in finance, technology and other disciplines essential to the integration of technology and financial services. These will include financial consulting and asset management, retail and corporate banks, digital architecture, big data, tokenization, AI and vocational training, and UX modeling.

“AIDF will pursue basic and interdisciplinary research projects covering basic digital infrastructure, business process performance optimization and advanced cybercrime application development research, fraud and money laundering challenges. The Institute will also develop financial services for meet resilience and needs resistance, “she said.

These may include areas of research focus such as digital assets and book technology, green financing technology and next generation financial services on 5G networks.

To promote entrepreneurship in the sector, the institute will set up a “fincubator” program to facilitate ideas and projects and provide support for students and entrepreneurs with “market-ready” products and services. These may focus, inter alia, on applied commercialization research, incubating financial applications to address unaddressed needs in digital finance, and strengthening links with the investor community to commercialize fuel research.

The AIDF will be poisoned by Duan Jin-Chuan, who is the Jardine Cycle & Finance Professor at NUS Business School, and supported by a steering group that will provide guidance on the curriculum and help approximate the direction of the study. institute with market advantages in Singapore and Region. This steering committee will consist of Ho Teck Hua, who is senior vice president and provost at NUS; Sopnendu Mohanty, Chief Financing Officer of MAS; and other professionals from the financial and technology industries.

Menon said: “Through applied research and active collaboration with industry, AIDF will help build strong skills in digital finance and fintech …[it] will facilitate the expansion of knowledge and skills among fintech leaders in the region and support the digitalisation of economies in Asean and beyond. “

NRF Low Teck Seng CEO added that the institute will build research capabilities in Singapore’s fintech sector and help commercialize “high-impact search ideas” to provide practical products and services to the market. “It will use NUS regional and global networks,” including local and foreign universities and research institutes, to generate and test fintech solutions for Asian markets. Most importantly, AIDF will also provide next-generation fintech leaders who will strengthen the core of Singapore’s smart nation, ”said Low

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