The Monetary Authority of Singapore has increased the country’s focus on nurturing its growing fintech ecosystem.

Fintech innovators and entrepreneurs across the globe and consistently developing new platforms and products that can increase efficiency, create new opportunities and improve customer service and retention. In Singapore, one of the most advanced players in the fintech game, the governing body and financial regulator has the majority of power and oversight in all aspects of finance for the country, including the new alternatives to tradition.

Monetary Authority of Singapore (MAS) deputy managing director, Jacqueline Loh, said that the nation was well-positioned to continue investing in both the local and global fintech sectors, as well as attracting international interest in the Asian finance sector.

“We are collaborating with the global fintech community to create more opportunities for innovation and develop the skills and capabilities in Singapore to turn this potential into reality,” she said.

“As a progressive and innovative financial centre, Singapore has much to offer global investors in opening the door to new market and investment opportunities in Asia.”

Singapore has already formed close fintech alliances with Australia and Singapore and is the heartland of many inaugural events in the wider community including the Singapore Fintech Festival, the Fintech Conference, Fintech Awards and the Global Fintech HackCelerator.

MAS recently put the wheels for international cooperation in motion with chief fintech officer Sopnendu Mohanty’s address in Sydney to promote the Singapore Fintech Festival, at which he stated that Singapore and Australia would create a dynamic dual ecosystem to promote fintech across the Asia-Pacific region.

“This agreement…would create opportunities for FinTech businesses from Singapore and Australia to grow and expand into each other’s markets,” said Mohanty in relation to a proposed Innovation Functions Co-operation Agreement between the MAS and the Australian Securities and Investments Commission (ASIC).

“Singapore has a vibrant Fintech ecosystem, reinforced by sound infrastructure and a growing talent pool, to support companies intending to use Singapore as a gateway to other markets in Asia.”