{"id":29,"date":"2017-01-13T19:37:50","date_gmt":"2017-01-13T19:37:50","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=29"},"modified":"2017-01-13T19:37:50","modified_gmt":"2017-01-13T19:37:50","slug":"singapore-aims-to-become-a-fintech-hub","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/13\/singapore-aims-to-become-a-fintech-hub\/","title":{"rendered":"Singapore aims to become a fintech hub"},"content":{"rendered":"

Singapore\u2019s central bank and financial regulator, Monetary Authority of Singapore (MAS), has a fintech lab that aims to attract fintech companies through the \u201csandbox.\u201d The “sandbox” allows fintech innovators to conduct small-scale experiments and test them in a low-risk environment before pushing it out on a larger scale. <\/span><\/p>\n

A big reason why Singapore has created the \u201csandbox\u201d is because of reports that state a huge loss in jobs due to fintech. According to a 2016 Citigroup report, European and American banks could lose about 2 million jobs in the next ten years due to fintech\u2019s ability to allow customers to do more online. Naturally, Singapore fears this could happen to them as 12.6% of its GDP is reliant on finance. <\/span><\/p>\n

Singapore aims for a flourishing fintech industry that supports rather than interferes with big banks. In three years, the MAS plans to invest $158 million dollars in the fintech sector. The goal is to combine the strength of both fintech and banks. Fintech firms are more nimble and cost-effective, while banks have built an image of credibility and stability, as well as being better equipped with resources.<\/span><\/p>\n

I can see the benefits of working in a partnership between banks and fintech innovators to expand the market. It will be interesting to see whether banks and fintech merge or collide in the near future.<\/span><\/p>\n

Reference: http:\/\/www.economist.com\/news\/finance-and-economics\/21714384-city-state-wants-fintech-bolsters-not-disrupts-mainstream<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore\u2019s central bank and financial regulator, Monetary Authority of Singapore (MAS), has a fintech lab that aims to attract fintech companies through the \u201csandbox.\u201d The “sandbox” allows fintech innovators to conduct small-scale experiments and test them in a low-risk environment before pushing it out on a larger scale. A big reason why Singapore has created … Continue reading Singapore aims to become a fintech hub<\/span><\/a><\/p>\n","protected":false},"author":1804,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-29","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"chaunguyen","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/chaunguyen\/"},"qubely_comment":0,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"Singapore\u2019s central bank and financial regulator, Monetary Authority of Singapore (MAS), has a fintech lab that aims to attract fintech companies through the \u201csandbox.\u201d The “sandbox” allows fintech innovators to conduct small-scale experiments and test them in a low-risk environment before pushing it out on a larger scale. A big reason why Singapore has created…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/29","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1804"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=29"}],"version-history":[{"count":2,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/29\/revisions"}],"predecessor-version":[{"id":31,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/29\/revisions\/31"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=29"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=29"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=29"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}