Singapore’s MAS gets in on the fintech innovation lab game

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Major Singapore banks like UOB, DBS, and OCBC have already come up with their own takes on creating support programs for startups braving the fintech gauntlet. Now the Monetary Authority of Singapore (MAS) itself is getting in on the action with Looking Glass @ MAS, an innovation lab devoted to financial technology solutions and study.

From the official announcement:

Looking Glass @ MAS will serve the following purposes:
– allow MAS to experiment fintech solutions with financial institutions, startups, and technology vendors;
– facilitate consultations for startups by industry experts on areas of interest such as legal, regulation, and business-related matters; and
– provide a venue for relevant training sessions and networking activities for the fintech community.

The lab will be located in the MAS building in Singapore.

“Looking Glass @ MAS will serve as a platform for the fintech community to connect, collaborate, and co-create with one another,” says Sopnendu Mohanty, chief fintech officer at MAS, in a statement.

In addition, according to Today Online, MAS will review regulations for venture capital funds that set up in Singapore, in order to encourage more investment and incentivize more Singaporeans to take up jobs in the fintech sector.

It’s the latest in a series of moves by MAS to make Singapore a formidable fintech force.

In June, MAS outlined the concept of fintech sandboxes, where startups can try out ideas without having to worry about running afoul of regulations. Looking Glass @ MAS seems to be the fruit of this initial concept. We have reached out to MAS to confirm this and will update when we hear back.

It’s the latest in a series of moves by MAS to make Singapore a formidable fintech force, including a push to make it easier for small- and medium-sized businesses to attract investment through crowdfunding operators.

Why the name “Looking Glass,” you wonder? Apparently, it’s based on Lewis Caroll’s 1871 story, Through the Looking Glass and What Alice Found in There. “It represents a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things,” the announcement says.