<article><p style="text-align: justify;">The <span style="color: #000080;"><a style="color: #000080;" href="http://dealstreetasia.com/tag/mas" target="_blank"><strong>Monetary Authority of Singapore (MAS)</strong></a></span> has opened its FinTech Innovation Lab, a purpose-built facility known as Looking Glass@MAS.</p></article>

<p style="text-align: justify;">The <span style="color: #000080;"><a style="color: #000080;" href="http://dealstreetasia.com/tag/mas" target="_blank"><strong>Monetary Authority of Singapore (MAS)</strong></a></span> has opened its FinTech Innovation Lab, a purpose-built facility known as Looking Glass@MAS.</p>
<p style="text-align: justify;">According to the <span style="color: #000080;"><a style="color: #000080;" href="http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-establishes-FinTech-Innovation-Lab.aspx" target="_blank"><strong>official announcement,</strong></a></span> the facility is located within the MAS Building, and will enable it to experiment and deploy fintech solutions with financial institutions (FIs), startup ventures, and technology vendors.</p>
<p style="text-align: justify;">Additionally, it will facilitate consultations for startup ventures 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.</p>
<p style="text-align: justify;">Speaking on the development, <span style="color: #000080;"><a style="color: #000080;" href="https://sg.linkedin.com/in/sopnendu" target="_blank"><strong>Sopnendu Mohanty</strong></a></span>, chief fintech officer, MAS, said, “MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own FinTech Innovation Lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector.&#8221;</p>
<p style="text-align: justify;">&#8220;Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another,” he added.</p>
<p style="text-align: justify;">The launch of this new innovation lab comes as MAS seeks to <span style="color: #000080;"><a style="color: #000080;" href="http://www.dealstreetasia.com/stories/singapore-reviews-vc-rules-to-push-startup-funding-51512/" target="_blank"><strong>review regulations for venture capital (VC) funds that establish themselves in Singapore</strong></a></span>, with the intent to provide incentives that create more jobs in the financial technology (fintech) sector.</p>
<p style="text-align: justify;">FIntech has been identified by the city-state&#8217;s government as a crucial component in <span style="color: #000080;"><a style="color: #000080;" href="http://www.iesingapore.gov.sg/Media-Centre/News/2016/8/Fintech--crucial-to-Singapore-s-status-as-Asian-finance-hub" target="_blank"><strong>driving and sustaining its position as a financial centre</strong></a></span> in the Indo-Asia Pacific.</p>
<p style="text-align: justify;">In a 2014 <span style="color: #000080;"><a style="color: #000080;" href="http://www.pwc.com/sg/en/singapore-budget-2014/sg-budget-2014-10.html" target="_blank"><strong>opinion piece</strong></a></span>, Tan Ching Ne, a tax partner in PWC Singapore&#8217;s practice, had stated: &#8220;Looking forward to the next two years, wealth managers will concentrate on the commercial aspects of technology, developing client relationship management tools to support advisers, and increasing their digital capabilities. Singapore has always prided itself on being at (or near) the forefront of technology. Singapore is also an established financial centre.&#8221;</p>
<p style="text-align: justify;"><a href="http://www.dealstreetasia.com/wp-content/uploads/2016/08/q2-2016-asian-fintech-trends.png" rel="attachment wp-att-51582"><img loading="lazy" decoding="async" width="700" height="370" class="aligncenter size-full wp-image-51582" src="http://www.dealstreetasia.com/wp-content/uploads/2016/08/q2-2016-asian-fintech-trends.png" alt="CB Insights data on fintech investment in Q2 2016" srcset="https://media.dealstreetasia.com/uploads/2016/08/q2-2016-asian-fintech-trends.png?w=700 700w, https://media.dealstreetasia.com/uploads/2016/08/q2-2016-asian-fintech-trends.png?resize=768,405 768w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<h3 style="text-align: justify;">Asian fintech scene</h3>
<p style="text-align: justify;">According to data compiled by CB Insights in a repot &#8211; &#8220;<span style="color: #000080;"><a style="color: #000080;" href="https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2016/08/the-pulse-of-fintech-q2-report.pdf" target="_blank"><strong>Pulse of Fintech, Q2 2016</strong></a></span>&#8221; &#8211; the quarter saw venture-backed fintech firms raise $2.5 billion across 195 deals, with overall fintech investment reaching $9.4 billion</p>
<p style="text-align: justify;">Amidst a push by Singapore towards towards increased innovation and productivity, wealth managers are concreting on &#8220;commercial aspects of technology, developing client relationship management tools to support advisers, and increasing their digital capabilities,&#8221; argues Tan. This aligns with the fintech development initiative of the city-state.</p>
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<p style="text-align: justify;">Asian fintech funding declined from a Q1 2016 spike, with funding to VC- backed fintech companies in Asia falling from over $2.6 billion in Q1 2016 to $772 million. However, despite the funding slowing, Asian fintech deals and funding activity in Q2 2016 is on pace to surpass 2015’s high at the current run rate.</p>
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<p>While China remains the dominant fintech jurisdiction, fintech ecosystems like Singapore, Australia and Hong Kong are on the rise, while Japan is beginning to enhance the sector, with 62 established fintech ventures in 10 areas, with a major focus on the blockchain and cryptocurrencies.</p>
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<p style="text-align: justify;">What also distinguished Asian fintech are the conservative regulatory regimes, which render the fostering of growth in the fintech space difficult at times.</p>
<p style="text-align: justify;"><span style="color: #000080;"><strong><a style="color: #000080;" href="https://sg.linkedin.com/in/jan-reinmueller-39b9533" target="_blank">Jan Reinmueller</a></strong></span>, Head,Digital Village, at KPMG Singapore has commented in the report: &#8220;Startups focused on fintech are innovating faster than regulators can adapt the rules. This is something that is acknowledged as a gap. It is also what is good about the regulatory sandbox&#8230;I think more countries will come up with a sandbox approach to address fintech innovation.”</p>
<p style="text-align: justify;"><a href="http://www.dealstreetasia.com/wp-content/uploads/2016/08/Q2-2016-cbinsights-asian-fintech.png" rel="attachment wp-att-51583"><img loading="lazy" decoding="async" width="700" height="378" class="size-full wp-image-51583 aligncenter" src="http://www.dealstreetasia.com/wp-content/uploads/2016/08/Q2-2016-cbinsights-asian-fintech.png" alt="Q2 2016 fintech deal stages" srcset="https://media.dealstreetasia.com/uploads/2016/08/Q2-2016-cbinsights-asian-fintech.png?w=700 700w, https://media.dealstreetasia.com/uploads/2016/08/Q2-2016-cbinsights-asian-fintech.png?resize=768,414 768w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p style="text-align: justify;"><strong>Also Read:</strong></p>
<p style="text-align: justify;"><strong><span style="color: #ff0000;"><em><a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/singapore-bitcoin-exchange-quoine-raises-20m-venture-investment-44702/">Singapore: Bitcoin exchange Quoine raises $20m venture investment</a></em></span></strong></p>
<p style="text-align: justify;"><span style="color: #ff0000;"><em><strong><a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/singapore-fintech-startup-coda-payments-seals-2m-series-round-led-imj-51386/">Singapore fintech startup Coda Payments seals $2m Series A+ round led by IMJ</a></strong></em></span></p>
<p style="text-align: justify;"><span style="color: #ff0000;"><em><strong><a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/thailand-intouch-holdings-considering-fintech-investment-50409/">Thailand: Intouch Holdings considering fintech investments</a></strong></em></span></p>
<p style="text-align: justify;"><span style="color: #ff0000;"><em><strong><a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/australia-dealbook-delivery-startup-sendle-secures-5m-50043/">Australia Dealbook: Delivery, fintech startups Sendle &amp; Bigstone raise millions</a></strong></em></span></p>
<p style="text-align: justify;"><span style="color: #ff0000;"><em><strong><a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/48769-48769/">China: Baidu makes strategic investment in US fintech firm Zestfinance</a></strong></em></span></p>
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The MAS has opened an innovation lab called The Looking Glass to spur fintech development in Singapore

Singapore: MAS launches fintech innovation lab 'The Looking Glass'

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