The Monetary Authority of Singapore (MAS) has announced a new prototype platform that will enable businesses to connect and invest in fintech start-ups.
The prototype FinTech Research Platform was developed in collaboration with Deloitte and S&P Global Market Intelligence.
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It seeks to provide financial institutions and investors access to updated information on fintech start-ups. According to Deloitte’s internal assessment, investors currently rely on informal networks to obtain such information.
The digital FinTech Research Platform will provide detailed information on the fintech companies including business models and technology stack.
The initiative is expected to increase transparency as well as boost investors’ confidence in fintech companies.
Furthermore, the platform will enable the users to compare and choose start-ups based on certain user-assigned parameters, the central bank noted.
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By GlobalDataMAS chief fintech officer Sopnendu Mohanty said: “We believe that the deployment of capital in start-ups, particularly those offering business-to-business solutions, can be vastly improved by enhancing transparency and increasing the confidence in data on early-stage companies.
“We are keen to leverage this platform, and create synergy with the API Exchange that was developed by MAS in collaboration with the World Bank’s International Finance Cooperation and the ASEAN Bankers Association.”
MAS, Deloitte, and S&P Global Market Intelligence will continue to work together to further develop the platform.
Separately, MAS is also working with financial industry stakeholders to develop a framework that will usher responsible adoption of Artificial Intelligence and Data Analytics (AIDA).
The framework, named Veritas, will allow financial institutions to assess their AIDA-driven solutions against certain industry principles.
