The Monetary Authority of Singapore (MAS) has joined the Mojaloop Foundation as a sponsor-level member to support financial inclusion.

Mojaloop Foundation is a non-profit organisation which offers open-source software to enable organisations develop interoperable digital payment systems.

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The collaboration will leverage MAS’ policy development perspectives and Mojaloop’s digital payments capability to support financial inclusion in emerging economies.

Additionally, it is expected to generate new opportunities for FinTech ecosystems in Singapore and Asia-Pacific.

Mojaloop Foundation executive director Paula Hunter said: “The Mojaloop Foundation is very pleased to welcome MAS to be our newest Sponsor member.

“The Mojaloop Foundation’s mission to increase financial inclusion is shaped by the potential of emerging economies to innovate and adopt efficient, interoperable domestic and cross-border applications, and MAS will bring valuable experience and expertise that will further our objectives.”

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MAS chief fintech officer Sopnendu Mohanty said: “Technology guided by empathy can help bring innovative solutions to real-world problems and promote an inclusive economy.

“MAS is excited to join the Mojaloop Foundation to support its open-source technical development and contribute expertise on digital currency-based settlement infrastructure to Mojaloop’s payment system for domestic and cross-border transactions.”

MAS is Singapore’s central bank and operates as an integrated financial regulator. Earlier this month, it announced new funding to accelerate technology adoption in the financial sector.

The central bank will be investing S$42m ($31.5m) in a new Regulatory Technology (RegTech) grant scheme and an enhanced Digital Acceleration Grant (DAG) scheme.