The Monetary Authority of Singapore (MAS) has opened its FinTech Innovation Lab to promote a culture of innovation in the financial sector.

Known as Looking Glass @ MAS, the purpose-built facility is located within the regulators own headquarters building.

MAS intends to use the lab to experiment fintech solutions with financial institutions, start-ups, and technology vendors.

It is hoped that Glass @ MAS will facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters.

It will also provide a venue for relevant training sessions and networking activities for the fintech community, the regulator said.

MAS chief fintech officer Sopnendu Mohanty said: “MAS has been encouraging financial institutions to anchor their innovation labs in Singapore.

“Looking Glass @ MAS will serve as a platform for the FinTech community to connect, collaborate, and co-create with one another.”

The name ‘Looking Glass’ was inspired by the 1871 classic ‘Through the Looking Glass and What Alice Found in There’ by Lewis Caroll.