The money will be used to build innovation centers and fund financial tech projects such as the blockchain recordkeeping system. The goal is to attract financial tech startups to build their companies in Singapore and, as a result, build the foundation for a smart financial centre.
Managing director Ravi Menon cited Bitcoin and the blockchain in a list of innovations that are reshaping global financing. However, he mentioned that there are doubts regarding long-term prospects for Bitcoin, stating that it is the digital currency that underlies Bitcoin and could reshape the financial and legal landscape.
The USD 225 million in funding is part of a broader effort by the Singapore government to spark innovation in the countrys financial sector. According to Menon, the Monetary Authority of Singapore intends to streamline compliance processes to reduce compliance costs, automate financial monitoring, invest in education initiatives and engage more broadly in outreach with financial tech startups.
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