According to the announcement, in the first stage of fintech development, Singapore focused on testing new ideas and launching foundational projects to leverage technology in finance. These initiatives included creating a regulatory sandbox for innovation, establishing cross-border payment systems, exploring digital assets and tokenisation, and encouraging the use of AI. These efforts have been instrumental in advancing MAS's vision of a "Smart Financial Centre" and have led to the Singapore FinTech Festival (SFF) becoming a leading platform for global collaboration in fintech.
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