The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, on Wednesday announced the opening of its dedicated fintech innovation lab in a purpose-built facility, known as Looking Glass @ MAS.
The lab is named after the 19th century Lewis Carroll novel, Through the Looking Glass and What Alice Found in There.
“It represents a glimpse into a different world where innovation is pervasive, and a warm place for its residents to pursue their passion, protected from the old way of doing things,” the MAS says in a statement.
The facility will allow MAS to: experiment with financial institutions, start-ups, and technology vendors; facilitate consultations among legal and regulatory experts for start-ups; and provide a venue for training and networking within the fintech community.
“MAS has been encouraging financial institutions to anchor their innovation labs in Singapore. Today, we are pleased to open our own fintech innovation lab, underscoring MAS’ commitment to promoting a culture of innovation in the financial sector,” says Sopnendu Mohanty, MAS chief fintech officer, in a statement.
“Looking Glass @ MAS will serve as a platform for the fintech community to connect, collaborate, and co-create with one another,” he adds.