The Monetary Authority of Singapore is to set up a specialist research institute to groom the next generation of fintech leaders.
Working in collaboration with the National Research Foundation (NRF) and the National University of Singapore (NUS), the Asian Institute of Digital Finance (AIDF) will offer educational opportunities and an incubation unit to foster the development of new tech-driven financial services products.
Hosted at NUS, AIDF will offer a Master’s programme and award scholarships to outstanding students to pursue research at the doctoral level, as well as train post-doctoral fellows in digital finance and fintech.
Through its education programme, the AIDF will build the fintech leadership pipeline for Singapore and the wider region, says Professor Tan Eng Chye, NUS President.
“Fintech is making a profound impact on financial services, and will continue to drive the transformation of the financial services industry in Singapore," he says. "NUS' thought leadership in digital technologies such as artificial intelligence, blockchain, cloud computing, and data science makes us perfectly positioned to address the challenges of the digital economy in Singapore and other parts of the world.”
The Institute will also undertake research into the new frontiers in fintech innovation and run a 'Fincubator' programme to drive transformation of ideas and projects by promising students and entrepreneurs into market-ready products and services.
Ravi Menon, managing director, MAS, says: “Through applied research and active collaboration with industry, AIDF will help to build strong capabilities in digital finance and fintech. The Institute will facilitate the expansion of knowledge and skills among fintech leaders in the region and support the digitalisation of economies in Asean and beyond.”