SINGAPORE (Apr 29): The Monetary Authority of Singapore (MAS) will be supporting the inaugural G20 TechSprint initiative, launched by the Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub on the API Exchange (APIX) innovation platform.
The API Exchange (APIX) is a cross-border, open-architecture API platform that serves as a global marketplace for financial institutions, regulators, supervisors, central banks and fintechs to connect with one another.
The TechSprint initiative will enable central banks and financial regulators to collaborate with fintech firms on technology solutions to strengthen regulatory and supervisory practices.
Due to the Covid-19 pandemic, large-scale face-to-face meetings are conducted mostly digitally nowadays. In light of that, the APIX platform will enable the TechSprint to connect central banks, regulators and supervisors with fintechs digitally and on a global basis.
Shortlisted participants will have their solution prototypes featured in a report. MAS will further support the TechSprint by showcasing the winning solutions at the Singapore FinTech Festival.
“[The G20 TechSpring initiative] showcases how collaboration between the public and private sectors can be achieved even on a global scale using purely digital means,” says MAS Managing Director, Ravi Menon.
“It also shows how, at a time when much economic activity globally has been curtailed by the Covid19 pandemic, the work of innovation goes on, powered by technology. The G20 TechSprint has made virtue out of adversity and is a small indication of the post-Covid world to come,” he adds.