SINGAPORE, June 26 (Xinhua) -- The Monetary Authority of Singapore (MAS) on Thursday announced the establishment of the Future of Finance Institute (FFI) to accelerate the adoption of emerging financial technologies and drive innovation across the financial sector.
The institute will initially focus on artificial intelligence (AI) and tokenization, serving as a platform to connect financial institutions, technology firms and researchers while providing shared resources and expertise, MAS said in a statement.
Noting that the FFI builds on existing public-private collaborations in AI and tokenization, MAS said the institute will consolidate these efforts under a single coordinating body. MAS will continue to oversee policy and regulatory frameworks, while the institute will work directly with industry participants.
The FFI's activities will center on four areas: a knowledge hub providing cases and guidance; an innovation garage to coordinate industry collaboration; industry sandboxes for testing emerging technologies; and implementation toolkits, including resources for programmable compliance and AI risk management.
The institute will be governed by a board comprising representatives from MAS, financial institutions, technology firms and academia. ■
