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MAS a strong supporter of fintech: Ong Ye Kung

He says the central bank urges financial institutions to compete, collaborate and innovate with newer players

Lee U-Wen

Published Mon, May 8, 2017 · 09:50 PM

Singapore

THE Monetary Authority of Singapore (MAS) does not have to choose between financial institutions (FIs) and new players in the financial technology (fintech) industry, a board member of the central bank said on Monday.

Ong Ye Kung, who is Education Minister (Higher Education and Skills) and Second Defence Minister, said: "We take an even-handed approach, encouraging established and new players to compete, collaborate and innovate."