MAS puts S$250m to beef up financial-sector innovation, grow Singaporean fintech talent

Singapore

THE most visible payoff for the investment in technology in the financial sector over the years has been in how well the industry responded to the Covid-19 pandemic, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) on Thursday.

If the financial industry had not built up its digital capabilities, it would not have been able to continue operating without disruption - let alone grow by more than 5 per cent in the first half of this year, when the overall economy contracted by 6.7 per cent, he said.