- Meng Wenneng stated that Ubin is trying to solve issues that are not only related to cross-border payment.
- Ravi Memon, the director of the Monetary Authority of Singapore, explained the working of Singapore’s Fintech regulations.
- Meng Wenneng believes that the current working of AI is still at an early stage and its impact on digital currency transactions.
Singapore has always been a supporter of Fintech. Due to this, the country has gained a lot of attention from the world.
A recent interview with the 21st Century Business Herald, Ravi Memon, the director of the Monetary Authority of Singapore, explained the working of Singapore’s Fintech regulations.
Referring to the Ubin project, which has entered its fifth stage, Meng Wenneng stated that Ubin is trying to solve issues that are not only related to cross-border payment. Because of this reason, they are inviting more number of financial and non-financial institutions to work on the Ubin project.
As for the Sandbox Express introduced by the Monetary Authority of Singapore during August 2019, Meng explained,
“Sandbox Express is only applicable to a few innovative activities, and they can start experiments under the same standards.”
“This is mainly an exam (application to join (Sandbox) speed. Currently, the Sandbox Express only accommodates three innovation activities. In the future, we have accumulated more experience and will incorporate more,” he added.
Meng thinks that the application of AI in the financial fields, the practitioners, and regulators need to consider the public’s trust, interpretability of the results, and social acceptance.
APIX has garnered a lot of attention since its launch in 2018. The platform aims at providing a global, cross-border, open platform. It designed to match the level of Fintech and other financial companies operating in the Asia-Pacific region.
The reason Fintech is popular in Singapore and is growing is the tolerant regulatory environment and continuously advancing technology of the country. As for public trust and social acceptance, the increase in the use of AI technology in the financial field has become a challenge.
To solve this issue, the Monetary Authority of Singapore introduced a set of principles to allow fairness, ethics, and transparency in the use of AI in financial sectors, particularly when it comes to cryptocurrency.
In the end, Meng Wenneng believes that the current working of AI is still at an early stage, and its impact on digital currency transactions cannot be predicted due to the constantly changing scenario.
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