Singapore's Central Bank Chief Is a Fintech Champion

The video discusses Singapore's approach to fostering a fintech ecosystem through robust infrastructure and a conducive regulatory framework. It highlights key infrastructures like PayNow and MyInfo, which facilitate seamless financial transactions and data sharing. The regulatory approach is activity-based, focusing on the specific risks posed by fintech activities rather than entities. This ensures a balanced regulatory environment that encourages innovation while managing risks. Singapore's approach is collaborative, working closely with industry players, and is compared to other jurisdictions, emphasizing its forward-thinking and progressive nature.

What is an example of infrastructure that supports Fintech innovations in Singapore?

• Blockchain technology

• Cryptocurrency exchanges

• Traditional banking

• PayNow system

How does Singapore's regulatory framework for Fintech differ from traditional approaches?

• It uses an activity-based approach.

• It leaves Fintech activities unregulated.

• It applies a one-size-fits-all regulatory burden.

• It focuses on entity-based regulation.

What is the main advantage of Singapore's activity-based regulatory approach?

• It focuses only on banks and insurance companies.

• It reduces the number of regulations.

• It applies the same regulations to all entities.

• It customizes regulations based on specific activities.

In what way is Singapore's approach to Fintech considered more progressive?

• By ignoring international regulatory standards

• By working alongside industry players to build infrastructure

• By focusing solely on government-led initiatives

• By avoiding collaboration with industry players

What is a key feature of Singapore's Fintech strategy compared to other countries?

• It aims to outperform all other jurisdictions.

• It does not involve industry collaboration.

• It focuses on learning from other jurisdictions.

• It avoids any form of regulatory facilitation.