(Singapore, April 30, 2020) The Monetary Authority of Singapore (MAS) announced today that it is pleased to support the inaugural G20 TechSprint initiative — which will enable central banks and financial regulators to collaborate with FinTech firms on technology solutions to strengthen regulatory and supervisory practices.

The initiative was launched by the Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub on the API Exchange (APIX) innovation platform.

Mr Ravi Menon, Managing Director of MAS, said: “MAS is delighted to be part of this unique G20 TechSprint initiative. It showcases how collaboration between the public and private sectors can be achieved even on a global scale using purely digital means.”

“It also shows how, at a time when much economic activity globally has been curtailed by the COVID-19 pandemic, the work of innovation goes on, powered by technology. The G20 TechSprint has made virtue out of adversity and is a small indication of the post-Covid world to come.”

Under this initiative, the Saudi G20 Presidency and the BIS Innovation Hub have published problem statements relating to regulatory compliance faced by financial institutions and supervisory processes undertaken by regulators respectively.

FinTechs and other players are invited through a hackathon-style competition to develop innovative solutions to address these problem statements.

In the current COVID-19 environment which makes travel and large scale face-to-face meetings challenging, the APIX platform will enable the TechSprint to connect central banks, regulators, and supervisors with FinTechs digitally and on a global basis.

The entire sequence of activities in the TechSprint, from engagement and shortlisting to testing and selecting the best solutions will be conducted digitally in a cost-efficient and effective manner.

Shortlisted participants will have their solution prototypes featured in a report. MAS will further support the TechSprint by showcasing the winning solutions at the Singapore FinTech Festival.