Singapore's financial sector to gear up future economy

The Monetary Authority of Singapore (MAS) on Monday said it will help to position the financial sector to gear up Singapore's future economy.

In line with the recommendations of the Committee on the Future Economy to support companies with strong growth potential to scale up and internationalize, MAS said it will take several initiatives to strengthen financing channels for next-generation Asian growth companies.

MAS will simplify the authorization and ongoing regulatory requirements for venture capital managers so that they can respond quickly in supporting start-ups in Singapore and the region.

Besides, it also proposes to strengthen the role of finance companies so that they can better meet the financial needs of small and medium enterprises.

Through studying successful private market structures in other financial centers, MAS aims to introduce solutions to Singapores financial market and engage potential platform and market operators.

The authority said it plans to build technology infrastructure to drive innovation, boost market efficiency, enhance customer service, and extend Singapores connectivity with the region.

Ravi Menon, Managing Director of MAS noted that the underlying thrust of MAS various initiatives is to provide a conducive environment for innovation, which is critical for the future of financial services.

"We do this through a judicious regulatory framework and enabling technology infrastructure," he said. Endit