The Monetary Authority of Singapore (MAS) has established the Financial Futures Institute (FFI) to accelerate the application of emerging financial technologies and promote innovation in the entire financial industry.
MAS said in a statement that the institute will initially focus on artificial intelligence (AI) and tokenization, acting as a platform connecting financial institutions, technology companies and researchers, while providing shared resources and expertise.
Noting that FFI is built on existing public-private partnerships in the field of AI and tokenization, MAS said that the institute will consolidate those efforts under a single coordinating body. MAS will continue to monitor policy and legal frameworks, while the institute will work directly with stakeholders in the industry.
FFI's operations will revolve around four areas: a knowledge center providing situations and guidance; an "innovation workshop" to coordinate industry cooperation; industry-specific "sandboxes" testing emerging technologies; and deployment kits, including resources for programmable compliance and AI risk management.
The Institute will be run by a board of directors including representatives from MAS, financial institutions, technology companies and academia.
