International Developments in FinTech

MAS launches fintech match-funding program.  The Monetary Authority of Singapore (MAS) will begin providing “match-funding” to fintech firms conducting  to “promising” proof-of- concept trials in Singapore. MAS will “fund 50% of the costs, up to a maximum of S$200,000 per project,” for fintech ideas that have the potential to benefit “the financial system at large.”
EC establishes fintech task force.  The European Commission [EC] announced the creation of the Financial Technology Task Force, which aims to “shape the [EC’s] response to the effects of digital innovations in the banking sector.” The new body will bring together financial regulatory services and “experts in competition and consumer protection policy.”
Sweden considers a national digital currency.  The Central Bank of Sweden isinvestigating whether to adopt a national digital currency. Sweden is one of the world’s top users of credit cards per capita, and the quantity of notes and coins in circulation in the country has declined 40% since 2009.

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