The Monetary Authority of Singapore (MAS), Deloitte and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide FinTech Research Platform. The aim of the platform is to help investors and financial institutions connect with FinTech start-ups that they can partner with or invest in.
“We are proud to be part of the MAS’ efforts to improve and accelerate investment in the FinTech sector in the region. The ASEAN region presents ample opportunity for FinTechs to make an impact with their innovative financial solutions. This platform can help to make the investment process more effective so that the countries and their societies can benefit from the progress made,” said Bob Contri, Deloitte Global Financial Services Industry Leader.
An internal analysis by Deloitte found that investors and financial institutions currently do not have access to reliable and up-to-date company information of FinTech start-ups and are forced to rely on informal networks to source investment opportunities.
The digital FinTech Research Platform aims to:
- Increase transparency by providing a comprehensive view of FinTech companies, including their attributes on business models, use cases, funding, and technology stack.
- Enhance investors’ confidence in FinTech companies through transparency of aggregated third-party and self-reported data, clearly showing the source of each data point.
- Accelerate decision-making by allowing users to compare FinTech companies easily on one platform and prioritise the FinTech firms that they can potentially work with based on parameters that matter most to the users.
“We believe that the deployment of capital in start-ups, particularly those offering business-to-business solutions, can be vastly improved by enhancing transparency and increasing the confidence in data on early-stage companies. We are keen to leverage this platform, and create synergy with the API Exchange 1 that was developed by MAS in collaboration with the World Bank’s International Finance Cooperation and the ASEAN Bankers Association,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.