Page 32 - Implementing ITU-T International Standards to Shape Smart Sustainable Cities: The Case of Singapore

Implementing ITU-T International Standards to Shape Smart Sustainable Cities –
The Case of Singapore

Figure 4 – Monetary Authority of Singapore

To foster FinTech experiments and allow innovations a better chance to take root, the MAS is
taking on a responsive and forward-looking regulatory approach. It released a consultation
paper on proposed guidelines for a “regulatory sandbox” that will enable financial institutions
and non-financial players to experiment with FinTech solutions. Plans are also in place to set up
a one-stop virtual entity for all FinTech-related matters and to promote Singapore as a FinTech
hub.

There has been a significant push for knowledge management, collaboration and deal-making
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among the start-ups that form Singapore’s tech cluster—Blocks 71, 73, and 79. For example,
in Block 79, Infocomm Investments Pte Ltd, a venture capital subsidiary of the IMDA, launched
Building Amazing Start-ups Here (BASH). The programme is one-stop solution for start-ups that
provides all the resources needed to scale an idea under one roof. These activities indicate
alignment with the ITU KPIs measuring productivity, innovation, investment and employment.

Armed with the BASH initiative, Infocomm Investments and the IMDA plan to capitalize on
Singapore’s reputation as the world’s most business-conducive country to establish partnerships
with global start-up accelerators. Moreover, the nation is encouraging global start-ups to
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establish their presence in the growing Asian market by setting up operations in Singapore.

20 These blocks form the centre of Singapore's technology start-up ecosystem.

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Singapore, 2015.

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