The financial services sector is undergoing massive changes that are brought about by rapid technology advances, customer needs and smart regulations resulting in the emergence of new business models that are fundamentally changing the traditional financial services landscape like never before.
Amidst these developments, IMDA see great opportunities in harnessing rapid advances in technology to bring about quantum gains for the economy, ultimately benefiting companies and creating high value jobs. IMDA aims to achieve this through equal partnerships with industry and regulatory stakeholders on impactful initiatives for the sector.
IMDA has put in place several programmes to entrench Singapore's position as a global innovation hub for financial services and to create an environment where innovative technologies are used to solve critical, sector wide business problems, resulting in the creation of new business opportunities.
IMDA aims to drive cashless innovation in electronic payment solutions and encourage the deployment of innovative infrastructural elements that provide safe, convenient and economical electronic payments for users and businesses.
IMDA aims to re-invent the way global trade finance is conducted today. Working in partnership with industry and other government agencies, we will collaboratively forge new business models for financing that will benefit Singapore and the global trade ecosystem, leveraging emerging technologies like block-chain.
IMDA aims to drive technology innovation in the insurance industry to improve sector wide inefficiencies in health, motor, trade and corporate insurance due to information gaps, to the benefit of users and businesses.