The Monetary Authority of Singapore (MAS), the National Research Foundation (NRF) and the National University of Singapore (NUS) will be jointly setting up a research institute that will develop deep capabilities to support the needs of digital financial services in Asia.
Dubbed as the Asian Institute of Digital Finance (AIDF), operations for the research institute is expected to begin by end of this year.
The regional research institute will establish a unique “Fincubator” programme to promote entrepreneurship and provide the support to drive transformation of ideas and projects by promising students and entrepreneurs into market-ready products and services.
Mr Ravi Menon, Managing Director, MAS, said,
“AIDF will be an important addition to Singapore’s rich and vibrant fintech ecosystem. Through applied research and active collaboration with industry, AIDF will help to build strong capabilities in digital finance and fintech. Located in the heart of the fastest-growing digital finance market in the world, the institute will facilitate the expansion of knowledge and skills among fintech leaders in the region and support the digitalisation of economies in ASEAN and beyond.”
AIDF will be led by Professor Duan Jin-Chuan, the Jardine Cycle & Carriage Professor of Finance at the NUS Business School.
Meanwhile, a steering group comprising Professor Ho Teck Hua, Senior Deputy President and Provost of NUS, Mr. Sopnendu Mohanty, Chief Fintech Officer at MAS, and thought leaders from the financial and technology industries, will provide guidance on curriculum design and align AIDF’s research direction.
The steering group will also evaluate the impact of AIDF’s research and identify opportunities for collaboration and partnerships in Asia and beyond.
AIDF will pursue foundational and interdisciplinary research projects which cover fundamental digital infrastructure, performance optimisation of business processes and advanced application development research on cyber, fraud and anti-money laundering challenges.
Potential areas of focus for the research includes digital assets and ledger technology, artificial intelligence and machine learning, digital finance platforms, green finance technology as well as next-gen financial services on 5G networks.
In addition to that, AIDF will offer a Master’s programme and award scholarships to outstanding students to pursue research at the doctoral level, as well as train post-doctoral fellows in digital finance and fintech.
Through its education programme that will be hosted at NUS, the AIDF will build the fintech leadership pipeline for Singapore and the wider region.
