Singapore 's central bank 's new fintech strategy aims to attract enablers , rather than disrupters , according to its chief fintech officer , pat Mohanty . In a partnership with more than 200 established banks , policymakers are keen not to kill the goose that lays the golden egg . While other banks see fintech as a threat to banks , the Monetary Authority of Singapore 's bank says he hopes it will help lenders by cutting costs and creating new sources of revenue . The central bank has said it is planning to invest SGD225 m ( $ 2 billion ) in fintech by the end of 2020 .
Singapore's central bank's new fintech lab aims to attract enablers, rather than disrupters, according to its chief fintech officer, Sopnendu Mohanty. In a city with more than 200 established banks, policymakers are keen not to kill the goose that lays the golden egg. While other cities see fintech as a threat to banks, the Monetary Authority of Singapore's Mohanty says he hopes it will help lenders by cutting costs and creating new sources of revenue. The central bank has said it is planning to invest SGD225m ($158m) in fintech by the end of 2020.