The environment the country is building enables these fintech players to find opportunities to see if their early ideas translate into real value in the long run, according to The Japan Times. Mohanty, who spent 17 years at Citigroup Inc. before taking the position at the central bank in 2015, is in the fintech role at a time when the industry is fast evolving. Such investments have risen from around 20 million in 2014 to a record 1.1 billion last year, and more is expected this year, Sopnendu Mohanty, the Monetary Authority of Singapore's MAS chief fintech officer, said in an interview. ; We don't have Silicon Valley, but we are trying our best, he said. The MAS' aspirations are central to Singapore's aim to fortify its position as a global financial center where incumbent banks and contesting tech firms compete to provide services to consumers and corporates, though it is also a gatekeeper of standards as companies roll out their businesses. He is also keen to expand a cross-border payments infrastructure, that has kicked off with Thailand allowing people in both countries to almost immediately move money via their mobile phones through government-backed systems. Mohanty has been involved with efforts like Partior the joint venture between JPMorgan Chase & Co., Temasek Holdings Pte. and DBS Group Holdings Ltd. that's a new blockchain-based platform for payments, trade and foreign-exchange settlement. (news.financializer.com).
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