SINGAPORE, November 15, 2023 – Monetary Authority of Singapore (MAS) and Temasek Trust have entered into a strategic partnership through a Letter of Intent, aiming to develop a unified fintech and impact investment roadmap, focusing on creating an interoperable technology framework. The framework is designed to enhance cross-platform collaborations, particularly between open technology-based platforms.
According to the statement issued by Temasek Trust, the two organisations will share their regional networks and explore collaborations on the broad design and framework of common platforms to attract global capital to regional high-potential and high-impact opportunities, and increase investments to accelerate the growth of the financial sector, FinTech companies, and impact projects in Singapore and beyond.
“This signing of the LOI with Temasek Trust will help to invite impact seeking investors to new fintech and impact opportunities in our dynamic financial center,” said Sopnendu Mohanty, Chief Fintech Officer, MAS.
According to him, this collaboration will help to design and leverage open, interoperable, and inclusive financial digital infrastructures to assist investors, fintechs, and impact solutions to intelligently discover each other.
Temasek Trust Chief Executive Officer Desmond Kuek said, “Our collaboration on Co-Axis will enable the cross-sharing of resources, networks, and technologies. It will unlock capital and potentially blend liquidity across the spectrum of capital, accelerating funding for innovative solutions that will make a difference for this and future generations.”
A notable upcoming collaboration under this partnership is between the Fintech Lending and Investment Exchange (FLEX) and Co-Axis. FLEX is set to be introduced at the Singapore Fintech Festival 2023, supported by MAS, while Co-Axis will follow in 2024.
Both FLEX and Co-Axis, championed by Temasek Trust and its partners, will incorporate common processes like customer onboarding and key components such as project matching solutions. This alignment is anticipated to drive cost efficiencies and provide a seamless user experience, marking a significant milestone in the fintech and impact investment landscape.