If Singapore is to maintain its position as one of the top financial centres in the world, it must embrace FinTech, maximise benefits and minimising risks, Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon has said.

A view of Singapore (Source: CNN)

Menon disclosed a series of strategies and measures that MAS has taken or plans to take in order to embrace FinTech.

They include setting an entire building as a FinTech Innovation Centre; linking Singapore's fund-transfer service PayNow with Thailand's corresponding service PromptPay; and launching collaboration with the Massachusetts Institute of Technology, among others.

According to the Singaporean Ministry of Trade and Industry (MTI), the country’s economy saw a growth of 4.6% in the third quarter of this year, the high record in the past 3 years.

The surge was buoyed by an increase in production by 15.5% year on year.

(Source: VNA)