Singapore launches Asian Institute of Digital Finance

A week after granting four digital banking licences, Singapore has moved further in the fintech space. with the launch of the Asian Institute of Digital Finance (AIDF).

Hosted by the National University of Singapore and backed by the Monetary Authority of Singapore and Singapore’s National Research Foundation, the institute was announced by the country’s Deputy Prime Minister and Finance Minister Heng Swee Keat at the opening of Switch 2020.

“Fintech is one key area we are growing so that Singapore can continue to develop as a global financial hub,” said DPM Heng.

The idea to set up the institute was first revealed in August. Among its first projects is a data-sharing platform that can train models to improve credit assessments. The platform will use data distributed across multiple firms while preserving data privacy.

With the platform, lenders can make better credit decisions and offer better rates. This will improve the financing of small businesses to enable a stronger post-pandemic recovery.

“The institute will also have a strong role in nurturing global FinTech talent for Asia, and will take in its first batch of post-graduate students next year,” said DPM Heng.

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 figital finance and fintech.