The Monetary Authority of Singapore has set up a fintech lab to provide a platform for tech vendors, entrepreneurs and fintechs to test new tools.

A new facility opened by the Monetary Authority of Singapore (MAS) will allow the organisation to experiment with fintech tools alongside leading market players. The lab will offer start-ups access to subject experts in business, legal and regulation areas, as well as hosting fintech training sessions and networking activities.

“The lab will serve as a platform for the fintech community to connect, collaborate, and co-create with one another,” said MAS chief fintech officer, Sopnendu Mohanty.

Managing director Ravi Menon said the initiative was an example of the nation’s determination to keep abreast of emerging local talents and keep pace with its counterparts in Silicon Valley.

The lab will focus specifically on later-stage start-ups looking to test their ideas in a sandbox environment and receive up-to-date information and advice on legal and regulatory issues.