Creating the Future of Finance: A Journey of Innovation and Collaboration

Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun

At the 10th edition of the Singapore FinTech Festival (SFF), Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun reflected on a decade of fintech innovation and outlined Singapore’s vision for the next ten years, anchored in artificial intelligence (AI) and tokenization.

From just 11,000 participants in 2016 to over 65,000 this year, SFF’s growth mirrors the expansion of Singapore’s fintech ecosystem, which now boasts more than 1,800 firms and over 50 innovation centres. Mr. Chia credited the success to collaborative efforts between MAS, industry players, and global technology partners who have collectively built a thriving, innovation-friendly financial environment.

Highlighting achievements, he pointed to how digital banks, robo-advisors, and AI-driven financial services have reshaped accessibility, efficiency, and trust in finance. Initiatives like PayNow and SGQR have made low-cost digital payments ubiquitous, with cross-border interoperability now spanning Thailand, Malaysia, Indonesia, and India, a symbol of ASEAN’s deepening digital connectivity.

Looking ahead, Mr. Chia identified responsible AI adoption as a cornerstone of financial transformation. MAS’ approach spans four fronts:

• Anchoring AI capabilities through initiatives like BuildFin.ai, which connects financial institutions (FIs), research institutes, and tech providers to solve complex industry challenges.

• Broadening adoption with PathFin.ai, a collaborative platform where over 100 institutions share AI use cases and best practices.

• Strengthening governance, with new AI Risk Management Guidelines and an accompanying Executive Handbook launched for consultation to ensure safe, transparent, and adaptable AI use.

• Upskilling the workforce, guided by a Generative AI Jobs Transformation Map, developed with the Institute of Banking and Finance to prepare employees for AI-augmented roles.

The second major theme was presented as a catalyst for building an interconnected “tokenized future.” MAS’ flagship Project Guardian has already demonstrated real-world benefits through on-chain settlement of FX, bonds, and funds. Yet, Mr. Chia stressed that scaling asset-backed tokens requires progress in three key areas:

1. Standardisation and interoperability across networks to prevent market fragmentation.

2. Reliable settlement assets, including regulated stablecoins, tokenised bank liabilities, and wholesale central bank digital currencies (CBDCs).

3. Institutional-grade networks with robust governance, compliance, and security features.

Among the new developments, MAS announced successful interbank lending trials using Singapore’s first wholesale CBDC, as well as upcoming trials for tokenized MAS Bills. The regulator also unveiled plans for a Guide on Tokenization of Capital Markets Products, offering legal and regulatory clarity to support innovation.

Closing his address, Mr. Chia invoked two metaphors, the Mississippi River for AI, which requires levees and governance to prevent harm, and China’s Grand Canal for tokenization, symbolizing an interconnected system that enhances liquidity and reduces friction across borders.

“The tokenised future cannot be built by a single party,” he said. “It will require collaboration between the public and private sectors, within and across jurisdictions.”

With AI and tokenization as twin pillars, MAS is steering Singapore toward a financial future defined by innovation, resilience, and shared progress—true to the Festival’s enduring spirit of “innovation and collaboration.”