The Monetary Authority of Singapore (MAS) is to join the Mojaloop Foundation as a sponsor-level member to collaborate on providing affordable financial services through digital currency-based settlement systems and foundational digital infrastructure to the underserved.
The Mojaloop Foundation seeks to improve through financial inclusion the economic well-being of the 1.7 billion unbanked adults in the world. Mojaloop’s open-source software serves as a blueprint for organisations to build interoperable digital payment systems and enable digital financial services for all.
The partnership between MAS and Mojaloop’s open-source community aims to bring together MAS’ policy development perspectives and Mojaloop’s digital payments capability to advance financial inclusion in emerging economies. The collaboration will also provide new opportunities for the fintech ecosystems in Singapore and Asia-Pacific.
MAS will provide policy perspectives and technical guidance that can contribute to the mission of the Foundation, building on its experience with Project Ubin’s Central Bank Digital Currency (CBDC) development efforts. Sopnendu Mohanty, Chief Fintech Officer of MAS, will serve as an adviser to the Mojaloop Foundation’s Board of Directors, while Alan Lim, Division Head, Fintech Infrastructure Office of MAS, will serve on the Technical Governing Board. MAS is the first central bank to join the Mojaloop Foundation.
“The Mojaloop Foundation is very pleased to welcome MAS to be our newest Sponsor member,” said Paula Hunter, executive director of the Mojaloop Foundation. “The Mojaloop Foundation’s mission to increase financial inclusion is shaped by the potential of emerging economies to innovate and adopt efficient, interoperable domestic and cross-border applications, and MAS will bring valuable experience and expertise that will further our objectives.”
“Our vision of universal financial inclusion is a world where everyone, everywhere can access and use the financial services they need to lead a more productive life, using a simple mobile phone,” added Kosta Peric, chair of the Mojaloop Foundation and deputy director of the Financial Services for the Poor programme at the Bill and Melinda Gates Foundation. “MAS’ track record of innovation in regulation and payments brings credibility, new rigor, and talent to the Mojaloop community, which can help our partners drive broader adoption of inclusive domestic and cross-border payment platforms that reach and benefit the poor.”
“Technology guided by empathy can help bring innovative solutions to real-world problems and promote an inclusive economy. MAS is excited to join the Mojaloop Foundation to support its open-source technical development and contribute expertise on digital currency-based settlement infrastructure to Mojaloop’s payment system for domestic and cross-border transactions,” comments Sopnendu Mohanty.