MAS in Mojaloop Partnership to Advance Financial Inclusion
The foundation's first central bank partner will help it in its mission to advance financial inclusion in emerging economies through digital currency based settlement systems and foundational digital infrastructure.
As part of the partnership, the Monetary Authority of Singapore (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, according to an announcement on Thursday.
Mojaloop maintains free, open source software to connect the underserved with the emerging economy. Merchants, banks, providers, government offices, and other entities looking to build inclusive payments platforms can use Mojaloop as a commercially viable real-time payments reference model.
Its other sponsor-level members include the Bill & Melinda Gates Foundation, Google, ModusBox and The Rockefeller Foundation.
New Opportunities
MAS said this partnership will also provide new opportunities for the fintech ecosystems in Singapore and Asia-Pacific.
MAS chief fintech officer Sopnendu Mohanty will join the foundation's board as an advisor, while fintech infrastructure office division head Alan Lim will serve on its technical governing board.
«Technology guided by empathy can help bring innovative solutions to real-world problems and promote an inclusive economy,» Mohanty said in the announcement.
