IDB will promote inclusive financial services in Latin America and the Caribbean
The agency signed an agreement with the Monetary Authority of Singapore with the purpose of promoting programs that accelerate innovations in financial services of both regions
The Inter-American Development Bank, through its BID Lab group, recently signed an agreement with the Monetary Authority of Singapore (MAS) for the development of plans, programs and strategies that accelerate innovations in financial services for Latin America and the Caribbean..
The main aspects of this alliance include the creation of cross-border collaboration networks between fintech platforms in Singapore and LAC (Latin America and the Caribbean) for the development of joint innovation projects.
In addition, encourage dialogue on policies of common interest in data management, cybersecurity and digital identity, together with the technological transformation of financial institutions.
In fact, the IDB Group will be in charge of creating a platform through which these financial entities in LAC can “test solutions, connect and exchange knowledge about strategies and innovation initiatives”.
As indicated by Irene Arias, manager of BID Lab: “With this agreement, we take a step forward for BID Lab to consolidate itself as the agent that connects Latin America and the Caribbean with the most innovative financial agents in the world.”
She added that the countries of Latin America and the Caribbean will be able to learn from the experience of the MAS and the Technology and Financial Innovation Group in aspects such as new regulatory approaches and digital financial solutions.
M.Pino
Source: Finanzasdigital
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