MAS supports charity to help those without bank access

Out-Law News | 04 Jun 2021 | 2:02 am |

The Monetary Authority of Singapore (MAS) is supporting a charity which aims to improve the economic well-being of the world's 1.7 billion unbanked adults through financial inclusion.

MAS is the first central bank to join the Mojaloop Foundation and will support its work providing the underserved with access to affordable financial services through digital currency based settlement systems and digital infrastructure, said a statement.

MAS will provide policy perspectives and technical guidance, building on its experience with Project Ubin's central bank digital currency (CBDC) development efforts, the statement said. Project Ubin is an industry effort exploring the use of distributed ledger technology to clear and settle payments and securities more efficiently.

Mark Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “By being the first central bank to join the Mojaloop Foundation, the MAS will in all likelihood be well placed to help drive and contribute to the Foundation’s primary mission of increasing financial inclusiveness through the roll-out of more inclusive domestic and cross-border payment platforms to service all levels of society. In particular, the MAS’s experience and expertise in the area of digital currency based infrastructure and its knowledge of technological and regulatory developments in this field are likely to prove useful to the Foundation, as it strives towards greater adoption of inclusive payment systems worldwide. ”

Other sponsor-level members include the Bill & Melinda Gates Foundation, Google, ModusBox and the Rockefeller Foundation.