Fostering Innovation and Impact: A Collaboration to Bolster FinTech and Social Progress – Flex International.

Singapore Strengthens FinTech and Impact Ecosystem Through Partnership

Two prominent Singaporean institutions, the Monetary Authority of Singapore (MAS) and Temasek Trust, have joined forces to accelerate the growth of financial technology (FinTech) and impact investing in the region. This collaboration aims to establish a unified roadmap and a compatible technological framework to streamline collaboration across various open technology platforms.

Shared Vision, Open Infrastructure

The partnership leverages the strengths of existing open platforms – the MAS-supported Global FinTech Institute’s (GFI) FLEX (FinTech Lending and Investment Exchange) and Temasek Trust’s Co-Axis. By fostering collaboration and attracting global capital, this initiative seeks to propel the financial sector, FinTech companies, and impact projects in Singapore and beyond.

Quotes Highlighting Shared Goals

  • A MAS official (e.g., Chief Fintech Officer) emphasizes the growing synergy between FinTech innovation and impact investing, aiming to channel capital towards sustainable solutions. This collaboration, through open and inclusive digital infrastructure, will connect investors, FinTech firms, and impactful solutions, ultimately transforming investment from profit-driven to purpose-driven, benefiting communities across Asia.
  • A Temasek Trust representative (e.g., CEO) highlights the shared vision of mobilizing capital for impactful opportunities through multi-sector partnerships. Their collaboration on Co-Axis will facilitate resource sharing and unlock new funding avenues for innovative solutions that create positive change. The focus is on creating a seamless experience for investors and philanthropists, fostering a vibrant ecosystem for positive environmental and social impact.

FLEX and Co-Axis: Driving Innovation and Impact

FLEX, launching in 1H 2024, is poised to revolutionize the FinTech landscape. This GFI-operated platform will provide features like innovative pathways for investors, FinTechs, and skilled professionals, access to global FinTech opportunities, integration of Universal Trusted Credentials (UTCs), and a phased development approach. Certified FinTech professionals can leverage FLEX’s talent hub to connect with potential employers.

Co-Axis, another platform launching in 1H 2024, serves as a catalytic capital marketplace. Developed by Temasek Trust and partners, it connects impact innovators and funders who share a commitment to social progress. This platform fosters a community for sharing best practices and scaling impactful initiatives. Potential partners include financial institutions, investors, family offices, corporations, startups, charities, and impact project owners. Co-Axis allows accredited philanthropists and high net worth individuals to support impactful projects and companies through various financial instruments, with initial returns reinvested for future impact, maximizing the initial contribution. Impact measurement and management are central to Co-Axis. Temasek Trust, in collaboration with MAS, is exploring the application of digital tools and frameworks to verify impact data on the platform.

Seamless Collaboration and Network Sharing

FLEX and Co-Axis will share common functionalities like customer onboarding and project matching solutions, streamlining user experience and reducing costs. Both platforms will explore a standardized data approach aligned with international frameworks and partner UTCs for investor and FinTech credentialization. This facilitates data sharing, promotes standardized impact reporting, and allows for cross-platform marketing and lead generation, ensuring funders are exposed to a wider range of FinTech and impact opportunities.

The Road Ahead

With the launch of FLEX and Co-Axis in the first half of 2024, this collaboration promises to significantly enhance Singapore’s FinTech and impact ecosystem, fostering innovation and accelerating positive social change.

This article was originally published on Forbes.com on TemasekTrust.org.sg on November 14, 2023

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