The Group’s task is to work with the financial industry and FinTech players and help foster a conducive ecosystem for innovation. MAS has committed $ million (or $ million) over five years to support the development of a vibrant FinTech ecosystem. Earlier this year, MAS and the National Research Foundation (NRF) set up a FinTech Office to provide a one-stop point-of-contact for all FinTech matters. – If you are a FinTech company interested in finding out what are the grants and assistance schemes available in Singapore or connecting with relevant government agencies to expedite approvals – this is the Office to go to. Creating the infrastructure for an innovation ecosystem is a shared responsibility and joint effort. MAS plays the role of a facilitator, the real work is done by the financial industry and the FinTech community coming together to collaborate and create. Let me highlight the exciting infrastructure initiatives underway: Physical spaces for collaboration and experimentation. Infrastructure for electronic payments. A national “know-your-customer” utility. A blockchain infrastructure for cross-border inter-bank payments. An open API architecture. Physical Spaces for Collaboration and Experimentation A basic element of the FinTech infrastructure is having physical spaces that facilitate collaboration and partnerships among different players. 5/9  BIS central bankers' speeches  Just last week, we saw the launch of LATTICE80, Singapore’s first FinTech innovation village. LATTICE80 offers dedicated physical space in the heart of Singapore financial district for FinTech start-ups to work, connect, and co-create with the financial industry and VC investors.
Thomas Jordan: SNB monetary and investment policy and the impact of the strong Swiss franc Summary of a speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Volkswirtschaftliche Gesellschaft des Kantons Bern, Berne, 28 November 2012. *  *  *  The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). As part of measures to combat the financial and economic crisis, balance sheets of central banks around the world have expanded substantially. In 2009 and 2010, the Swiss National Bank (SNB) intervened in the foreign exchange market in order to combat an excessive appreciation of the Swiss franc. On 6 September 2011, it set a minimum exchange rate of CHF 1.20 per euro, in order to avert major damage to the Swiss economy. Since then, the SNB has enforced this minimum rate with determination and is prepared to buy foreign currency in unlimited quantities. This monetary policy is reflected in a very substantial expansion in its balance sheet. It has also altered the importance of the currency reserves and had an impact on the SNB’s investment policy. In view of its mandate, monetary policy has priority at the SNB. Investment policy must be subordinated to the requirements of monetary policy. It is at the service of monetary policy and may not limit its room for manoeuvre. At present, enforcement of the minimum exchange rate has the greatest influence in the management of the currency reserves.