10  BIS central bankers’ speeches  We are still in early days on this initiative and will work with the industry on how best to take this forward. Fourth, supporting a FinTech ecosystem. The effort to grow a Smart Financial Centre must go beyond the financial industry, to help nurture a wider FinTech ecosystem. We need a strong FinTech community that can: •  generate ideas and innovations that FIs could adapt and adopt; and  •  provide a platform for collaborations with the industry to produce innovative solutions for defined problems and needs. For those of you who are not aware, we have a pretty vibrant FinTech start-up community that is growing over at the “Launchpad” in Ayer Rajah Industrial Estate. MAS looks forward to engaging FinTech start-ups more actively – to better understand emerging innovations as well to help them design their solutions bearing in mind the regulations and risk considerations that apply to the financial industry. Fifth, building skills and competencies in technology. Technology will disintermediate and make obsolete many jobs in the financial sector, but it will also create new ones. Finance professionals will need new capabilities. And the industry will need skills and expertise from other disciplines traditionally not associated with finance. MAS and the financial industry must work together to prepare for the changes ahead on the jobs and skills front. Building capabilities and opportunities in FinTech will be a key area of focus in the financial sector’s SkillsFuture drive.
Dear guests, I wish you a successful work and a pleasant stay! Thank you. 2  BIS Review 165/2010