Forbes: Fidor Bank helps Singapore to foster future financial technology entrepreneurs

nnThe Fidor Bank’s Singapore division has decided to invest in local science and engineering institutions to provide their own expertise and technology to foster the future of financial and technical personnel. This has been supported by MAS, which is conducive to further development of financial technology in the region from a more fundamental and far-reaching level. Singapore’s leading position in financial technology in the Asia-Pacific region is expected to be consolidated.n
nTranslated by: Inan
Smart country Singapore is moving forward in the field of financial technology, especially last month announced that Fidor Bank will invest in five polytechnics to help students and lecturers receive training, use Fidor’s API sandbox and “fidorOS” digital banking platform to develop finance Technology application. This is an important step for Singapore’s financial sector and financial technology, as students will be able to develop digital banking services that will continue to apply when they work in traditional banking or other areas.n
With the support of MAS, Fidor Bank’s $ 800,000 ($ 600,000) investment will be spent on the opening of a financial science and technology education program at the Yoshiyuki Polytechnic Institute in Singapore, which will also require S $ 160,000 ($ 120,000) And in the near future to promote Singapore to become the Asia-Pacific region’s financial technology center. Entering the Fidor sandbox will also mean that 500 students in the project will be able to use the “fidorOS” platform to test the applications they create. Some students will also have the opportunity to practice at Fidor headquarters, where similar projects are being carried out.n
Clarence Ti, president of Yoshiyuki Polytechnic, said students can get exciting learning and experience by incorporating Fidor’s API bank program into the course. Fidor’s collaboration will provide students with real practice and hone their digital banking skills to help them prepare for future market entry. MAS’s chief financial officer Sopendu Mohanty added:n
n”The cooperation of science and technology and Fidor will undoubtedly further develop Singapore’s financial technology ecosystem through knowledge sharing. MAS expects the project to attract more interest and bring benefits to institutions of higher learning.”n
nMatthias Kroner, founder of Fidor Bank and CEO of Fidor Group, stressed that they are in line with the vision of the Singapore government and hope to bring innovation to create a great experience for our customers. In addition to sharing knowledge with students who will become future financial and technical personnel, But also with more financial technology companies. “We are delighted to be able to educate Singapore’s Smart National Program through API technology,” said Kroner. “Singapore is also home to the bank’s new Asia Pacific office and its financial technology center has been consolidated.n
Kroner said in a conversation:n
n”At Fidor, we believe that this journey begins at the educational level and through our initiative we will contribute to the technical and financial skills of Singapore’s new future workforce, which demonstrates Fidor’s commitment to sharing itself with the financial and technological field Knowledge and support – to support students who will become financial and technological leaders and entrepreneurs in the future. “n
nWith the rapid formation of financial technology in Asia and the adoption of more, financial technology becomes necessary – traditional banks need to cooperate with or have the technology to maintain a leading position. Challengers like Fidor have taken a big step forward and aimed at the education system, which will provide students with the skills they need to work in the digital age. In addition, MAS support will also ensure that the future of financial technology will come, even if the future is still very far away.n
Kroner said:n
n”This means that financial technology platforms can focus on creating and testing their concepts while having the opportunity to minimize the viable product (MVP) phase as soon as possible before they begin to worry about compliance with local regulations, which makes Singapore a fast Tracking innovation and consolidating its leading position in the region, and from a longer-term perspective, financial technology companies will also benefit from their superior geographic location to develop large markets in the Asia Pacific region. “n
nUsers who do not have a bank account or who can not enjoy banking services will be more likely to seek this solution in terms of business only through mobile phones. Kroner explained:n
n”Financial technology challengers are already aware of the opportunities ahead and trying to get a fraction of their interest. Local governments in countries such as India and Myanmar are also trying to attract foreign investment and drive economic growth by making bank licenses easier.”n
nn”The West may also be a competitive threat, mature financial and technological challenges are now extremely concerned about Asia.Economic growth in the eastern part of the faster than the West, which financial technology will lead the region and the new regulatory and initiatives to what extent The new opportunity for managing the banking industry is that Fidor’s real opportunity for the region lies in the ability to operate an innovative and mature digital bank, and from a cost point of view, it will enable everyone to enjoy the services of the bank “n

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