Singapore Looks to Create an API Economy
Together with the Association of Banks in Singapore, the Monetary Authority of Singapore has published the ‘Finance-as-a-Service API Playbook’ containing guidelines for application programming interfaces.
![singapore-city-sunset singapore-city-sunset](/sites/default/files/styles/landscape_750_463/public/import/IMG/140/296140/singapore-city-sunset.jpg.webp?h=dbcaf4ac&itok=DsYtwr2B)
In his opening remarks at the FinTech Conference in Singapore on November 16, Ravi Menon, managing director at MAS, said APIs are likely to be one of the most important building blocks for innovation in the future economy.
"Publishing these APIs allows financial institutions to collaborate with external users to seamlessly merge multiple data sets from different sources into an integrated rich data set, and deliver more functional and customized solutions faster and cheaper," Menon said.
He added that the central bank is actively pushing financial institutions to develop and adopt APIs.
MAS, along with the Association of Banks in Singapore (ABS), recently published the "Finance-as-a-Service API Playbook," which gives guidance on common and useful APIs that financial institutions could make available. The Playbook also provides guidance for the standardization of APIs.
A set of common standards will help promote greater data sharing and interoperability, Menon added.
On November 11, the MAS launched its first set of APIs. Data is derived from its monthly statistical bulletin. Among the 12 APIs are data sets on exchange rates and interest rates.
Financial institutions that use data from MAS as benchmark data can use the APIs to minimize manual data entry. Users are also able to automate the extraction of MAS' data.
The central bank will progressively publish more data sets in the form of APIs in the coming months.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
JP Morgan’s goal of STP in loans materializes on Versana’s platform
The accomplishment highlights the budding digitization of private credit, though it’s still a long road ahead.
As data volumes explode, expect more outages
Waters Wrap: At least for those unprepared—though preparation is no easy task—says Anthony.
This Week: ICE Bonds and MarketAxess plan to connect liquidity networks, TS Imagine, Bloomberg, and more
A summary of the latest financial technology news.
Industry associations say ECB cloud guidelines clash with EU’s Dora
Responses from industry participants on the European Central Bank’s guidelines are expected in the coming weeks.
CrowdStrike outage spurs rethink on ‘critical’ vendors
Some want US regulators to designate tech firms that pose risks to financial stability
This Week: ISI buys EPFR; Bloomberg, Warsaw Exchange, Fenergo and more
A summary of the latest financial technology news
US Supreme Court clips SEC’s wings with recent rulings
The Supreme Court made a host of decisions at the start of July that spell trouble for regulators—including the SEC.
TMX’s indexing pivot bears first fruit
The acquisition of index provider VettaFi has boosted revenues in the exchange’s analytics division, but further growth could mean taking on the heavyweight data providers like S&P, FTSE Russell, and MSCI.