Ripple, NUS Join Forces to Accelerate Fintech Growth in Singapore

Ripple, the San Francisco-based distributed ledger technology (DLT) project in charge of the XRP altcoin, has joined forces with the National University of Singapore’s (NUS) School of Computing to launch a financial technology lab dubbed the NUS FinTech Lab. The team hopes the lab will help accelerate the growth of Singapore’s fintech ecosystem by fostering collaboration between market participants, government agencies, regulators and educational institutions, according to reports on November 6, 2019.

Ripple Unveils Fintech Lab in Singapore

Despite being criticized for constantly dumping huge amounts of its XRP token into the market, it appears Ripple remains dedicated to promoting blockchain technology adoption across the globe.

In the latest development, Ripple has joined forces with the School of Computing at the National University of Singapore (NUS) to launch the NUS FinTech Lab, which the team hopes will boost the nation’s fintech sector by bringing together market participants, regulators, educational institutions and other stakeholders.

Reportedly, the NUS FinTech Lab will be led by a Singapore-based fintech liaison group made up of key members of various business and financial institutions, government parastatals, as well as faculty members of NUS Computing.

Commenting on the initiative, Professor Mohan Kankanhalli, Dean of NUS Computing and Chairman of the NUS Fintech Lab Advisory stated that the project is a forward-thinking initiative.

“The lab will provide a neutral space for dialogue and innovation, connecting the worlds of academia and industry so that our education programmes can be readily translated into practice and in turn, generate results.”

Fintech Lab to Train 1,000 Students

The NUS, which is already a member of Ripple’s University Blockchain Research Initiative (UBRI), has hinted that the new fintech lab will become a part of the education arm of NUS Computing’s Industry FinTech Initiatives (SIFI), and it will organize workshops, training seminars and short-term projects that would expose at least 1,000 students and professionals to blockchain technology and fintech within a year.

It’s worth noting that Ripple’s blockchain solutions have seen a significant increase in adoption in recent times.

On November 5, 2019, BTCManager informed that Vietnam’s Tien Phong Commercial Bank (TPBank) has joined RippleNet, in a bid to tap blockchain technology for cross-border payments.