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Monetary Authority of Singapore and Mojaloop Foundation to Support the Financially Underserved with Digital Currency Settlement Systems
The
Monetary Authority of Singapore (MAS) and the
Mojaloop Foundation revealed on Wednesday (May 26, 2021) that MAS will be joining the Mojaloop Foundation as a
Sponsor-level member in order to collaborate on offering the underserved access to “affordable” financial services via digital currency based settlement systems and foundational digital infrastructure.
MAS is reportedly the first central bank to join the Mojaloop Foundation.
As mentioned in the announcement, the Mojaloop Foundation aims to improve through financial inclusion the “economic well-being” of the world’s 1.7 billion unbanked adults. Mojaloop’s open-source software aims to serve as a blueprint for organizations to develop interoperable digital payment systems while supporting digital financial services for everyone.