The partnership with the National University of Singapore will bring together industry players, government agencies, regulatory bodies and educational institutions to develop and apply emerging technologies in the field.
The School of Computing at the National University of Singapore and blockchain payments firm Ripple have come together to establish the NUS FinTech Lab, which aims to deepen knowledge and groom talent in the sector in Singapore, the two parties announced in a media statement on Wednesday.
The academic lab is led by an industry liaison group comprising representatives from the private sector, government agencies and faculty members of NUS Computing.
It plans to expose 1,000 students and industry professionals to fintech within one year through courses and programs open to NUS faculty and students, and those working in the field.
NUS FinTech Lab is part of Ripple’s $50 million University Blockchain Research Initiative (UBRI) that supports academic research, technical development and innovation in blockchain, cryptocurrency and digital payments. The firm is working with six universities in Asia, including NUS, under UBRI.
It will be a neutral space for dialogue and innovation that connects academia and industry, translating education into practice and generating tangible results, the statement said.
The launch of the NUS FinTech Lab is a significant step toward recognizing the full potential of blockchain technology in finance and the real-world benefits of collaboration between academia and industry. Perhaps most importantly, the FinTech Lab will prepare students for the career opportunities brought about by continued technological advancements in finance, said Eric van Miltenburg, Ripple’s SVP of global operations.