IBM Launches New Developer Tools for Financial Services & Announces Monetary Authority of Singapore Supported Fintech Hub

On Monday, IBM announced the launch of its new developer tools specifically for financial services, which is known as the IBM Cloud for Financial Services. The new tools will notably offer the “essential building blocks” for financial services app creations.

IBM reported that over 100,000 individual and enterprise developers from the financial service industry have already turned to its platform for insight and support. Each user has access to APIss, data, and content to help build financial apps quickly for fintechs, banks, wealth management firms, and insurance companies. The company noted that its new tools may simplify the time-consuming tasks of selection, mapping and data integration, allowing developers to use its services or combine them with their own data. Bridget van Kralingen, Senior Vice President of Industry Platforms at IBM, stated:

“We have extensive expertise in financial services with 97 percent of the world’s largest banks relying on IBM. At the same time, IBM has become the leading AI platform for business. Our experience across financial services and in the commercial deployment of AI with enterprise and start up builders has informed these new tools. We’re excited to see how they put them to work to quickly create the latest solutions powered by cognitive computing and blockchain for everything from new payments directives support, and even regtech solutions.”

IBM also announced, with the support of the Monetary Authority of Singapore (MAS) it has developed the Singapore Fintech Hub, which is now linked to the company’s financial services developer cloud. Sopnendu Mohanty, Chief Fintech Officer, at MAS, added:

“The launch of the hub will help accelerate the growth and influence of Singapore-based FinTech companies to be part of the worldwide ecosystem of API providers. Their solutions and APIs will become available to the global developer community, expanding their market reach beyond Singapore.”

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