Singapore FinTech Festival Recap
With over a whopping 60,000 participants, the annual Singapore FinTech Festival was held from 2 November to 4 November at the Singapore Expo, boasting a multitude of exhilarating programmes. From an opening address by Mr Lawrence Wong, the Deputy Prime Minister and Minister for Finance, to an enriching briefing by none other than Mrs Melinda Gates, the Singapore FinTech Festival had it all. The 7th edition of the Singapore FinTech Festival concluded with a record 62,000 participants from over 115 countries, with countless breakthroughs and newfound products in the FinTech sector.
The Singapore FinTech Festival 2022 was mainly targeted at digital transformation in a new technologically-advanced age. With an ever-rising use of e-commerce and digital financing, there will be needs for additional technologies in FinTech, such as artificial intelligence and data to help support the rising demand.
Each day was split into 3 time frames – morning, afternoon and evening. The mornings were focused on creating perfect business models, concentrating on their 3 most important aspects : viability, responsibility and inclusivity.
There were then 2 knowledge plenaries in the afternoons, which focus on a slew of topics, ranging from sustainable businesses to FinTech regulations in this new technological age. In the late afternoons, after the knowledge plenaries, there was a massive exhibition, boasting workshops, networking opportunities and of course, showcases of the hottest new FinTech products on stage.
The evenings played host to the Industry Networking Party (2nd November) and the Global FinTech Awards (3rd November). The Industry Networking Party hosted various stakeholders, from venture capitalists to startup owners, for them to widen their network extensively to forge professional relationships to help progress in their careers. The annual Global FinTech Awards witnessed 65 finalists waiting with bated breath to clinch awards presented by the Monetary Authority of Singapore (MAS), Singapore FinTech Association and the Association of Banks in Singapore.
The Elevandi Insights Forum was an invitation-only reception of policymakers, financial services leaders, founders, investors, and technology experts to shape the future of finance. The Forum included a series of closed-door, 2-hour roundtables organised in partnership with policymakers, multilateral agencies and NGOs including the MAS, BIS innovation hub, UNESCAP, IIF and the Milken Institute.
The exhibition featured multiple stages and points of interest. It had extensive presentations about the idea of integrated financial ecosystems, including workshops and various sharings on ESG, World FinTech Festival, etc. It also included learning journeys to explore more on the newest breakthroughs in FinTech.
DPM Lawrence Wong’s address
“We are all here because we believe in the power of technology. In many ways, it can enhance our productivity and connectivity, it can empower people and small businesses, it can help us envision the future,” – Deputy Prime Minister Mr Lawrence Wong on the use of technology at the Singapore FinTech Festival 2022. He spoke about the 5 Es of technology : to enhance, empower, envision, encourage and engage. These 5 Es have set the backdrop for Singapore’s FinTech journey to harness technology’s full potential.
MD Ravi Menon’s Address
“FinTech in its element : Water, Metal, Fire, Wood, Earth” – MD Ravi Menon pointed out. At the Singapore FinTech Festival 2022, Mr Ravi Menon, the managing director of MAS spoke about the five key issues that FinTech collaboration is attempting to solve. These are instant remittance, atomic settlement, programmable money, tokenised assets and trusted sustainability data. He delved deep all the way into the roots of FinTech’s basic attributes, what it aims to achieve and touched on FinTech’s future.
FinTech’s future in Singapore
The MAS aims to make FinTech a regular product of our lifestyles. They have started rolling out trials for the digital Singapore dollar, in future attempts to fully digitalise notes and coins. According to the MAS, the use of purpose-based money(PBM) could eliminate the need for voucher users to have a bank account, reduce complexity from multiple schemes, and speed up payment processing times and lower business costs.
With innumerable possibilities and advancements in the FinTech sector, the Singapore FinTech Festival 2022 provided a splendid platform for drafting new ideas, as well as popularising the subject of financial technology among the public. All that is to be said is – the future looks bright in FinTech’s hands.
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