Singapore Fintech Festival Conference 2019 Day 2 Key Highlights
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Singapore FinTech Festival Conference 2019 Day 2 key highlights 12 November 2019 01 Singapore FinTech Festival Conference 2019 | Day 2 key highlights Contents Plenary Stage The US Tech Giants Agenda: Conversation with Intel, Microsoft & Nasdaq Macro Vulnerabilities vs Technology Opportunities Sustaining Financial Services - Why Tech Is Key From carving in stone to writing in DNA: History and Future of Data Storage by Kees Immink, President, Turing Machines Inc. Defining the Future of Digital Currency Sustainability, Finance and Tech Stage - Powered by Deloitte: Sustainable Finance Eyeing humanity’s impact on Earth through satellite imagery Fireside Chat: SDGs: The blueprint for a sustainable future Sustainable finance: The trillion-dollar opportunity New deal for finance: Natural capital for resilient portfolios FinTechs for good: Combating climate change with technology Sustainability is good for business This document is developed by the Monetary Authority of Singapore (“MAS”) in collaboration with Deloitte Southeast Asia Ltd (“Deloitte”). It directly reports on and summarises the topics presented and discussed at the FinTech Conference as part of the Singapore FinTech Festival 2019. The contents within this document by no means reflect views and opinions from Deloitte or MAS. Please contact Deloitte, MAS or other appropriate organisations and agencies should you wish to obtain expert opinions on what has been reported in this document. © 2019 Deloitte Southeast Asia Ltd 2 Singapore FinTech Festival Conference 2019 | Day 2 key highlights Future of Finance Stage- Powered by Prudential: Payments Payments are Dead; Long Live Payments. Opening by Joop Wijn, Chief Strategy & Risk Officer, Adyen Panel Discussion Breaking the Rules; and Rewriting them Fast Forward Payments. The future is here Opening by Chris Clark, Regional President, Asia Pacific, Visa Inc. Panel Discussion Transformative Payments: More than meets the eye Token Awoken: Beyond the Horizon Investment and Global Markets Opportunities Stage - Powered by AMTD: Global Market Outlook Fireside Chat with Arif Amiri, Dubai International Financial Centre Global Trade and Investment – Public and Private Perspective The Essence of Digital Transformation by Sonia Wedrychowicz, Digital Transformation Practitioner & Thought Leader The Rise of Digital Banks Global Leaders' Perspectives on Financial Services Innovation Opportunities and Challenges of the Equities Investment Ecosystem in China and the Needed Market Structure Reforms (curated by ASIFMA) Cross Border Collaboration is Key 3 Singapore FinTech Festival Conference 2019 | Day 2 key highlights Exponential Technologies Stage: Blockchain Fireside Chat - Blockchain and the Tokenisation of Everything: What does the future hold? Panel Discussion - Blockchain and the Tokenisation of Everything: What does the future hold? Securities Dematerialisation to Assets Tokenisation Blockchain Interoperability Beyond POCs: The Production Journey Opening by David E. Rutter, Founder & Chief Executive Officer, R3 Panel Discussion: Beyond POCs: The Production Journey Competition to Collaboration: Building Blockchain Business Networks Closing Remarks by Christian Catalini , Co-Creator of Libra, Head Economist, Calibra (Facebook) Coral Triangle Stage SFF Global Leaders' Roundtable Driving Inclusion – Re-thinking The Unbanked (by Ecosystm) Exponential Technologies – Creating a Better World (by Ecosystm) Cash In/Cash Out networks for digital financial inclusion hosted by CGAP 4 Singapore FinTech Festival Conference 2019 | Day 2 key highlights Plenary Stage The US Tech Giants Agenda: Conversation with Intel, Microsoft & Nasdaq 9.00 am Speakers Brad Peterson, Executive Vice President Chief Technology Officer Chief Information Officer, Nasdaq Kurt DelBene, Chief Digital Officer Executive Vice President, Corporate Strategy, Core Sevices Engineering and Operations, Microsoft Parviz Peiravi, Chief Technology Officer, Financial Services Industry Solutions, Intel Corporation Moderator: Adrienne A. Harris, Founder, CodexStrategies Key points Nasdaq is one of the largest equity exchanges in the world. It is also a technology company that provides market technologies to many of the world’s exchanges. Brad Peterson is most excited about Nasdaq’s adoption of cloud technology and its ability to take internally developed solutions and turn them into consumable APIs. Kurt DelBene believes that cloud technology is really changing the way financial services operate and companies are using it to transform themselves. Parvis Peiravi looks forward to collaboration with customers and partners to drive innovative changes across industries such as financial services. A recent World Economic Forum report highlighted that the majority of disruption in financial services comes from large technology companies as opposed to start-ups. Companies making major investments in cloud are capable disruptors regardless of which industry they operate in. If these companies enter the financial services space, they could pose a major threat to existing players in the industry. One area that they could move into is payments as there are opportunities for technological disruptions. If established companies do not disrupt themselves, they would not be able to keep up with the competition. Start-ups also have the ability to disrupt the industry. One example is LinkedIn. From a company with a business and engagement model that did not even exist, they are now strong competitors in the business social networking industry. Start-ups have the ability to come up with innovative ideas and have them tested at a faster frequency. Larger companies like Intel are looking into stabilising that innovation and scaling the capability. Hence, both parties can benefit from one another, as established companies can work hand in hand with start-ups to provide them the infrastructure to turn their ideas into reality. Collaboration in the new world, between incumbent financial institutions, start-ups and regulators, is not a luxury but a necessity. It is important they work together as a team so that everyone understands the capabilities that technology can bring to the table. When regulators are more involved in the process from initiation to development of the technology, approval and certification happen at a much faster rate. In terms of anticipating the future direction and trends, industry leaders usually get signals from their partners that help them identify trends that are emerging from the industry. Secondly, they look at what start-ups are doing as well as hear from larger companies what their needs are and what they hope to accomplish. With that, the team can develope a vision of where the industry is heading and figure out what is the investment roadmap that can get them there. It is important for leaders to understand that markets are not homogenous and are different in various places. The critical thing is to establish a presence in these markets through partnerships and 5 Singapore FinTech Festival Conference 2019 | Day 2 key highlights recruitment of key talent. It is important to be aware of the emerging trends on the ground so that they can react accordingly and identify the right market to launch products and services. It is important for employees to feel like they are part of the future of the company. When people feel like they are part of the organisation and are responsible for driving change in the company, they are more motivated to work. In order to retain talent, companies need to have an enabling platform to keep the employees in the company excited. Universities provide a great platform for talent management as they are shifting their curriculum to equip their students with the necessary skills to work in the technology industry. Collaboration with regulators worldwide is key to success. For example, the co-development of Anti- Money Laundering (“AML”) solutions, providing use cases to illustrate that the technology works and MAS’ efforts in organising FinTech events to provide a forum for the regulator to socialise and familiarise themselves with emerging technologies In closing, cyber threats are more sophisticated than ever and companies need to rethink their strategy around security. Other emerging technologies such as confidential computing, opportunities in APIs and cloud are key topics of interest in this new world. Photo/s 6 Singapore FinTech Festival Conference 2019 | Day 2 key highlights Macro Vulnerabilities vs Technology Opportunities 9.50am Speaker Anshu Jain, President, Cantor Fitzgerald Moderator: Haslinda Amin, TV Anchor, Chief International Correspondent Southeast Asia, Bloomberg Key points The fireside chat opened by highlighting the negative yield in the interest rate environment. This has affected investing behaviour because a lot of money has made its way to the technology sector and driven up the valuation of the companies in this sector. This is happening because the low or negative yielding debts have made borrowing cheaper as markets are flushed with cash. The pension fund and insurance companies are being forced to invest this excess money in the private markets to yield decent returns and this would in turn drive up valuations as investors continue to hunt for yield. On the other hand, markets had expectations that the Google and Facebook phenomena will continue in the near future. However, with 2019 proving to be a disappointing year for tech IPO, the new tech companies find themselves facing challenges to justify their valuations.