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Singapore Fintech Festival 2019 Fintech: a Force for Good Brochure / Report Title Goes Here | Section Title Goes Here Singapore FinTech Festival 2019 FinTech: A Force for Good Brochure / report title goes here | Section title goes here 1. FinTech: A Force for Good 2. Opening Remarks: Re-imagining FinTech 3. Closing Remarks: Inspiring the future 4. SFF Topics Overview 5. Sustainable Finance & Development A. Sustainable Finance B. Sustainable Development 6. Future of Finance A. Insurance B. Banking C. Payments 7. Investment and Global Markets Opportunities A. Global Investor Summit B. Global Markets Outlook 8. Exponential Technologies A. AI and Big Data B. Blockchain C. Cyber Security 9. SMEs and Platforms 10. FinTech Entrepreneurs A. FinTech Awards B. Global FinTech Hackcelerator 11. Contacts Disclaimer This is a summary of the highlights at the Singapore FinTech Festival 2019, which was organised by the Monetary Authority of Singapore (MAS), in partnership with The Association of Banks in Singapore (ABS) and in collaboration with SingEx Holdings (SingEx). The contents of this report are provided “AS IS” and intended for informational purposes only and should not be relied upon as operational, marketing, legal, technical, tax, financial or any other advice. You should consult with your legal counsel to determine what laws and regulations may apply to your circumstances. To the fullest extent possible under applicable law, Deloitte Southeast Asia Ltd (Deloitte), MAS, ABS and SingEx are not responsible for, and will not be liable for any loss or damage sustained by you or any other party arising from, your use of the information contained herein (including errors, omissions, inaccuracy or nontimeliness of any kind) or any actions you may take or not take or assumptions or conclusions you might draw from such information. 02 Singapore FinTech Festival 2019 | FinTech: A Force for Good T TT PAGE FinTech: A Force for Good From 11-15 November 2019, the Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) came together for the inaugural SFF x SWITCH. The combined event attracted more than 60,000 participants from 140 countries, serving as an inspirational cross-industry platform for greater exchange and learning, deepening of tech capabilities, synergistic application of resources, and partnership development for commercialisation. In this Deloitte report, we present a summary of the discussions that took place during the three-day FinTech Conference & Exhibition, which featured for the first time the theme of sustainability, and covered a range of topics including Artificial Intelligence, blockchain, green finance, and financial inclusion. We hope that these thought-provoking insights will inspire you to reimagine FinTech and explore new ideas on how FinTech can be used as a force for good. 9 global speakers 1 International 2 Pavilions FinTech Awards submissions 0 FinTech Awards FinTech investments in 1000 finalists Singapore crossed the exhibitors More than S1 illion 00 mark Hackcelerator submissions 0000 20000 20 Conference visitors across 10 Hackcelerator countries finalists & Exhibition 0 represented visitors Innovation Labs and 0 workshops 03 Singapore FinTech Festival 2019 | FinTech: A Force for Good T TT PAGE Opening Remarks Singapore: Re-Imagining FinTech Presented by Ravi Menon, Managing Director, MAS Ultimately, FinTech is about innovation, inclusion, and inspiration. This means finding better ways of doing things, and creating possibilities to make the world a better place. Since MAS embarked on its FinTech journey four years ago, its efforts have been focussed on re-imagining the different areas of FinTech as platforms to address different problem statements. The five areas MAS has focussed on are: • Reimagining Digital Infrastructure Singapore’s digital infrastructure stack includes its National Digital Identity platform; and PayNow, a peer-to-peer funds transfer service. Other initiatives in this area include Project Ubin, a collaborative project between MAS and the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. 04 Singapore FinTech Festival 2019 | FinTech: A Force for Good • Reimagining Innovation The API Exchange (APIX) platform was developed to enable financial institutions and FinTechs to better collaborate together via a global FinTech Marketplace, sandbox, and on-demand IT infrastructure for financial innovation and inclusion. • Reimagining Collaboration Business sans Borders (BSB), a public initiative led by MAS and the Infocomm Media Development Authority, is a hybrid data and solutions hub that provides enhanced domestic and international trade opportunities for the small and medium enterprises (SMEs), interoperability between SME ecosystems, and a sandbox environment to accelerate testing and delivery of new services for SMEs. • Reimagining Regulation A FinTech regulatory sandbox is established to facilitate nimble experimentation at lower cost in the live environment with defined boundary conditions and suspended regulations. • Reimagining Financing MAS, Deloitte, and S&P Global Market Intelligence have developed a prototype for the FinTech Research Platform, an industry-wide digital research platform that will connect investors and financial institutions with FinTechs that they can partner with or invest in. Deal Fridays is also another matching tool that is thematically curated, and provides start- ups with access to investor networks and global capital. 05 Singapore FinTech Festival 2019 | FinTech: A Force for Good · APIX nnovation · Singass igital siness · ao inrastrctre ollaoration sans · roect in orers eiagining S FinTechs as lators · FinTech esearch · eglator lator Financing eglation Sano · eal Frias 06 Singapore FinTech Festival 2019 | FinTech: A Force for Good T TT PAGE Closing Remarks Leader’s Talk: Inspiring the Future Presented by Heng Swee Keat, Deputy Prime Minister and Minister for Finance, Singapore As we venture into the future, we must ensure that our quest for innovation and technology puts people at the centre, and remains accessible to all. Technology has enabled Singapore to transform itself into a competitive economy and progressive society. While the context may differ across countries, the challenges are similar across the globe. Countries will therefore need to harness technology, and keep up with innovation. 07 Singapore FinTech Festival 2019 | FinTech: A Force for Good But technology also has several downsides. These include the use of social media as a conduit for divisive content and fake news, and the use of automation and Internet of Things (IoT) that impact livelihoods even as they improve overall productivity. To mitigate these risks while maximising the benefits of technology, it is useful to keep three principles in mind: • Putting People at the Heart of Our Endeavours We need to adopt a human-centric approach towards the application of technology to ensure that their applications are practical, accessible, and inclusive. This means designing technology applications with the user in mind, and investing in the workforce to ensure that they are skilled with the use of technology. • Staying Open and Connected Technology and innovation thrive in an open and connected environment. Collaborations between the research community, industry, and government – the triple helix model of innovation – enables more to be achieved. Beyond national borders, it is also important to collaborate on common challenges through international partnerships. • Ensuring Good Governance Good governance is critical. Opening new frontiers, for example, in precision medicine and autonomous vehicles, may expose us to new risks. Governance and technology specialists will need to come together to decide how quickly and how far these technologies should be deployed – and how to do so ethically. Cyber risks are also becoming more prevalent, with damaging impacts to digital services and infrastructures. In recognition of this, like-minded groups and countries are coming together to establish robust regimes to ensure responsible behaviour in cyber space. When it comes to AI, it is also important to preserve innovation while defining rules to maintain accountability. Earlier in the year, Singapore published Asia’s first Model AI Governance Framework, which provides readily implementable guidance to address key governance and ethical issues in AI. In addition, MAS is collaborating with the industry through the new “Veritas” initiative, which will help to ensure that the use of AI and analytics in financial institutions remain fair, ethical, accountable and transparent. 08 Singapore FinTech Festival 2019 | FinTech: A Force for Good Scan the QR code to watch the full video of this SFF session! 09 Singapore FinTech Festival 2019 | FinTech: A Force for Good T TT PAGE SFF Topics Overview Sustainability, Finance and Technology Issues on sustainable finance, investment opportunities and challenges in climate change, solution on tech enabling climate and disaster risk will be covered in this thematic section. Future of Finance Ideas and innovation relating to the future of market infrastructure. Banking, capital markets and insurance as well as investment opportunities will prevail in this track. Investment and Global Markets Opportunities Get the latest updates on the global market outlook, future of market infrastructure, the trend of rising digital banks, cybersecurity technology and threats, international standards and cross-border collaboration here. Exponential Technologies Discussions on the
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