Exploring the future of fintech

With advancements in artificial intelligence (AI), quantum computing and decentralised networks shaping fintech’s trajectory, there is an imperative for dialogue among policymakers, technologists and financial sector experts to ensure the smooth and responsible development of these burgeoning spaces.

The Singapore FinTech Festival (SFF) has emerged as an important platform for fostering discourse surrounding policy, finance and technology. Find out how this year’s festival focuses on four core themes: Rearchitecting the financial system, preparing for future risks, nurturing talent and entrepreneurship and investigating AI’s ethical considerations.

1. A NEW FINANCIAL INFRASTRUCTURE FOR THE DIGITAL AGE

Approximately one-third of the global adult population, amounting to about 1.4 billion individuals, remain without access to banking services. Additionally, across numerous regions, financial transactions such as transferring, saving or investing money are fraught with high costs and inefficiencies. However, a significant shift may be on the horizon with the rise of alternative currencies.

According to Mr Pat Patel, executive director of Elevandi, the very nature of currency and financial transactions is being reinvented with the emergence of central bank digital currencies (CBDCs), tokenised deposits and stablecoins. “These innovative digital assets could pave the way for a more inclusive monetary system, particularly when integrated with digital public infrastructure,” he said. “The advent of new technologies may fundamentally alter the way consumers and businesses spend, save, manage, borrow, share and send money.”

2. ANTICIPATING AND MITIGATING FUTURE RISKS

Existing frameworks and policies designed to address the spectrum of emerging and evolving risks fall short in protecting an increasingly digital economy. Some of these risks include inadequately insured cybersecurity threats, the repercussions of rising temperatures tied to climate change, and global economic issues characterised by persistent high inflation and sluggish growth.

“The integration of technology, data and innovative financial products has the potential to revolutionise risk management, ensuring that businesses, governments and societies are better equipped to navigate the complexities of the digital age and safeguard their interests against unforeseen threats,” said Mr Patel. 

Discussions on maximising the benefits of emerging technologies should go hand in hand with establishing safeguards to mitigate potential drawbacks. “Achieving this balance requires a collaborative approach that brings together policymakers, technologists and financial services professionals to enhance collective decision-making, foster innovative product development and shape public and private sector roadmaps,” he said. “SFF serves as a platform where such alignment can take place.”

3. NURTURING TALENT AND PROMOTING DIVERSITY

Cultivating talent and nurturing entrepreneurship are integral to enhancing the vibrancy of the fintech ecosystem. To that end, SFF 2023 will showcase several initiatives to support entrepreneurship. Among these are The Founders Peak, a platform where entrepreneurs share the pivotal moments that have shaped their journey, as well as scheduled investor office hours to drive investments in start-ups.

Moreover, SFF 2023, in collaboration with Singapore FinTech Association, will introduce a series of Women in FinTech initiatives and activities. These are aimed at driving change and enhancing gender diversity through data-driven insights. In the spirit of inclusion and to foster varied perspectives, policymakers, non-profits, academics and students can enjoy complimentary access to the festival. 

4. THE ETHICAL DEPLOYMENT OF AI

Fintech stands at the cusp of an AI revolution, promising enhanced fraud detection, personalised financial services and smarter lending practices. However, the road to fully ethical AI deployment is strewn with roadblocks, including algorithmic biases, opaque decision-making processes and data privacy concerns.

In anticipation of the outsized role that AI will have on our lives, there will be a heavy emphasis on this technology – and its ethical implications – at SFF 2023. “As we approach the one-year anniversary of ChatGPT’s release, it represents the perfect moment for a collective deep dive into the technology’s real-world applications across industries, especially its fair use and governance,” said Mr Patel. 

A PLATFORM FOR NETWORKING AND COLLABORATION

SFF 2023 will feature five specially curated zones that facilitate a deeper dive into key parts of the industry: Technology, Founders, ESG, Regulation and Talent. Attendees will have the chance to connect with over 10,000 attending organisations from around the world, along with an array of industry leaders, technologists, founders and investors. 

Said Mr Patel: “We are proud to be hosting the world’s largest fintech festival. We aspire to be the vanguard of innovation by bringing together leaders from policy, finance and technology to address the multifaceted opportunities and challenges in fintech. At Elevandi, our mission remains to connect the world through impactful fintech innovation.” 

Learn more about the future of finance at the Singapore FinTech Festival (SFF) from Nov 15 to 17, 2023. SFF 2023 is organised by the Monetary Authority of Singapore (MAS), Elevandi and Constellar in collaboration with The Association of Banks in Singapore (ABS).