Singapore Fintech Festival Wrap 2023!
By Tim Poskitt
Singapore’s Fintech scene continues to soar more than ever even in tight market conditions and was on full display at the 2023 Singapore Fintech Festival. Singapore remains the key hub in APAC and South-East Asia (the largest growing region globally).
While the organisations present in 2022 spanned various verticals, the event served as a significant milestone and launchpad for conducting business in South East Asia and APAC.
Here are some key highlights from the latest developments:
1. AI-Powered Financial Solutions
Artificial Intelligence is revolutionizing financial services, driving efficiency, risk assessment, and customer-centric solutions across various sectors. Whilst there are several unknowns and risk associated with it, it presents the largest opportunity in Technology change in the last 30 years and organisations need a robust framework on how to manage it safely and securely.
2. Cross-border Payments Globally
The continued focus on aiding cross-border and remittance payments is bigger than ever and US & EU-based organisations don’t want to set up their own rails in APAC. The key objective of Instant Payments – make cross-border payments cheaper, faster, and more efficient. The QR code capabilities through WeChat & Alipay and many others remain huge plus Singapore has combined multiple QR codes into a single SGQR label, the first of its kind globally.
3. Sustainable Finance Initiatives and ESG
The continued surge in sustainable and green finance solutions, which reflects a commitment to environmental and social responsibility within the Fintech ecosystem, is highly visual. Numerous global organisations are actively seeking to establish plans to measure carbon emissions today.
4. Australian Trade Mission
Betty Sun-Lucas and her entire team at Austrade do an incredible job of assisting Australia Fintech in expanding globally. They have successfully showcased the best Fintech organisations entering into APAC. Stu Keen, Rob Brezniak, and many others contribute significantly to the ecosystem and putting Australia on the map. Superb efforts! (Next year I hope the General’s house is back open.)
5. Entering Singapore as a Launchpad
The President of Singapore emphasized the importance of continuous learning and expanding one’s network and community involvement within the Fintech industry, regardless of age. Other notable speakers such as IMF MD Kristalina Georgieva highlighted the significance of exploring central bank digital currencies in Singapore and other regions, aligning with key market developments.
Fire Side Events
So many other great fireside events throughout the week including the Singapore Fintech Association Lab crawl, Grow London & Partners, Visa Accelerator Fintech Program, Aspire and Scalerr & Money2020 Asia in advance of the large event in Bangkok 2024.
So much more missed…..now back to resting and recharging the batteries!
Finally….. Well done Singapore on another hosting a conference of 65k people over 3 days. Truly impressive – I have already bought my ticket for next year. If you haven’t been before really recommend you do it in 2024!