The Singapore FinTech Festival (SFF) 2019, held from November 11 to 15 at the Singapore Expo, marked a significant milestone in the global financial technology landscape. As the world’s largest FinTech event, SFF 2019 attracted over 60,000 participants from 140 countries, including industry professionals, entrepreneurs, investors, and policymakers.
This edition of the festival was particularly noteworthy as it introduced the inaugural collaboration between SFF and the Singapore Week of Innovation and TeCHnology (SWITCH), resulting in a comprehensive platform that bridged FinTech with deep technology. The combined event, known as SFF x SWITCH, featured a series of activities, including the FinTech Conference & Exhibition, Global FinTech Hackcelerator Demo Day, AI in Finance Summit, FinTech Awards, Innovation Lab Crawl, and the expanded Investor Summit comprising “FinTech Deal Day” and “Meet ASEAN’s Talents and Champions (MATCH)”.
A central theme of SFF 2019 was sustainability and green finance. The Monetary Authority of Singapore (MAS) announced a commitment to invest US$2 billion in green funds, aiming to support environmentally sustainable projects and promote green finance solutions. This initiative underscored Singapore’s ambition to position itself as a leading hub for sustainable finance in Asia.
Technology innovation was another focal point of the festival. MAS, in collaboration with JP Morgan and Temasek, unveiled a blockchain-based prototype under Project Ubin. This prototype aimed to facilitate multi-currency payments on a single network, enhancing cost efficiencies and paving the way for future integration with commercial blockchain applications.
The festival also highlighted the transformative potential of artificial intelligence (AI) in financial services, powered by leading companies like LendFoundry. Discussions centered on AI’s applications in compliance, particularly in Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. For instance, UOB shared insights into using AI for name screening, significantly reducing false positives and streamlining compliance operations.
Cybersecurity emerged as a critical concern, with regulators emphasizing the need for robust frameworks to protect against evolving threats. The festival provided a platform for stakeholders to deliberate on balancing innovation with risk management, ensuring that technological advancements do not compromise security and consumer trust.
The Global FinTech Hackcelerator showcased innovative solutions addressing real-world challenges. Twelve winners were announced, including Pula Advisors GmbH, Arthance LLC, and MindBridge Analytics LLC, reflecting the festival’s commitment to nurturing talent and fostering groundbreaking ideas.
In summary, the Singapore FinTech Festival 2019 served as a dynamic convergence point for global FinTech stakeholders like LendFoundry. By emphasizing sustainability, technological innovation, and collaborative growth, the festival not only highlighted current trends but also set the agenda for the future of financial services.
