Huxley to attend Singapore Fintech Festival 2018
The Singapore Fintech Festival is happening from the 12-16th November and Huxley will be attending this event for the third consecutive year. This year, attendees can expect a series of exciting events including conferences led by industry experts, exhibitions, hackathons and award ceremonies. It will build on the success of the previous editions in 2016 and 2017, which attracted more than 13,000 participants from across 60 countries.
The Fintech industry in the Asia-Pacific region is expected to reach US$72 billion in value by 2020. Prior to this, Singapore is already a strong contender for being Asia’s Fintech hub, supported by its achievement of being the world’s first “Smart Nation”—a city-state connected and empowered by technology in all facets of everyday life.
For all its demonstrated potential, Fintech is a burgeoning field in Singapore. Below, we dive into the key areas that have been noted to possess the greatest prospects.
Artificial Intelligence in finance
Singapore is currently gearing up for the development of various Artificial Intelligence (AI) products within finance. This is supported by the Monetary Authority of Singapore (MAS) and its S$27 million Artificial Intelligence (AI) and Data Analytics (AIDA) Grant. Currently in the pipeline are projects within areas such as deep learning and natural language processing.
Financial institutions have already used AI and data analytics to assess clients’ credit risk and to process clients’ information. Now, automation and the use of digital assistants in the industry is helping these institutions increase their productivity and service quality.
Since 2017, there has been an increase in activities in Asia to help drive global InsurTech awareness. Currently, insurers and reinsurers in Singapore have made various private technology investments globally. Supporting this, the MAS also announced its intention to introduce the ‘ASEAN InsurTech LaunchPad’, which aims to bring in high-growth InsurTech start-ups to Singapore and facilitate collaboration between locally-based insurance corporations and start-ups, given that it houses the highest number of Insurtech start-ups in Asia.
From the way banks interact with customers to the way banks manage their middle and back office operations, technological innovations are challenging traditional processes across the value chain.
Technologies may be aiding the transformation of payments, but banks will need to keep in mind concerns that can arise from consumers, industry players, and regulators. These include the challenges for digital payments for instance – from money-laundering, technology risk, and consumer protection.
The Fintech festival will be covering how regulators are responding to these concerns moving forward.
Cybersecurity, TechRisk & RegTech
Singapore will be pumping in S$30 million over the next five years to fully fund the upcoming ASEAN-Singapore Cybersecurity Centre of Excellence (ASCCE).
The region is gearing itself to be more vigilant and responsive in an attempt to anticipate and tackle cyberattacks and privacy breaches. This funding aims to support the development of cybersecurity capabilities of Southeast Asian member states.
The above are just a few topics that you can expect from the festival, amongst other are Future of Money, Marketing Infrastructure, Financial Inclusion, ASEAN Fintech Opportunities and Investments.
Although Singapore has built an ecosystem to grow as an attractive Fintech hub, the city-state will need to sustain its growth with a stronger pipeline of talent. Our experienced consultants would be at the event to engage and share information about talent strategies and the relevant pipeline of talent.
This coming November will be an exciting month for the Fintech sector in Singapore. Register for the event now and keep a look out for more updates on our social media pages closer to the event. We will also be hosting a networking event the week after the festival. If you’re interested in attending the session, please get in touch with us at [email protected]. We hope to see you at both events!