The ninth edition of the Singapore FinTech Festival (SFF) concluded successfully on 8 November, with 65,000 participants from 134 countries. Here are the key announcements from the three-day event:
Global Finance and Technology Network (GFTN) Launch
The Global Finance and Technology Network (GFTN) boosts industry collaboration and innovation in financial services. It aims to grow the Singapore FinTech ecosystem and foster global FinTech synergies. GFTN will collaborate with MAS to advance discussions on payments, asset tokenisation, and AI/quantum technologies, supporting MAS’ vision of a vibrant FinTech landscape.
Global FinTech Hackcelerator Winners
In partnership with GFTN, the MAS-organised Global FinTech Hackcelerator celebrates innovative financial solutions from all over the world. The winners, announced on Demo Day during SFF on 6 November, are KaiOS Enable Tomorrow, WeGro, and Your Financial Wellness.
Insights from the Regulation Zone
The Regulation Zone at the festival saw over 3,400 government and regulatory attendees from 665 central banks, regulatory institutions, and government organisations. Key discussions focused on AI solutions, quantum finance research, cross-border data flow, and digital asset growth.
Enhancing Payment Security
Tencent and Visa have entered a strategic partnership to introduce palm recognition technology for digital payments in international markets. This service will first be piloted in Singapore, with participating Visa cardholders from DBS, OCBC, and UOB.
Blockchain-Enabled Cross-Border Payments
StraitsX, in collaboration with Ant International and Grab, has launched a blockchain-enabled cross-border payment solution. The solution facilitates efficient fund transfers via Purpose Bound Money (PBM) for tourists using Alipay+ at GrabPay merchants in Singapore. Ant International is also working with StraitsX to enhance payment efficiency and interoperability through the Whale platform.
OCBC Leverages Blockchain for Intraday Lending
OCBC has become the first bank in Singapore to offer intraday institutional lending using blockchain technology. This enables near-instantaneous exchange of cash and securities, a significant improvement over traditional repo markets which can take at least one business day.
These exciting developments from SFF 2024 illustrate the dynamic and innovative spirit within the global FinTech community. We look forward to seeing how these initiatives will shape the future of financial services.