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Highlights of the Singapore FinTech Festival 2018
The Singapore FinTech Festival 2018, the world’s largest platform for the global FinTech community came to a successful close on 16 November 2018. This year’s event saw even more attendees and exhibitors compared to the previous year.
The topics discussed this year also presented an ever growing push for technology driven services and applications, among others. In particular, Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS) highlighted the six components of the fintech ecosystem.
- People – FinTech cannot exist without people, their skills, energy and enterprise. Therefore, there is a need to address any shortage in technology skills and build up the skills of these professionals.
- Identity – The first step to any form of digital transaction is that we know who we are dealing with and we are able to authenticate and verify information about this person. This provides a peace of mind and a certain level of security for anyone who is transacting digitally.
- Payments – To enable a digital economy, it is fundamental for us to have swift, secure and seamless payments.
- Data governance – We are responsible for any form of data in our possession. Whether we are using it, transmitting it or storing it, there is a need to ensure that it is seamless and secure.
- Applied research – Strong capabilities in research related to FinTech need to be developed to address and solve real-world problems.
- Platforms for innovation – We need platforms where we can encourage and foster collaboration among players within the FinTech industry; a place where they can co-create, translate ideas into products and bridge problems with solutions.