SFF 2021 saw the launch of various MAS tech and innovation initiatives

The 2021 Singapore FinTech Festival (SFF) was certainly a whirlwind event, and we learned so much. From the future of money, finance and the internet to the blockchain-based Partior to building a fintech unicorn, it has indeed been a fruitful week for everyone involved.

The sixth edition of the Singapore FinTech Festival (SFF) on the theme “Web 3.0 and its impact on financial services” recently ended on November 12th.

The week-long event drew 60,000 attendees, representing a 33% year-over-year growth.

Given the realities of Covid-19, SFF has taken a hybrid approach with in-person panels and virtual broadcasts and has managed to attract over 2 million views.

The audience was expanded with live broadcasts on local and international television networks and social media. Of the more than 160 countries represented, 52 percent of registrations came from outside Singapore.

This reflects the global appeal of the Web 3.0 theme and the quality of the content.

SFF 2021 also saw the participation of over 7,500 organizations and featured over 700 speakers who shared their ideas through 240 hours of content.

Here is a little recap of the festival while waiting for its return next year from November 7 to 11.

A platform for continuous learning

SFF 2021 also introduced a Web 3.0 certification program to support learning, development and improvement of skills in Web 3.0 focus areas.

Over 5,000 knowledge certificates have been awarded digitally via blockchain technology to participants from over 80 countries.

The certificates were issued by the Asian Institute of Digital Finance in partnership with the National University of Singapore. Further knowledge certificates are expected to be awarded as the program continues through September 30, 2022.

Also new this year, a dedicated SME day, during which SME leaders and academics shared practical lessons on building strong and resilient businesses for the future.

SME Day participants received a Digital Certificate of Knowledge. As of November 14, 2021, 84% of SME Day learners have successfully obtained a knowledge certificate.

In collaboration with Digital Pilipinas in the Philippines, SFF 2021 supported the local community by developing the I-ITERATE digital knowledge certification. This program focused on digital infrastructure to support Open Finance, RegTech, Risk & Cybersecurity and InsurTech & HealthTech.

A new initiative launched at SFF 2021 is ATOMS, a non-profit initiative that provides a community where entrepreneurs connect and share meaningful ideas.

During SFF 2021, ATOMS showcased over 45 short videos across Asia-Pacific, the United States and Northern Europe, in which entrepreneurs can listen and learn in 120 seconds of small videos via an app. free mobile.

MAS’s technological and innovation initiatives

SFF 2021 saw the launch of various MAS tech and
Image Credit: PYMNTS

The Monetary Authority of Singapore (MAS) and the National Bureau of AI (NAIO) have launched the National Artificial Intelligence (AI) Program in Finance.

This builds in-depth AI capabilities within Singapore’s financial sector to strengthen customer service, risk management and business competitiveness.

MAS and the Smart Nation and Digital Government Group (SNDGG) have launched the second phase of the Singapore Financial Data Exchange (SGFinDex). This allows individuals to post information about their investments to the Central Custodian as part of their consolidated financial position.

Another project announced by MAS is Sandbox Plus, which enhances MAS’s FinTech regulatory sandbox framework to further catalyze financial innovation and FinTech adoption.

The Retail Central Bank Digital Currency (CBDC) article presents the MAS’s preliminary assessment of the economic case for a retail CBDC in Singapore and its potential implications for financial stability and monetary policy .

SFF 2021 also saw the launch of two innovation challenges to solve industry problems.

The Global CBDC Challenge seeks to identify and develop retail CBDC solutions that increase payment efficiency and improve financial inclusion.

During this time. The Global Veritas Challenge aims to address key challenges by validating the fairness of AI solutions for specific banking use cases.

SFF 2021 also celebrated the winning solutions of the Global FinTech Hackcelerator, the SFF Global FinTech Awards and the Most Innovative FinTech e-Gifting Award.

Industrial collaborations and international cooperation initiatives

During SFF 2021, there have been several industry collaborations and initiatives to drive innovation in the future of finance.

MAS announced its partnership with industry to pilot four digital platforms as part of the Greenprint Project to meet the financial sector’s needs for reliable sustainability data.

There is ChekFin on APIX, where it is a decentralized credential platform for financial institutions to obtain verified credentials of FinTech companies, such as business credentials, awards obtained and funding files from investors.

ChekFin is a partnership between the ASEAN financial innovation network, the BCG FinTech control tower and Affindi, with MAS as a founding partner.

SFF 2021 saw the launch of various MAS tech and
Image Credit: fxnewsgroup.com

NETS also announced the integration of Alipay + for better cross-border digital payment. It’s about improving the cross-border digital payment capabilities of local merchants, and Western Union has announced that it is supporting cross-border digital money movements with Singtel’s Dash.

Mastercard launched the world’s first “Buy Now, Pay Later” commercial card solution for small business financing in the APAC region.

Several important international cooperation initiatives were also announced during SFF 2021.

MAS and Bangko Sentral ng Pilipinas signed an enhanced FinTech cooperation agreement to facilitate interoperable payments between Singapore and the Philippines.

Federal Councilor Ueli Maurer, in cooperation with finance.swiss, SFF and Elevandi, announced the Europe-Asia FinTech Forum in Switzerland.

This forum will bridge the gap between Asia and Europe and bring together top technologists with investors and executives to develop innovative ideas and inclusive solutions.

SFF 2021 added new partners such as the World Economic Forum and an ongoing partnership with the Milken Institute.

Featured Image Credit: Screenshot by Vulcan Post

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