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Asia Event Analysis

Record-Breaking Turnout at Singapore FinTech Festival 2023 Reinforces Hub Status

Singapore’s prominence as a global fintech hub was once again underscored with content at the eighth edition of the Singapore FinTech Festival (SFF) fuelling a 6.45 per cent surge in participation.

This year’s event, held under the theme ‘AI for good. AI for good?’ drew a healthy audience of 66,000 participants from 150 countries and regions, surpassing the 62,000 attendees from the previous year.

With over 970 speakers, SFF 2023 offered a platform to delve into the potential of artificial intelligence in the financial industry, while also addressing the critical challenges associated with its adoption.

Key highlights from SFF 2023 encompassed a variety of zones and activities:

Regulation Zone

Over 2,400 government and regulatory representatives from 530 central banks, regulatory institutions, and government organisations actively participated in discussions that revolved around the evolving regulatory landscape.

Technology Zone

This zone hosted 56 sessions that showcased advancements in AI and quantum technologies, emphasising their practical applications in e-commerce as well as payments.

Founders Zone

Within this zone, Investor Office Hours served as a valuable platform, facilitating connections between more than 200 investors and approximately 270 startup founders, fostering innovation and investment.

Talent Zone

Over 240 mentorship sessions were conducted, complemented by collaborations with four Institutions of Higher Learning, aimed at nurturing fintech talent through certification programmes.

ESG Zone

The ESG Zone at Singapore FinTech Festival 2023 was the stage for the launch of the Monetary Authority of Singapore’s (MAS) Gprnt digital platform for collecting and accessing trusted climate- and sustainability-related data. Gprnt is the culmination of Project Greenprint, a collaborative effort between MAS and the financial industry to pilot digital utilities in support of the business sector’s need for trusted data. The platform is currently in its testing phase and will go live in the first quarter of 2024.

Following its launch, Gprnt will also expand its cross-border capabilities to better serve the more sophisticated data needs of larger multi-national entities and other regional economies. To achieve this, a new entity, Greenprint Technologies Pte Ltd, will be set up, with HSBC, KPMG in Singapore, MAS, Microsoft as well as MUFG Bank joining as strategic partners.

Ravi Menon, MD of MAS, said: “Gprnt provides a key data bridge that can generate the trusted and high quality ESG data needed by the financial sector to more efficiently allocate capital towards green and transition initiatives.

“By harnessing generative AI and data APIs at scale, Gprnt will greatly simplify sustainability reporting for SMEs, and in doing so unlock the data needed by the public and private sectors to support SMEs’ sustainability journeys.

“Greenprint amply demonstrates how a regulator and the industry can come together to co-build technologies that enhance the quality and use of good data. I look forward to seeing how the new Gprnt platform will power the next bound of growth and innovation in the global ESG data landscape.”

Elevandi Insights

An invite-only event held on 14 November at Singapore FinTech Festival also gathered 1,500 participants for 28 deep-dive roundtables, all focused on shaping the adoption of technology in financial services for the upcoming year.

 

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