Singapore FinTech Festival 2021 sees 33% year-on-year growth in attendees

Event to return in 2022, 7-11 November

SINGAPORE, Nov. 17, 2021 /PRNewswire/ — The sixth edition of the Singapore FinTech Festival (SFF) with the theme “Web 3.0 and its impact on financial services” concluded on 12 November 2021. The week-long event attracted 60,000 attendees, representing a 33% year-on-year growth.

SFF 2021 drew over 2 million views. Viewership was extended with live broadcasts on local and international television networks and social media. Of the more than 160 countries represented, 52% of the registrations came from outside of Singapore – reflecting the global appeal of the Web 3.0 theme, and the quality of the content.

SFF 2021, which comprised keynote speeches, panel discussions, meetings, online learning, live events and innovation showcases saw participation from over 7,500 organisations and featured more than 700 speakers who shared insights across 240 hours of content. More than 260 exhibitors set up virtual booths, including 14 International Pavilions and 11 World FinTech Festival partners who hosted international satellite events. In keeping with the SFF’s mission to promote dialogue, over 4,000 virtual meetings conducted through the business matching platform.

22 innovation labs hosted physical and virtual tours and meetings for 3,800 participants^[1], while side events including OXYGEN by APIX, SME Day, 11 World FinTech Festival events, SFF Mini Symposium^[2], Elevandi Forum^[3] and Deal Fridays^[4], took place during the week.

Key highlights

The following are the key highlights of SFF 2021.

A platform for continued learning

In line with the theme of Web 3.0, SFF 2021 introduced a Web 3.0 certification programme to support learning, development and upskilling in Web 3.0 focus areas. Over 5,000 knowledge certificates were 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. More knowledge certificates are expected to be awarded as the programme continues until 30 September 2022.

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Also new this year was a dedicated SME Day where SME leaders and academics shared practical learnings on building strong and resilient businesses for the future. SME Day participants received a Digital Certificate of Knowledge. As of 14 November 2021, 84% of SME Day learners successfully earned a knowledge certificate. In collaboration with Digital Pilipinas in the Philippines, SFF supported the local community through the development of the I-ITERATE Digital Knowledge Certification. This programme focused on digital infrastructure to support Open Finance, RegTech, Risk & Cybersecurity, and InsurTech & HealthTech.

A new initiative launched at SFF this year is ATOMS, a not-for-profit initiative which provides a community where entrepreneurs connect and share meaningful insights. During SFF, ATOMS featured more than 45 short form videos across Asia-Pacific, USA and Northern Europe, that entrepreneurs can listen to and learn from in 120 second, bite-sized videos via a free mobile app.

Launch of the Monetary Authority of Singapore (MAS)’ tech and innovation initiatives

MAS and its partner agencies made the following announcements to bring about new digital efficiencies and benefits to the financial sector:

• National Artificial Intelligence Programme in Finance – MAS and the National AI Office (NAIO) launched the National Artificial Intelligence (AI) Programme in Finance to build deep AI capabilities within Singapore’s financial sector to strengthen customer service, risk management, and business competitiveness;

• Phase two of SGFinDex – MAS and the Smart Nation and Digital Government Group launched the second phase of the Singapore Financial Data Exchange (SGFinDex), allowing individuals to now view information on their investment holdings at The Central Depository as part of their consolidated financial position;

• Sandbox Plus – MAS announced Sandbox Plus, an enhancement to the MAS FinTech Regulatory Sandbox framework, to further catalyse financial innovation and FinTech adoption; and

• Retail Central Bank Digital Currency (CBDC) paper – MAS released a paper outlining MAS’ preliminary assessment of the economic case for a retail CBDC in Singapore, and its potential implications for financial stability and monetary policy.

Industry collaboration and innovation initiatives

Several industry collaboration and initiatives were launched to drive innovation in the future of finance:

• Digital platforms under Project Greenprint – MAS announced its partnership with the industry to pilot four digital platforms under Project Greenprint, to address the financial sector’s needs for good data on sustainability;

• ChekFin on APIX – ChekFin, a decentralised credentials platform to enable financial institutions to obtain verified credentials of FinTech firms, such as business references, awards obtained, and investor funding records. ChekFin is a partnership among the ASEAN Financial Innovation Network, BCG FinTech Control Tower, and Affinidi, with MAS as a founding partner;

• Cross-border digital payments – NETS announced integration of Alipay+ to enhance local merchants’ cross-border digital payments capabilities, and Western Union announced that it is supporting cross-border digital money movement with Singtel’s Dash; and

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

Innovation Awards

SFF 2021 also saw the launch of two new innovation challenges to solve industry problems – the Global CBDC Challenge which seeks to identify and develop retail CBDC solutions that increase payment efficiencies and improve financial inclusion and the Global Veritas Challenge which aims to address key challenges in 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.

International co-operation

A number of important international cooperation initiatives were also announced at SFF 2021, such as:

• MAS and the Bangko Sentral ng Pilipinas signed an enhanced FinTech Cooperation Agreement to facilitate interoperable payments between Singapore and the Philippines;

• Federal Councillor Ueli Maurer, in cooperation with finance.swiss, SFF and Elevandi announced the Europe-Asia FinTech Forum in Switzerland. This Forum will build a bridge between Asia and Europe and seek to bring together the very best technologists, with investors and leaders to develop innovative ideas and inclusive solutions; and

• SFF 2021 added new partners such as the World Economic Forum and a continued partnership with the Milken Institute.

SFF is organised by MAS and Elevandi, in partnership with The Association of Banks in Singapore and in collaboration with Constellar Holdings. The SFF organising team thanks all our sponsors, partners and participants for being a part of this year’s event. We look forward to continued collaboration with the industry to bring together an exciting and impactful SFF 2022, from 7 to 11 November 2022.

About the Singapore FinTech Festival

Singapore hosted two marquee events for the global innovation community from 8 to 12 November 2021 – the Singapore FinTech Festival (SFF) and Singapore Week of Innovation and TeCHnology (SWITCH). SFF is the world’s largest FinTech event and a global platform for the FinTech community comprising FinTech players, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. www.fintechfestival.sg.

About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructures, adoption of technology, and upgrading of skills in the financial industry.

About Elevandi

Elevandi, which means ‘to lift or raise up’ is building a global knowledge and collaboration platform aimed at bringing together the global financial and FinTech communities to address pain points in the financial system, and harness financial technology and innovation to improve the lives of individuals, economies and societies. To drive its next phase of growth, Elevandi is expanding its activities beyond the SFF to a broader range of engagements to drive collaboration in the global FinTech community. These include:

• Green Shoots Series, monthly meetups for the global FinTech community to discuss critical topics trending in FinTech and the digital economy;

• Deal Fridays, monthly events between investors and start-ups to drive deal-making opportunities;

• Oxygen by APIX, an upskilling platform for financial institutions, FinTechs and tech enthusiasts with carefully curated masterclasses, panels, podcasts and research content from industry experts dedicated to promoting worldwide knowledge sharing;

• Elevandi Forum, purpose-driven roundtables aimed at bringing the public and private sectors together to advance developments and issues within the FinTech industry;

• Elevandi FinTech Insider Report, an annual report on digital advancements for the global FinTech industry.

About The Association of Banks in Singapore

The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 154 local and foreign banks. More information on ABS is available on the website: www.abs.org.sg.

About Constellar Holdings Pte Ltd

The Singapore FinTech Festival is supported by Constellar Holdings. Constellar Holdings connects a global eco-system of event partners and consumers through a holistic portfolio of intellectual property (IP) in the Meetings, Incentives, Conventions and Exhibitions (MICE) industry.

As Asia’s partner of reference for curating innovative event and venue experiences, Constellar activates impactful networks to bring global markets, businesses and consumers together for sustainable growth. With our expertise and dedication, we are invested in helping you build trusted relationships with stakeholders for the long term and enabling cross-industry collaboration through world-class audience engagement solutions.

Constellar is headquartered in Singapore. Founded in 2021, it brings together decades of experience with an intrepid team of experience specialists around the world. Visit www.constellar.co for more information.

PR Newswire is the Supporting Media Partner of Singapore FinTech Festival 2021.

SOURCE Monetary Authority of Singapore