The Singapore FinTech Festival was held from November 11 to November 15 2019 in collaboration with the Singapore Week of Innovation and TeCHnology (SWITCH) (SFF 2019). This world’s largest financial technology (FinTech) gathering was attended by over 60,000 participants from about 140 countries. This year’s theme mainly focused on sustainability and green financing.
In conjunction with SFF 2019, Singapore’s regulatory authorities made several key announcements on FinTech plans and national strategies that will serve to benefit and enhance Singapore’s FinTech industry.
Singapore announced its new National AI Strategy which will consist of five key national AI projects covering sectors with high social and economic impacts – transport and logistics, smart cities and estates, healthcare, education and border safety and security. A new national AI Office will also be created under the Smart Nation and Digital Government Office to be responsible for facilitating the development of AI solutions and implementing the National AI Strategy.
One of the projected AI systems that Singapore plans to develop is a fully automated immigration clearance system that will use facial and iris scanning by 2025. Singapore also plans to launch an adaptive learning system to support students’ personalised educational needs.
Concurrent with the AI projects and part of the National AI strategy, MAS announced that it is currently working with the financial industry on a framework to ensure that AI and data analytics (AIDA) will be used responsibly and ethically. The framework, called Veritas (the Latin name for “truth”), will be used to evaluate AIDA solutions using the FEAT criteria, i.e., fairness, ethics, accountability and transparency.
The Monetary Authority of Singapore (MAS) is currently working with Deloitte and S&P Global Market Intelligence on a FinTech research platform that will allow investors/financial institutions to partner with or invest in FinTech startups. The platform aims to give investors and financial institutions more complete information regarding FinTech companies and their business models.
MAS signed a Memorandum of Understanding with Banque de France (BDF) and Autorité de contrôle prudential et de résolution (ACPR) to enhance cybersecurity cooperation through regular information sharing and staff exchanges, thereby deepening financial linkages and cybersecurity collaborations between MAS and BDF.
MAS also signed a cooperation agreement with the Canada Securities Administrators (CSA) to develop a referral and support mechanism to facilitate FinTech firms’ access to the other party’s market. The agreement also contains commitments to exchange best regulatory practices and information on FinTech trends.
MAS and BIS launched the BIS Innovation Hub Centre in Singapore which aims for greater collaboration among the central banking community. The BIS Hub in Singapore will focus on the establishment of a framework for data sharing and data protection for public digital infrastructures and the creation of a platform where regulators and supervisors may connect with digital and technology solution providers.
Enterprise Singapore signed a Memorandum of Understanding with IoT Tribe, a UK-based accelerator, which will run two GIA Acceleration Programmes for Singapore startups and SMEs. Enterprise Singapore is also working with three other new GIA partners in Beijing, Jakarta and Tokyo to further assist Singapore startups and SMEs. With the expansion, the GIA Network now has connections to 13 cities worldwide, including Thailand, Germany, France, the US, Vietnam and India.
Enterprise Singapore and the Info-communications Media Development Authority (IMDA) also launched the OIN, an online one-stop directory that compiles open innovation challenges across different sectors, including in sustainable development, advanced manufacturing and engineering. The OIN aims to match organisations with technology challenges with solution providers that deliver technology and digital solutions, in a bid to foster innovation through open collaboration.
