Singapore, 16th November 2018
The 2018 Singapore Fintech Festival (12-14 November) attracted the biggest gathering of the global fintech community ever, with over 40,000 attendees from over 100 countries. Seminars and forums saw experts impart their knowledge and forecasts on a range of fintech topics.
Discussions on the first day of the festival looked at the collaboration between banks and fintech, opportunities in the ASEAN region, the future of money and market infrastructure. Day 2’s events covered a wide range of topics which included reimagining the banking ecosystem, insurtech, cybersecurity, the future of AI and the transformation of customer experience. Day 3 of the festival addressed financial inclusion, the future of banking and the Global Investor Summit on Fintech.
In relation to AI, experts said that the key issues that the financial sector has to overcome are its impact on jobs, data and the transparency of algorithms. They reiterated that AI has the potential to transform customer service and experience, enhance compliance, as well as increasing productivity, saving time and costs and reducing errors.
The Festival also celebrated achievements of fintech companies with its annual Fintech Awards which saw prizes totalling $1.2 million awarded to the winners. In previous years the awards focussed on Singapore based firms, but this year it was extended to include countries in the ASEAN region.
There was strong competition for recognition in each of the five award categories which were: MAS Fintech (ASEAN open category), MAS Fintech (ASEAN SME category); MAS Fintech (Singapore founder category); MAS Fintech (Global Category) and the Global Fintech Hackcelerator.
The award finalists were selected based on discussions between the Monetary Authority of Singapore (MAS) and industry experts which considered criteria comprising four themes: impact, practicality, inter-operability and uniqueness and creativity. Finantix were delighted to walk away with a cheque for $50,000 for being judged to be one of the best three entrants in the MAS Fintech (ASEAN open category). This award specifically recognised ASEAN-based companies of any size that have done well in implementing innovative Fintech solutions. Up against some tough competition, our team showcased an innovative solution with strong KYC, WealthTech and AI capabilities.
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