Singapore FinTech Festival 2018 has been a whirlwind of activity, taking the financial hub of South East Asia by storm. More than 400 exhibiting companies from over 100 countries with 16 country pavilions – Abu Dhabi, Canada, Hong Kong, India, Ireland, Israel, Japan, Kazakhstan, Korea, Latin America, New Zealand, Philippines, Poland, Switzerland, United Kingdom and United States— breathed life into the event sponsored by AMTD, Deloitte, Google Cloud, Prudential and more…
With summits as AI in Finance and Global Investors attracting entrepreneurs, business leaders and FinTech enthusiasts, over 250 speakers, and close to 45,000 participants from 130 countries, ranging from Afghanistan to Zambia, the event was a huge success. Take a peek inside the conference and exhibition halls with Gooruf!
Gooruf, a media partner, provides video insight to #SGFinTechFest — Organized by the Monetary Authority of Singapore in Partnership with the Association of Banks of Singapore and SingEx.
Summary of 3 key speeches of Singapore FinTech Festival 2018:
Gooruf Asia team had the honor to attend three Festival speeches made by highly-esteemed speakers — in case you missed it, we’ve distilled the remarks made by the event’s honorary guests for you:
MAS Managing Director Ravi Menon presented a diligent overview of the FinTech space and its various developments, centered around three principles of Innovation, Inclusion, and Inspiration. In particular, he delved into the idea of a world immersed in financial services — where identity is made human again through biometrics, where payments are virtually invisible, where insurance is intuitive, and where financial advice is integrated. This utopic picture of the world is founded on advances in technology designed to improve the lives of those it services.
IMF Managing Director Christine Lagarde spoke on the changing nature of money, which faced a “historic turning point”. She noted decreasing demand for physical cash globally, and voiced her support for exploring digital currencies as a viable alternative. Lagarde stated, “I believe that we should consider the possibilty to issue a digital currency,” citing the benefits of a central bank-backed digital currency: low cost, financial inclusion, security and privacy. However, she also warned of the risks it posed to financial stability. Ultimately, Lagarde stressed “[further, serious, careful, and creative investigation]” of e-money through partnerships between the government and private sector. Being open-minded about changes in the financial landscape seemed to be Lagarde’s key recommendation; quoting ancient philosopher Heraclitus, she said “Change is the only constant.”
Narendra Modi, Prime Minister of India, delivered the keynote address to inaugurate the 2018 Singapore Fintech Festival. He spoke on a myriad of topics, united by a vision of a “financial revolution … sweeping through India and transforming the lives of 1.3 billion people.” Praising the spirit of innovation, power of imagination, and passion for change, Modi discussed the “historic transition… brought about by technology” and the “[changing] global economy”.
Modi painted the impact this has revolution has had on India through a series of telling anecdotes about improvements in the everyday lives of India’s citizens. Modi’s perspective of the FinTech space was optimistic and full of hope — rooted in the belief of a “better future for humanity”.