SFF 2021 saw the launch of various MAS technology and innovation initiatives – Health Guild News


The Singapore FinTech Festival (SFF) 2021 was definitely a dizzying event and we learned a lot. From future of money, finance and the Internet to the Partior based on blockchain a to Build a Fintech Unicorn |, was, in fact, a fruitful week for all involved.

The sixth edition of the Singapore FinTech Festival (SFF) with the theme “Web 3.0 and its impact on financial services” was recently concluded on 12 November.

The one-week event attracted 60,000 attendees, representing 33% year-on-year growth.

Given the realities of the Covid-19, SFF adopted a hybrid approach with face-to-face panels and virtual broadcasts and managed to get more than 2 million views.

The audience was expanded with live broadcasts on local and international television networks and on social media. Of the more than 160 countries represented, 52% of the records came from outside Singapore.

This reflects the overall appeal of the Web 3.0 theme and the quality of the content.

SFF 2021 also had the participation of more than 7,500 organizations and had more than 700 speakers who shared information on 240 hours of content.

Here is a brief summary of the festival as we await its return next year from November 7-11.

A platform for lifelong learning

SFF 2021 also introduced a Web 3.0 certification program to support learning, development, and skills improvement in the areas of Web 3.0 focus.

More than 5,000 certificates of knowledge were digitally awarded using blockchain technology to participants from more than 80 countries.

The certificates were issued by the Asian Institute of Digital Finance in collaboration with the National University of Singapore. More certificates of knowledge are expected to be awarded as the program continues through September 30, 2022.

This year was also a day dedicated to SMEs, where SME leaders and academics shared hands-on learning about building strong, resilient companies for the future.

SME Day participants received a digital certificate of knowledge. As of November 14, 2021, 84% of SME Day learners have successfully obtained a certificate of knowledge.

In collaboration with Digital Pilipinas in the Philippines, SFF 2021 supported the local community by developing the I-ITERATE digital knowledge certification. This program focused on the digital infrastructure to support Open Finance, RegTech, Risk & Cybersecurity and InsurTech & HealthTech.

A new initiative launched at SFF 2021 is ATOMS, a non-profit initiative that provides a community where entrepreneurs connect and share meaningful knowledge.

During SFF 2021, ATOMS presented more than 45 short videos in Asia-Pacific, the US and northern Europe, in which entrepreneurs can listen and learn in small 120-second videos using a mobile app free.

MAS technological and innovation initiatives

Image credit: PYMNTS

The Singapore Monetary Authority (MAS) and the National AI Office (NAIO) launched the National Artificial Intelligence (AI) Program in Finance.

This creates deep AI capabilities in Singapore’s financial sector to strengthen customer service, risk management and business competitiveness.

MAS and the Smart Nation and Digital Government Group (SNDGG) launched the second phase of the Singapore Financial Data Exchange (SGFinDex). This allows individuals to view information about their investment holdings in The Central Depository as part of their consolidated financial position.

Another project that MAS has announced is Sandbox Plus, which improves the MAS FinTech Sandbox regulatory framework to further catalyze financial innovation and FinTech adoption.

The Retail Central Bank Digital Currency (CBDC) paper describes MAS ’preliminary assessment of the economic case of a retail CBDC in Singapore and its possible implications for financial stability and monetary policy.

SFF 2021 also saw the launch of two innovation challenges to solve the problems of the industry.

The Global CBDC Challenge aims to identify and develop retail CBDC solutions that increase payment efficiency and improve financial inclusion.

In the meantime. the Global Veritas Challenge aims to address key challenges in validating the equity 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.

Industrial collaborations and international cooperation initiatives

During SFF 2021, there were several collaborations and initiatives in the sector to drive innovation in the future of finance.

MAS announced its partnership with the industry to pilot four digital platforms as part of the Greenprint Project to address the needs of the financial sector for good data on sustainability.

There’s ChekFin on APIX, where it’s a decentralized credential platform to allow financial institutions to obtain verified credentials from FinTech companies, such as business referrals, awards obtained, and investor financing records.

ChekFin is a partnership between the ASEAN Financial Innovation Network, BCG FinTech Control Tower and Affinidi, with MAS as a founding partner.

Image credit: fxnewsgroup.com

NETS also announced the integration of Alipay + for better cross-border digital payment. It’s about improving the cross-border digital payment capabilities of local merchants, and Western Union announced that it supports the cross-border movement of digital money with Singtel’s Dash.

Mastercard launched the world’s first “Buy Now, Pay Later” business card solution for small business financing at APAC.

Several important international cooperation initiatives were also announced at SFF 2021.

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

Federal Councilor 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 bring together the best technologists with investors and leaders to develop innovative ideas and inclusive solutions.

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

Featured Image Credit: Vulcan Post screenshot

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