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SFF 2021 launched various MAS technology and innovation initiatives – Wired PR Lifestyle Story

The Singapore FinTech Festival (SFF) 2021 was definitely a whirlwind event, and we learned a lot. Tick the future of money, finance and the Internet du blockchain-based Partior to building a fintech unicorn, was a really fruitful week for everyone involved.

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

The week-long event attracted 60,000 participants and grew by 33% year-on-year.

Given the reality of Covid-19, SFF took a hybrid approach in person with panels and virtual broadcasts and managed to capture more than 2 million views.

The audience expanded with live broadcasts on local and international TV networks and social media. Of the more than 160 countries represented, 52 per cent of enrollments were from outside Singapore.

This reflects the global appeal of Web 3.0 and the quality of its content.

SFF 2021 also had the participation of more than 7,500 organizations and was attended by more than 700 speakers who shared views over the 240-hour content.

Here’s a quick recap of the festival as we look forward to returning next November 7-11.

A platform for lifelong learning

SFF 2021 also introduced a Web 3.0 certification program to enhance learning, development, and training in Web 3.0-focused areas.

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

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

This year was also a special novelty for SME Day, where SME leaders and academics shared practical lessons for building strong and resilient businesses for the future.

SME Day participants received a Digital Knowledge Certificate. As of November 14, 2021, 84 percent of SME Day students had successfully completed the knowledge certificate.

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

A new initiative launched in SFF 2021 is ATOMS, a non-profit initiative that provides a community that connects entrepreneurs and shares meaningful information.

At SFF 2021, ATOMS presented 45 short videos across Asia-Pacific, the US and Northern Europe, where entrepreneurs can listen and learn in small 120-second videos via a free mobile app.

MAS technology 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 builds 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 participation in The Central Depository as part of their consolidated financial statements.

Another project announced by MAS is Sandbox Plus, which enhances the MAS FinTech Regulatory Sandbox framework to further catalyze financial innovation and adoption of FinTech.

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

SFF 2021 launched two innovation challenges to solve industrial problems.

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

Meanwhile. The Global Veritas Challenge aims to address the key challenges of validating the fairness of AI solutions for specific use cases of the bank.

SFF 2021 also celebrated the winning solutions of the most innovative Global FinTech Hackcelerator, SFF Global FinTech Awards and FinTech e-Gifting Award.

Industrial cooperation and international cooperation initiatives

During SFF 2021, there were a number of industry collaborations and initiatives to drive innovation in the financial future.

MAS announced its partnership with the industry to test four digital platforms in Project Greenprint to meet the needs of the financial sector for good data on sustainability.

ChekFin is located at APIX, where it is a decentralized credential platform for financial institutions to obtain certificates from FinTech companies, such as business references, awards obtained, and investor financing records.

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

Image credit: fxnewsgroup.com

NETS also announced the integration of Alipay + to achieve better digital cross-border payment. This is to improve the digital cross-border digital payment capabilities of local merchants, and Western Union announced that it is supporting the cross-border digital money movement with Singtel’s Dash.

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

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

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

Federal Councilor Ueli Maurer, in collaboration 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 to develop innovative ideas and inclusive solutions with investors and leaders.

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

Featured image: MAS




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