It was a long-awaited global reunion for the financial technology community at the seventh edition of the Singapore FinTech Festival (SFF). As SFF’s first in-person gathering since the COVID-19 pandemic began – and with a record turnout to boot – this year’s event saw high spirits and insightful participation throughout its duration from 2 to 4 November.

Organised by the Monetary Authority of Singapore (MAS) and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore, SFF has become the to-go platform for the global FinTech community since its inception. More than 62,000 participants from over 115 countries came together to engage, connect, and collaborate on issues relating to the development of financial services, public policy, and technology. The event, held at Singapore EXPO, also featured over 570 exhibitor booths including 25 international country pavilions.

Pat Patel, the Executive Director of Elevandi and one of the organisers of SFF 2022, explained how Singapore, being the top financial centre in Asia and third globally, is an ideal meeting point for the cross-border exchange of ideas and innovation.

“What Singapore provides ultimately is a doorstep to Southeast Asia. So many organisations in Europe, Africa, and the Americas see Singapore as a perfect destination to do business … and the festival serves as a catalyst for business and partnerships,” he said. 

Melting pot of innovation and collaboration  

Over the course of three days, the likes of banks, payment solutions providers, policymakers, and regulators assembled to envision the future of FinTech and tackle the industry’s latest conundrums and immediate challenges.

More than 850 speakers from private and public sectors participated in plenary sessions, industry panels, and roundtables covering a wide range of current topics from open finance and digital assets to Green Finance and Web3. One such learning platform is the Elevandi Insights Forum, which convened 22 closed-door roundtables attended by close to 1,200 leaders from government, industry, and civil society.

In addition, 4,000 meetings were facilitated through the SFF’s business matching platform while over 2,000 attendees engaged in knowledge talks and career guidance at the Talent Pavilion. Entrepreneurs, too, had a rallying point; 3,000 participants attended the inaugural Founders Peak, where they had the invaluable opportunity to learn from more than 50 exceptional founders who shared their personal industry journeys and success stories in 10-minute TED-like talks.

Aishwary Gupta, DeFi Chief of Staff, shared how being part of SFF and physically in Singapore have empowered his company, Polygon Technology, to grow. Polygon, a blockchain-based platform and made-in-India unicorn, was participating as an exhibitor at SFF 2022. “The Singapore government and SFF’s organisers have been very supportive. They helped us set up our booth beautifully, and connected us to the right partners and stakeholders for business,” he said. 

Fostering the future of finance

As a result of creating a space where key decision-makers and policymakers can share ideas, future-defining financial services initiatives were borne.

Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong, for one, announced Project Orchid that explores the use of purpose-bound money. The Monetary Authority of Singapore (MAS) has kickstarted Phase 1 of Project Orchid, which looks at purpose-bound money and its different use cases. Purpose-bound money refers to the method that specifies how this digital currency can be used, and partners testing this out include banks like DBS and OCBC and businesses such as Grab. Additionally, DPM Wong said MAS, with a fresh commitment of S$150 million, will continue to nurture Singapore’s vibrant financial sector with the focus on key areas like AI and cybersecurity, as well as newer areas in ESG FinTech.

On the topic of ESG, DPM Wong also mentioned that talks about the future cannot avoid the issue of sustainability and the challenges posed by climate change, which he described as an “existential issue for humanity”. To tackle this, technology was identified as integral to such efforts.

Reflecting this focus on the environment, organisers had measured carbon emissions produced by SFF 2022 and the data will guide decarbonisation efforts for subsequent festivals. The ESG FinTech zone was also set up for the first time to recognise the need to channel funds and FinTech initiatives towards addressing this global issue. The zone showcased technological solutions driving innovation and change in the region’s net zero effort. This was complemented by the ESG Ecosystem Stage, which presented key trends and developments at the intersection of ESG, technology, and finance. 

Vibrant experiences all-round

This focus on the environment, and other innovative FinTech initiatives, helped make SFF a fruitful and successful event for all involved.

It wasn’t all work and no play either. Participants were treated to Singapore’s eclectic and vibrant nightlife at the industry networking party, with drinks and food served up by 11 bars at Club Street – one of Singapore’s coolest districts.

Bethany May, Global Senior Associate, Glenbrook Partners, LLC, shared how enjoyable she found the event and Singapore to be.

“As a visitor to Singapore, I'm in love with the energy of the city. There's so much innovation happening here and everyone is really passionate about what they do … The energy of being back in person is palpable in the EXPO. It's amazing to be here seeing people finally connecting in person and everyone having a great time,” she said.

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