November 20, 2019
Studying the properties and composition that make up the FinTech ecosystem
Welcome to this week’s industry analysis with the FinTech Chemist. About 60,000 attendees, 130+ countries, and all things FinTech – MEDICI is hot off the heels of this year’s Singapore FinTech Festival, and the humidity levels last week weren’t the only thing that had people talking. Here are a few takeaways from the epic event:
The Monetary Authority of Singapore (MAS) rolled out the green finance action plan to strengthen green financing capabilities in Singapore. Green finance initiatives will ensure that financial services such as lending and borrowing, as well as investing, deliver both returns and environmentally positive outcomes, including dealing with climate change. The launch of a 2-billion-dollar Green Investments Programme was also announced. Essentially, the MAS will channel funds to public market investment strategies with a strong green focus, and with asset managers who are committed to deepening green finance activities and capabilities in Singapore.
We’re proud of this one! MEDICI and Open Financial announced the first-ever comprehensive report detailing the impact and pace at which BaaS is driving disruptive change. Some of the key insights derived from the report include the fact that Europe has seen a robust adoption of BaaS due to the advent of Open Banking regulations and the inclination of traditional banks to accept the same. The report also highlights key success factors and steps to ensure the successful implementation of BaaS. You don’t want to miss this in-depth report – download it here!
Singapore has unveiled five key national AI projects as part of the city state’s new national AI strategy, The Straits Times reports. These projects cover border security, logistics, healthcare, education, and estate management. In smart estates, for example, AI-powered chatbots will launch by 2022 for residents to report issues with municipal services. As part of the National AI Strategy, Singapore has created a new National AI Office under the Smart Nation and Digital Government Office (SNDGO). According to FinTechnews.sg, “The new office will be responsible for setting priorities and helping build a pipeline of AI talent. It will also facilitate the commercialization of AI research and act as a link between the private and public sectors.”
What Singapore lacks in landmass, they certainly make up for it with their FinTech industry. There’s a reason why about 43% of FinTechs in Southeast Asia choose Singapore as their home. Singapore is the leading country in Southeast Asia in terms of total FinTech investment dollars as well as consumer adoption. While regulation can often be a hindrance in the financial services industry, Singapore understands the fine line between preserving financial stability and giving companies sufficient room to innovate. And when it comes to open banking, for example? Singapore is one of the most advanced countries in the world when it comes to API implementation for banks and FinTechs.
SFF 2019 has certainly set the bar high for 2020. Don’t miss our video coverage (coming soon) from the event on MEDICI Studio. Now, onto my next scientific… I mean FinTech hypothesis adventure. And, as always, remember to take your vitamins!
Read the previous edition of The FinTech Chemist.