The 3rd Singapore FinTech Festival, the largest such event in the world, hosted 45,000 participants from almost 130 countries this year.
The three-day FinTech Conference, from 12 to 14 November, saw Narendra Modi, PM of India, and Tharman Shanmugaratnam, Deputy PM of Singapore and Chairman of MAS, jointly launch API Exchange (APIX), an online global fintech marketplace and sandbox platform for financial institutions.
Innovation Lab Crawl and industry events on 15 and 16 November wrapped up with close to 10,000 visitors across 32 innovation labs, 60 workshops and networking events held around Singapore.
Seven agreements were inked between MAS and international financial authorities on the sidelines of the festival. These include four key agreements between financial authorities and between financial institutions in China to enhance financial regulatory cooperation and financial markets connectivity, a cooperation agreement with authorities in Kazakhstan to enhance fintech collaboration, a memorandum of understanding (MoU) to boost financial services in Latin America, Caribbean and ASEAN regions and an MoU to foster innovation and financial services between Singapore and Bahrain. This takes the total number of fintech cooperation agreements that MAS has with its international counterparts to 29.
Various agreements were also sealed by the private sector, including the formation of a partnership between NETS and ITMX, provider of Thailand’s interbank payment infrastructure as well as an MoU signed between AMTD Group and AwanTunai, an Indonesian fintech startup.
Several deals were announced at the deal-making platform MATCH, which stands for Meet ASEAN’s Talents and Champions. MATCH was presented for the first time at the festival and the Global Investor Summit. One of the MATCH participants, GTR Ventures, an investment and venture-building platform specialising in trade and supply chain, announced three new deals with Lucidity, iLoan and RM-Tech.
Another MATCH participant, Vanda Global Capital, a venture capital fund management company, also announced that it had signed a collaboration agreement with Shenzhen Dayshine Fund Management and Raffles Capital to launch a US$1.5 billion Asia agriculture technology fund, named the Asia AgriTech Fund.
At the festival, MAS also released a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of AI and data analytics in finance.
The Singapore FinTech Festival will return next year from 11 to 15 November 2019 along with Prudential, who has committed to be a grand sponsor till 2022.
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Read the TechTrade Asia blog post about the opening of the FinTech Festival and what FEAT is about
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