Singapore – residence to some 400 fintech startups and 100+ financial institutions–is extra ambitious than ever to consider the world wide fintech hub crown. The federal government-led, corporation sponsored Fintech Pageant is into its next yr, this time bigger and much better than final.

Totalling five days from Nov. 13-17, the competition occasion welcomes attendees with its heat tropical weather on the small island state. I was lucky more than enough to be invited as a media member to witness the greatest get-collectively of each player in the fintech ecosystem: startups, buyers, financial establishments, organizations and federal government businesses.

It’s always summer in Singapore. Photo credit: Lucia Ziyuan

It’s usually summer season in Singapore. Picture credit rating: Lucia Ziyuan

Covering almost everything trending and topical in fintech from distributed ledger technology to regulatory hazard, we are viewing hugely prestigious speakers and federal government officials building appearances at the occasion. Although it would be difficult to report again each element, I will try my most effective to emphasize the noteworthy in this post.

The competition working experience

The competition was an indoor occasion that took up a few exposition halls at the Singapore Expo. Upon arrival, the occasion arena was already buzzing with delegates of all types of nationalities chattering in each accent possible. Just after registration, I was instantly greeted by big showcase booths from competition sponsors: Deloitte, Prudential and KPMG among other people.

Corporate sponsor booths like Deloitte’s take up the majority of exhibition real estate

Company sponsor booths like Deloitte’s consider up the bulk of exhibition actual estate

As opposed to other fintech situations I’ve been to, the booths at this competition had been way extra artistic and inviting with genuinely remarkable new systems on show. Deloitte, for case in point, showcased their voice and tone recognition technology for mitigating hazard. PayNow-the greatest peer-to-peer payment community in Singapore–exhibited how money can be moved promptly with just the recipient’s cellular phone range with an experiential showcase.

There is undoubtedly no deficiency of happenings for the week celebration. The competition breaks down into a few primary varieties of situations and numerous lesser segments jogging concurrently. There was so much likely on each moment at each corner of the location that one particular can very easily be held again by FOMO.  Just as I headed in direction of an intriguing meeting chat about the open up ledger, at the similar time there is an additional remarkable, inclusive fintech chat happening on a unique phase.

Although the crowded flooring are a minimal hard to navigate and also numerous situations happening concurrently, with the assist of the official occasion app I was ready to program and bookmark situations that desire me beforehand. Even meeting talks I attended had been a total house–people had been standing around for these hour-long talks. The group enthusiasm was amazing.  

SFF event app. Image source: Google Playstore

SFF occasion app. Image resource: Google Playstore

There had been also quite a few workstations and lounge regions to chill out and have a chat, alongside with considerable foods choices, many thanks to the kinds the Southeast Asian foods funds has to present. I even bought a pre-packaged customizable salad from a vending machine utilizing touchless payment and thought of Nick Szabo’s popular wise deal as vending machine analogy. What a fintech moment.

cashless payment at salad vending machine. Photo credit: Lucia Ziyuan

cashless payment at salad vending machine. Picture credit rating: Lucia Ziyuan

Fintech Sandbox–a best-down strategy to innovation

As the official host, the presence of Monetary Authority of Singapore (MAS) looms massive all through the complete occasion. The federal government agency’s ambition to consider a best-down strategy to innovation was pronounced–there is even a dedicated fintech arm in just the corporation referred to as “Fintech and Innovation” team.

Most notably, MAS is acknowledged for their daring experiments in just the fintech regulatory sandbox. If you have not read of it, the Fintech Sandbox is exactly where MAS provides the environmentally friendly light-weight to examination out new goods or alternatives in a managed setting in situations exactly where these new thoughts would not have handed regulators’ scrutiny to go in advance.

At the competition, MAS Sandbox came to daily life with a sandbox phase literally create with actual sand. In a speech by Mr. Ong Ye Kung, minister for training and next minister for defense, we experienced a glimpse of what a structured liberal regulation framework would function for financial innovation.

Sandbox literally made out of sand as open stage. Photo credit: lucia ziyuan

Sandbox literally built out of sand as open up phase. Picture credit rating: lucia ziyuan

Mr. Ong cited the case in point of PolicyPal, the to start with graduate of the MAS fintech sandbox and now a certified insurance coverage broker immediately after screening its alternative in the sandbox with a limited pool of people. He further more stated that MAS will “further loosen the regulatory boundaries for sandbox scenarios exactly where the risks do not outweigh the possible benefits of the alternative to individuals.” That would suggest even a bigger playground for reducing-edge fintech innovators.

Other MAS-led innovation initiatives include things like partnership with MIT Media Lab on vital regions like Distributed Ledger Engineering, the world wide Hackcelerator method and MAS Fintech Awards for which assignments in and outside of Singapore had been rewarded with generous income prize.

Fintech is maturing

Although there is still a great deal of hype around emerging fintechs these types of as ICO and AI bots, we get the perception from conferences and speeches that fintech is maturing now with a extra “grown-up” mind-set.

For one particular, extra improvements are happening in the conventional, seemingly “undisruptable” portion these types of as RegTech and Insurtech. On the other, fintech makers’ attitudes in direction of regulation is loosening up. Fewer individuals are chatting about disrupting, and the numerous mid-phase fintech ventures are trying to get alignment of desire with regulators and financial establishments.

At a panel dialogue titled “Alternative Payments: Beyond Buzz,” Brad Garlinghouse from Ripple, Taavet Hinrikus from Transferwise and Tim Grant from DrumG sat down to chat about altcoins and extra. When requested if culture will be likely cashless, all of them mentioned fiat is not likely away anytime before long. Conversing about the function of financial establishment in fintech innovation, all a few expressed optimistic sentiments in direction of performing with regulators. Taavet Hinrikus mentioned that “tech business people are having much better at working with business people. Turns out regulators pay attention to you.” Brad Garlinghouse went a stage further more to say that it’s “important for the industry to be proactive and chat to regulators.”

Brad Garlinghouse, CEO of Ripple, breaking down altcoin hype for the audience. Photo credit: Lucia Ziyuan

Brad Garlinghouse, CEO of Ripple, breaking down altcoin hype for the audience. Picture credit rating: Lucia Ziyuan

And political leaders are looking at fintech closely also. In a speech on financial inclusion by Queen Maxima of the Netherlands offered at the competition, her majesty gave 9 tips for effective inclusion of fintech: data privateness, cyber security, digital literacy, financial literacy, digital ID, connectivity, interoperability, fair competition and actual physical infrastructure. You have to agree that these are quite on place insights.


And governments are likely out of their way to compete for innovation alternatives. At the closing chat by the Yuriko Koike, the governor of Tokyo, we saw the government’s efforts to place Tokyo as a attractive vacation spot for financial innovation these types of as financial awards and ads much like a marketing outside advertisement for tourism.


30,000+ members, 100+ nationalities–this year’s fintech competition has to be the greatest industry occasion in latest heritage. It’s promising to see these types of robust growth and shared enthusiasm in this industry. There is no doubt that fintech will continue to make huge waves in 2018.

But we also walked away with extra issues than answers. Inspite of the globally shared language in fintech, there is no normally agreed strategy to fintech innovation as the regulatory setting in just about every region is quite unique. What does it suggest for financial inclusion to scale? What would genuine interoperability glimpse like primarily on the Blockchain? What does it suggest for innovators to function with regulators on making infrastructures, and how?

Maybe at the velocity we are shifting forward with technology, we will see the answers reveals on their own at the following fintech competition.


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