The Singapore FinTech Festival 2024 brought together innovators, investors, and policymakers from across the globe, affirming its standing as one of the world's premier financial technology events. Held from November 6 to 8, the festival welcomed around 65,000 attendees from 134 countries, including significant representation from the Southeast Asian region.
Among the notable features of this year's festival was the exclusive Insights Forum, where over 2,300 leaders from various sectors convened to tackle pressing issues. This specialized gathering included 40 roundtable discussions focused on diverse topics, ranging from the future of financial infrastructure to strategies for achieving global net-zero goals.
Also prominently featured was the Regulation Zone, which attracted more than 3,400 participants from approximately 665 central banks and regulatory agencies worldwide. Discussions revolved around the integration of Artificial Intelligence (AI) solutions, the evolution of digital assets, and the challenges of cross-border data flow, all of which are shaping the future of global finance.
The festival's Technology Zone followed suit, showcasing 64 sessions dedicated to innovations such as AI, blockchain, and e-commerce. Attendees were treated to presentations highlighting the tangible impacts these technological advancements have on real-world economic activities, underscoring the need for adaptation and evolution within financial sectors.
Meanwhile, the Founders and Investors Zone proved to be a breeding ground for partnerships, featuring over 580 scheduled meetings between investors and startup founders. This collaborative environment cultivated opportunities, inspiring potential investments and collaborative endeavors aimed at fostering innovation.
The Talent Zone, aimed at nurturing the next generation of tech leaders, offered 180 mentorship sessions and certification programs developed alongside academic institutions. Emphasizing the importance of preparation for the challenges of tomorrow, the Talent Zone boasted initiatives geared toward creating more adept financial professionals.
One of the standout moments during the festival was the launch of Gprnt's inaugural Disclosure and Marketplace offerings within the ESG Zone. These tools are crafted to simplify sustainability reporting, providing businesses with avenues to connect to solutions supporting their decarbonization efforts. This initiative resonates strongly with the festival's overarching themes of innovation and responsibility.
The festival's closing remarks included expressions of gratitude from the organizing team to sponsors, participants, and speakers who contributed to the event's success. "SFF 2025 marks our 10th anniversary, and we invite all to join us from November 12 to 14 as we celebrate this significant milestone and continue driving forward innovation and collaboration within FinTech," the organizers announced.
Historically, since its inception in 2016, the Singapore FinTech Festival has served as the go-to platform for the global FinTech community. The collaboration between industry stakeholders has continually enriched discussions surrounding financial technologies and public policies.
Another important aspect of the festival was the representation from Cambodia, which echoed its emphasis on digital finance and collaborative efforts to strengthen economic frameworks. Cambodians played significant roles by showcasing their advancements at the event. About 40 delegates attended, primarily from banks and financial institutions across the country.
One of the most notable discussions involved H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, who participated alongside international representatives from countries like Rwanda and global firms such as Amazon and Ant International. Their dialogue focused on promoting financial inclusion for small and medium-sized enterprises (SMEs) through the use of digital financial services.
Dr. Serey highlighted Cambodia's equity program, Bakong, which provides digital payment infrastructure allowing SMEs to easily adapt to online business models. She mentioned its tangible impact since its launch during the COVID-19 pandemic, asserting, "Every shop, every small street vendor now has a QR code, and this is very important because it signifies not only easier payments but also enhanced visibility to banks."
Her comments illustrated how access to efficient payment services lays the groundwork for additional financial opportunities for SMEs, helping them to break traditional barriers. She stated, "This payment infrastructure promotes not just payment visibility but financial viability, allowing for lending decisions based on self-reported revenues and actual transactions. This advancement is pivotal for our SMEs."
A not-so-distant future looks promising for Cambodian finance, with plans recently unveiled by the National Bank as well as initiatives to establish new cross-border payment arrangements with prominent FinTech providers. The SME Bank and Credit Guarantee Scheme are poised to take substantial steps forward with these pending collaborations.
Key stakeholders, including representatives from the NBC and the Monetary Authority of Singapore (MAS), met during the festival to discuss the progression and challenges of the Financial Transparency Corridor (FTC) project. This partnership aims to wield technology's power to bolster financial inclusion and stimulate economic development for both nations.
During the festival, Mastercard made waves with the introduction of its new ‘Pay Local’ service, which links cards to local digital wallets, including Bakong. This development will allow visitors to Cambodia to use their Mastercard seamlessly with the local payment infrastructure, enhancing experiences for tourists and locals alike.
Meeting the needs of the modern traveler, the Liquid Group unveiled roamQR, which offers seamless cross-border payments via QR codes, marking its anticipated expansion to Cambodia early next year.
Commenting on the festival's impact, Sophoan Rath, Chairman of the Association of Banks in Cambodia, stated, "Singapore is not just about itself; it's also about its position as the leading financial center. This connection presents Cambodia opportunities to adopt new technologies and attract investments. With the regional financial ecosystem maturing, Cambodia is ready to leapfrog onto the latest digital financial solutions."
Overall, SFF 2024 showcased the commitment of not only Singapore but the Southeast Asian region as they chart paths toward digital finance innovations and challenges. The symposium offered rich opportunities for attendees to network, collaborate, and drive the future of financial innovation at breakneck speed.
With the conclusion of this ninth installment, anticipation builds for the next Singapore FinTech Festival as it heralds its 10th anniversary. The promise of even greater collaboration and innovation looms on the horizon, paving the way for exciting developments within the global FinTech community.
