MAS and ABS Kick off Inaugural Singapore FinTech Festival

Singapore, 14 November 2016 – The inaugural Singapore FinTech Festival kicked off today with a series of events that aim to portray the future of a financial industry transformed by innovation and technology. The week-long Festival is organised by the Monetary Authority of Singapore (MAS), in partnership with The Association of Banks in Singapore (ABS), and aims to connect the global FinTech community. The Festival is supported by various sponsors and partners which are key players in the FinTech ecosystem in Singapore and globally.

Close to 11,000 participants from more than 50 countries have registered for the various events, comprising conferences on FinTech, Tech Risk, and RegTech; the Global FinTech Hackcelerator; the FinTech Awards; visits to innovation labs; as well as community and networking events (see Annex for full programme and event descriptions).

The Festival begins today with the island-wide Innovation Lab Crawl, where more than20 innovation labs across Singapore will demonstrate their solutions and offer visitors a glimpse into the future of finance. The Hackcelerator Demo Day on 15 November will be a showcase of market-ready FinTech solutions, developed by 20 teams selected from amongst more than 650 global submissions, to solve specific problem statements solicited from the financial industry. The FinTech Awards on 17 November will recognise innovative FinTech solutions that have been implemented by FinTech companies, financial institutions, and technology companies.

The Festival will also feature three conferences, where participants will hear from over 100 renowned executives, venture capitalists and market specialists from leading financial institutions and FinTech companies, who will speak on global FinTech trends, latest technologies, market-ready and future solutions, financial regulations, and technology risk. Alongside the main FinTech Conference, participants will also be able to visit the complementary FinTech Exhibition to be held at the Singapore Expo. The booths, helmed by over 70 financial institutions and FinTech companies, will allow participants to explore, experiment and experience innovative technological solutions.

Mr. Sopnendu Mohanty, Chief FinTech Officer, MAS, said, Standing on the cusp of financial technology transformation, the Singapore FinTech Festival is an important initiative that allows us to bring the global FinTech community together. The Festival will foster the thriving FinTech ecosystem in Singapore and beyond, as we strive towards establishing Singapore as a Smart Financial Centre and a world-class FinTech hub.

Mrs. Ong-Ang Ai Boon, ABS Director, added, ABS is pleased to partner MAS in the FinTech Festival, which is the first of its kind globally. The Festival offers a conducive environment for the FinTech community to connect, exchange ideas and preview what the future holds for the financial industry, and the possibilities and opportunities that await us. FinTech is the way forward and we are delighted that the Festival will create new value and position Singapore as a future-ready financial centre.

About the Monetary Authority of Singapore:

As Singapore’s central bank, the Monetary Authority of Singapore promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages

Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape

Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to the international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

About The Association of Banks in Singapore:

The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted a common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 154 local and foreign banks. Further information on ABS is available on the website:

About the Singapore FinTech Festival:

Organised by the Monetary Authority of Singapore in partnership with The Association of Banks in Singapore, the Singapore FinTech Festival – the first of its kind in Asia – will provide a platform for collaborations, connections and co-creations within the FinTech ecosystem in Singapore and beyond. In keeping with this spirit, the Festival is supported by the industry. Festival sponsors include Citibank, Deloitte, Mastercard, MUFG, UOB, and V-Key.

A series of back-to-back events that will take place from 14 – 18 November 2016. The Festival will comprise the Global FinTech Hackcelerator, Innovation Lab Crawl, FinTech Awards, FinTech Conference, Tech Risk Conference, and the RegTech Forum.

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