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Singapore FinTech: Innovation, Inclusion, Inspiration

Presentation at Singapore FinTech Festival 2018 – 12, November 2018

Financial Services Built Around Us

Welcome to the third edition of the Singapore FinTech Festival (SFF).

  • This year, we have close to 40,000 participants from more than 100 countries.

  • SFF has become the biggest annual gathering of the global FinTech community. You guys made it happen. Thank you all for your overwhelming and unstinting support.

When we began our FinTech journey in 2015, we imagined a Smart Financial Centre where innovation and technology are pervasive.

  • We said we want to increase efficiency, manage risks better, create new opportunities, and improve people’s lives.

  • We didn’t know – we still don’t know – how the future will look like.

  • But we imagined what we want it to look like, and set about trying to create it.

Imagine a world where financial services are built around us – around our life and our needs.

Imagine a world where identity is human.

  • Imagine a world with no identity cards, no passwords, and no mothers’ maiden name.

  • We are who we are, not just what we have or what we remember.

  • This is how we have always identified one another throughout history – by recognition, more human, more natural.

  • But when we have large numbers of people and we don’t know one another, we had to resort to artificial means.

  • But advances in biometrics are now making identity human again.

  • Many banks are already letting us use our face as our new banking password.

    • Here in Singapore, OCBC Bank is already doing this.

Next, imagine a world where payments are invisible.

  • Our shopping experience will be transformed.

  • Cameras and sensors identify us and the items that we place in and out of our shopping bag.

  • And when we are done, we just walk out of the store!

  • No more checkouts, no more lines, and no more fussing with cash and credit cards.

  • Fantasy? Just visit Amazon Go – it is already happening.

Imagine a world where insurance is intuitive.

  • How many of us truly understand our insurance policies or are fully confident they will pay out when we need them?

  • Imagine a world where the payout is automatically triggered by events and is instantaneous.

  • No more lengthy claims forms, no more waiting time, and no more opaque processes.

  • Science fiction? Not quite.

  • MetLife’s Lumenlab here in Singapore is already making this a reality for gestational diabetes insurance. They are testing this out in MAS’ regulatory sandbox.

Imagine a world where financial advice is integrated.

  • Imagine our own personal financial dashboard on our mobile devices:

    • Giving us a complete view of our finances – pulling in data from banks we have deposits with, insurance companies we have policies with, and broker-dealers we have investments with

    • Not to mention, our pension or social security funds, tax liabilities, and mortgages.

    • All in one place: a personal balance sheet – in real-time!

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