November 17, 2016
by Ravi Menon, Managing Director, Monetary Authority of Singapore
Remarks at Singapore FinTech Festival - FinTech Conference, Singapore Expo, 16 November 2016:
Ladies and gentlemen, good morning and welcome to the inaugural Singapore FinTech Festival.
Financial technology or FinTech is transforming financial services, in a way not seen before.
Digital payments are becoming more widespread, propelled by advances in near-field communications, identity authentication, digital IDs, and biometrics.
Blockchains or distributed ledgers are being tested for a wide variety of financial operations, to make them faster, more robust, more efficient:
Perhaps the biggest potential is in what is called Big Data. We are beginning to aggregate and analyze large data sets to:
Big data is in turn being driven by advances in:
Be it countries, businesses, or people – those who are alert to technology trends, understand their implications and harness their potential will gain a competitive edge.
Last year, MAS laid out a vision for a Smart Financial Centre, where innovation is pervasive and technology is used widely.
Since then, MAS has been working closely with the financial industry, FinTech start-ups, the institutes of higher learning and other stakeholders towards this shared vision. MAS’ role in supporting this FinTech journey is two-fold:
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