Inside SFF 2023: Overview of the Key Insights

The eighth edition of the Singapore Fintech Festival (SFF) 2023 concluded on 17 November 2023, drawing a record high of 66,000 participants from 150 countries, cementing its position as the premier global event shaping the future of finance.

The central theme surrounding SFF 2023 centred on “AI for good. AI for good?”, with a particular focus on “The Application of AI in Financial Services”, examining the transformative potential of cutting-edge technologies such as AI and Web3, along with the role of digital public goods in catalysing a low-carbon future.

Beyond that, SFF 2023 aimed to reimagine the financial system architecture to better serve the needs of the underserved while addressing contemporary challenges like climate risks, technological advancements, and cyber threats.

In this article, we'll unpack the key insights from SFF 2023 and explore how Wallex is part of the story.

AI in Fintech Companies will be the Norm

Opening the discourse on AI on day one of the conference, newly inaugurated President Tharman Shanmugaratnam emphasised that the profound impact that the technological revolution is poised to exert on the workforce and society could exceed all preceding transformations.

The financial services sector was singled out as the sector that would experience the effects of evolving technologies, in particular large language models (LLMs) and AI, at an accelerated pace compared to other industries. In light of this, he further stressed the need to examine and find ways to address its distributional consequences.

“AI can be a huge enabler”, said Mr Tharman, while acknowledging that it would require “coordination and some rules of the game”. Based on the latest trends from the Gitnux Market Data Report 2023, AI has the potential to drive economic growth by 26% and financial services revenue by 34%. AI can play a pivotal role in the rapid progress of fintech, empowering companies to make data-drive decisions with efficiency.

Consequently, it becomes imperative to leverage AI in fintech companies and proactively source for ways to harness its potential, notwithstanding the distributional consequences as raised by Mr Tharman.

As AI emerges as a linchpin for the growth of the financial sector, Wallex is well-positioned to adapt to the impact of AI on fintech companies. The commitment Wallex has to adapt and innovate has been proven in how we have helped businesses save over 70% of global payment fees and enjoy the speed of making one-day international payments. Looking ahead, this ethos of continuous innovation will ensure that Wallex can navigate the transformative waves that AI is making in the fintech landscape.

🔑 Read More: Investree Saves 70% in Fees on Their Cross-Border Payments with Wallex

Cross-Border Payments Open the Doors for Financial Inclusion

In her keynote address at SFF 2023, Kristalina Georgieva, Managing Director of the IMF, shed light on the transformative role of cross-border payments and Central Bank Digital Currencies (CBDCs) in global finance.

Georgieva underscored the potential of CBDCs to bolster resilience in advanced economies and extend financial inclusion to the underbanked. As countries navigate the digital finance landscape, CBDC deployment offers a pathway to efficient cross-border payments, empowering small businesses and households globally.

Despite the progress made in the cost of remittances, they are still above Sustainable Development Goal targets and the imperative for the future, Georgieva proposed, involves collaborative efforts between the public and private sectors to envision and create “next-generation virtual town squares where central banks, commercial banks, and potentially even households and firms, can gather to exchange CBDCs in wholesale or retail form” to “ensure that countries do not get stuck on the wrong side of the digital divide”.

In this regard, Wallex has astutely recognised what financial inclusion is and stands ready to advocate for financial inclusion by empowering startups and SMEs from across the globe to have accessibility to swift cross-border payment solutions.

🔑 Read More: How ErudiFi Expands In Southeast Asia To Bring Financial Inclusion To All Students

Singapore Showcases Commitment as a Fintech Hub

Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, took the stage at SFF 2023 and outlined Singapore's ongoing commitment to shaping the financial landscape of the future.

Singapore's “audacious” vision of being a “Smart Financial Centre” centers on three key outcomes within the emerging financial ecosystem: making cross-border payments more efficient, enabling seamless financial transactions, and fostering a trusted sustainability ecosystem for global finance's transition to net-zero.

With QR payment linkages with China, Malaysia and Thailand, including major announcements of the PayNow-DuitNow linkage with Malaysia as well as QR payment linkages with Indonesia during SFF 2023, Singapore is making noteworthy strides in strengthening economic connectivity in the region and propelling herself as the fintech hub of the future.

The ongoing collaboration with the Bank for International Settlements (BIS) on Project Nexus underscores Singapore's role in creating a global public good payment utility, further solidifying her status as a trailblazer in the fintech realm.

With a licensing footprint extending across Singapore, Hong Kong, and Indonesia, Wallex stands as a testament to the collaborative efforts driving Singapore's ascent as a fintech hub. On top of the existing Major Payment Institution (MPI) license, Wallex also received approval from the Monetary of Authority of Singapore in granting of new services to its repertoire, further enhancing Wallex's capabilities and solidifying its expertise in foreign exchange (FX) and cross-border payments within the region.

🔑 Read More: From 0 to 20K Clients – Best Practices From Our Own Growth Story

Post SFF 2023: Is Wallex Ready for the Future of Fintech?

SFF 2023 provided a glimpse into the future of finance, with a strong emphasis on technological innovation, sustainability, and inclusivity.

As the world looks to fintech to navigate complex challenges and drive positive change, Wallex is on the right track to build on our foundation and meet the diverse needs of businesses as we forge towards a more connected, efficient, and sustainable financial future.

If you are looking to boost your business in this evolving fintech landscape, with connect with our team today to find out more!

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