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    MAS Lifts Dividend Restrictions for Banks, to Hold Fintech Festival

    August 04, 2021

    The Monetary Authority of Singapore (MAS) announced that dividend restrictions on locally incorporated banks and finance companies headquartered in Singapore will not be extended, owing to the improved global economic outlook. Also, MAS and the Singapore Fintech Association (SFA) jointly announced the launch of the 2021 Singapore FinTech Festival Global FinTech Awards as well as the dates when the Singapore FinTech Festival will be held. The theme for this year's Festival is "Web 3.0" and the Festival will take place from November 08, 2021 to November 12, 2021.

    The Singapore Fintech Festival 2021, which has been organized in partnership with the Association of Banks in Singapore (ABS) and in collaboration with Constellar Exhibitions, will bring together global experts to discuss how Web 3.0 and key technological advances will power the future of financial services. This platform will examine three key structural drivers that could reshape financial services in the coming decade:

    • Reconfiguration of the delivery of financial products and services through embedded finance, decentralized finance, and digital currencies
    • Integration of environment, social, and governance (ESG) factors into the core design of financial services
    • Pervasive adoption of foundational digital infrastructure (Digital Identity, Trusted Data Exchange, Interoperable Payment Systems and Consent Systems)

    MAS also announced the incorporation of Elevandi, a company limited by guarantee to spearhead future growth of the Festival and lead a series of new initiatives to provide year-round engagement with the global fintech community. Elevandi will build a global knowledge and collaboration platform to bring together the global financial and fintech community to address pain points in the workings of the financial system and harness technology and innovation in finance. Elevandi will have an international Board of Directors to oversee its mission and work; the Board will comprise members from the public sector, financial services sector, and experienced global industry leaders. To drive the next phase of growth, Elevandi will expand its program of activities beyond the Festival to a broader range of engagement platforms to drive greater collaboration with the global fintech community. Elevandi’s activities will continue to be run in partnership with ABS and in collaboration with Constellar Exhibitions.

     

    Keywords: Asia Pacific, Singapore, Banking, Fintech, Singapore Fintech Festival, Elevandi, Dividend Distribution, ESG, Web 3.0, API, Regtech, MAS

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