MAS published a summary of the key developments during the Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH), also known as SFF X SWITCH. Sustainability and Climate Change was an overarching theme at this event, which took place between November 11 and November 15. The inaugural SFF x SWITCH featured innovative technologies to catalyze cross-industry exchange and learning in technology adoption, application of research and development, and the commercialization of new technology solutions.
The following are the key highlights of this event:
- Minister Ong Ye Kung unveiled the green finance action plan of MAS to strengthen green financing capabilities in Singapore and announced the launch of a USD 2 billion Green Investments Program, among other initiatives under the action plan.
- Heng Swee Keat unveiled the National Artificial Intelligence Strategy of MAS in a keynote speech and highlighted the introduction of a new Veritas framework by MAS to promote the responsible adoption of artificial intelligence in the financial sector. He also announced expansion of the Global Innovation Alliance network to include London and launch of the Open Innovation Network by Enterprise Singapore and Infocomm Media Development Authority to promote open innovation across sectors.
- MAS and BIS jointly launched the BIS Innovation Hub in Singapore, to foster innovation and greater collaboration among the central banking community globally.
- MAS also established partnerships with financial authorities in Canada and France, to strengthen cooperation in fintech and cyber-security respectively and welcomed the opening of an overseas office by BDF in Singapore in early 2020.
- SFF x SWITCH 2019 saw new partnerships as well as progress in ongoing initiatives with the industry. The projects include Project Ubin (Phase 5), which explores the use of blockchain and distributed ledger technology for clearing and settlement of payments and securities. Enterprise Singapore launched the inaugural Sustainability Open Innovation Challenge in partnership with corporates and government agencies to tackle problem statements spanning sustainability themes in resource efficiency, zero waste, green transport, and sustainable built environment. Also, MAS, Deloitte, and S&P Global Market Intelligence jointly developed a prototype for an industry-wide FinTech Research Platform to help investors and financial institutions connect with FinTech start-ups that they can partner with or invest in.
The event celebrated the winning solutions of the Global FinTech Hackcelerator, FinTech Awards, and SLINGSHOT 2019, respectively. SFF x SWITCH concluded the week with the Innovation Lab Crawl and Industry Events (14-15 November), which saw over 20,000 visitors across over 50 innovation labs and more than 30 workshops and networking events held around Singapore. The Singapore FinTech Festival was organized by MAS, in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings, while SWITCH was organized by Enterprise Singapore, the National Research Foundation, and Intellectual Property Intermediary (IPI) in partnership with SingEx.
MAS also hosted the 55th SEACEN Governors’ Conference/High-Level Seminar and the 39th meeting of the SEACEN Board of Governors on November 13-14, 2019 in Singapore in conjunction with the SFF X SWITCH event. The Conference/High-Level Seminar consisted of two panels. The first panel on “A Data-Driven Economy” discussed the role and impact of data and digital borders in an increasingly interconnected digital economy. The second panel on “An Artificial Intelligence-Driven Economy” discussed how regulators can support the financial industry to better harness the transformative potential of artificial intelligence and data analytics in a responsible and ethical manner. The appropriate ethical and innovative uses of data and artificial intelligence will require a concerted effort by central banks, regulators, and the financial services industry. Governors deliberated the future role and prospects for artificial intelligence and machine learning in the provision of financial services. Three issues were deemed to be paramount: governance of data, the explainability of the results, and human accountability for the artificial intelligence and machine learning output. Governors felt that the adoption of such technologies should be guided by social acceptance underpinned by strong governance.
Keywords: Asia Pacific, Banking, Insurance, Securities, Artificial Intelligence, Fintech, SFF X SWITCH, Blockchain, Climate Change Risk, Cyber Risk, Sustainable Finance, MAS
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.