Featured Product

    MAS Publishes Summary of Developments at Singapore Fintech Festival

    November 19, 2019

    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

    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494