SGFINTECH…It’s time for SiGniFIcaNTECH!
As we all look forward to attending the World’s largest Fintech gathering of it’s kind starting on 12 Nov 2018, let’s spend some time to understand the genesis and why I call this SiGniFIcaNTECH and not just SGFINTECH.
We all know this event has attracted close to 30,000 people from over 100 countries last year. This 3-day conference has ‘amassed intelligence’ by bringing together entrepreneurs, investors, leaders in finance, FinTech, academics, policy makers, decision makers and other stakeholders to discuss the latest developments and opportunities in key areas of FinTech.
This is an acknowledgement on how crucial it is for the financial sector and regulations to facilitate innovation by adopting technology to fuel sustainable growth.
The Industry Transformation Roadmap (ITM)
On 30 Oct 2017, the Monetary Authority of Singapore (MAS) released the ITM (Industry transformation roadmap) for financial services, which outlined growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption.
For more details on the ITM for financial services released by MAS visit here
This ITM is a part of the wider ambition to create a Smart Financial Centre in Singapore, where technology is used pervasively in the financial services industry.
Can Singapore become the hub for Technology, Trade, Tech Tourism and more?
Eventually, platforms will scale, and trade will tip over from political country borders to digital platforms (more transnational in nature). With a platform country approach amassing intelligence there’s a huge potential to gain an early lead in building intellectual property faster than others to create unique value-add for other countries using the platform for trade.
Platform Country Amassing Intelligence
With the grand vision to become the ‘Leading global financial centre in Asia’ it is imperative for Singapore to develop a platform country approach to amass the collective intelligence.
It’s one thing to invent a technology, quite the another to launch in this complicated world.
For FinTech to reach it’s potential, it needs a conducive support of the government, enabling infrastructure and cross-country collaboration which is being resolved through gatherings like these which sends out a message to the world on openness, collaboration, safe to experiment, funding opportunities, access to talent and easy platform to scale amongst others.
In this age, once all these pieces of the puzzle fall into place, change can be radical and manifold.
This is what we witness through SiGniFIcaNTECH aka SGFINTECH.
”Significant technology leading to radical change for sustainable growth”
More on https://medium.com/@krishdilip