SINGAPORE, Nov. 19, 2019 /PRNewswire/ -- The Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) concluded its combined week-long event on 15 November 2019, which attracted more than 60,000 participants from 140 countries. The event also saw a record 569 speakers, close to 1,000 exhibitors[1] and 41 international pavilions.
SFF x SWITCH will return next year from 9 to 13 November 2020. It will build on the energy, ideas and partnerships established this year, to further strengthen the ecosystem for FinTech and deep tech in Singapore and the region.
Key Announcements
In line with the theme of Sustainability and Climate Change, Minister Ong Ye Kung unveiled the Monetary Authority of Singapore (MAS)'s green finance action plan to strengthen green financing capabilities in Singapore and announced the launch of a US$2 billion Green Investments Programme, among other initiatives under the action plan.
DPM Heng Swee Keat unveiled Singapore's National Artificial Intelligence (AI) Strategy in his keynote speech, and highlighted a new framework, Veritas, introduced by MAS to promote the responsible adoption of AI in the financial sector. He also announced the expansion of the Global Innovation Alliance (GIA) network to include London, and the launch of the Open Innovation Network (OIN)[2] by Enterprise Singapore and Infocomm Media Development Authority (IMDA) to promote open innovation across sectors.
International Cooperation
Under the GIA, Enterprise Singapore signed a Memorandum of Understanding (MOU) with UK-based accelerator IoT Tribe, to facilitate two-way innovation and business partnerships.
It also inked MOUs with three new partners -- DayDayUp (Beijing), Plug and Play Asia Pacific (Jakarta) and Leave a Nest (Tokyo) -- to run GIA programmes in their respective markets.
MAS and the Bank for International Settlements (BIS) jointly launched the BIS Innovation Hub Centre in Singapore, to foster innovation and greater collaboration among the central banking community globally. The opening of the BIS Innovation Hub Centre in Singapore marks BIS' first expansion of its global footprint in 17 years.
MAS also established partnerships with financial authorities in Canada and France, to strengthen cooperation in FinTech[3] and cybersecurity respectively, and welcomed Banque de France (BDF)'s opening of an overseas office in Singapore in early 2020.
Industry Partnerships
SFF x SWITCH 2019 saw new partnerships as well as progress in ongoing initiatives with the industry.
- Project Ubin[4] Phase 5, a collaboration among MAS, the financial industry, and the blockchain ecosystem, saw the successful development of a blockchain-based prototype that enables payments to be carried out in different currencies on the same network.
- Business sans Borders (BSB)[5], which was launched by MAS and IMDA in 2018, has successfully completed its Phase One Proof of Concept and will proceed with the Phase Two Pilot in 1H 2020.
- MAS, Deloitte and S&P Global Market Intelligence have 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.
- 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.
- As part of efforts towards sustainable growth, the National Research Foundation launched the Singapore Battery Consortium to support industry-academia collaboration in cutting-edge battery technologies, bringing companies and researchers together to develop better battery products that serve market needs.
2019 Event Highlights
SFF x SWITCH celebrated the winning solutions of the Global FinTech Hackcelerator, FinTech Awards[6] and SLINGSHOT 2019[7] respectively. Following vibrant demo and pitching sessions where FinTech and tech startups presented their solutions to industry panels of judges, three winners emerged from the Global FinTech Hackcelerator, while there were 12 winners each from the FinTech Awards and SLINGSHOT 2019.
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 SFF x SWITCH organising team thanks all our partners and attendees for making this year's event a big success. We look forward to continued collaboration with the industry to bring about an even more exciting and impactful event next year.
[1] 55% of the SFF x SWITCH exhibitors were foreign exhibitors. |
[2] OIN features innovation platforms to aggregate nationwide innovation challenges calling for tech solutions across diverse sectors in sustainable development, advanced manufacturing and engineering, and more. |
[3] With the FinTech cooperation agreement between MAS and eight members of the Canadian Securities Administrators (CSA), and the MOU between MAS, Banque de France and Autorité de contrôle prudentiel et de résolution (ACPR), the total number of FinTech cooperation agreements that MAS has with international counterparts is 33 to-date. |
[4] Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. |
[5] BSB is a "meta-hub" or connector of several SME-centric platforms. By connecting these different platforms, BSB helps SMEs seamlessly access a much larger ecosystem of buyers, sellers, logistics service providers, financing, and digital solution providers. BSB utilises AI to enable SMEs to discover prices and sales opportunities in a larger global marketplace, access various supply chains, and easily source for and utilise relevant digital and financial solutions. [6] MAS announced the three winners of the Global FinTech Hackcelerator that were selected from 20 finalists who pitched their innovations at the Global FinTech Hackcelerator Demo Day. At the same time, MAS and The Association of Banks in Singapore jointly announced the 12 winners of the FinTech Awards, selected from 245 submissions from over 30 countries. https://www.mas.gov.sg/news/media-releases/2019/mas-announces-winners-of-the-2019-global-fintech-hackcelerator-and-fintech-awards [7] Enterprise Singapore announced the 12 winners that were selected from over 100 venture firms and corporates. https://www.enterprisesg.gov.sg/media-centre/media-releases/2019/november/medtech-startup-clinches-top-prize-at-slingshot-2019 |
PR Newswire is the Supporting Media Partner of Singapore FinTech Festival x Singapore Week of Innovation and Technology 2019.
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore's exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
About Enterprise Singapore
Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise.
We also support the growth of Singapore as a hub for global trading and startups, and build trust in Singapore's products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.
About the National Research Foundation, Prime Minister's Office, Singapore
The National Research Foundation (NRF) is a department within the Prime Minister's Office. The NRF sets the national direction for research, innovation and enterprise (RIE) in Singapore. It seeks to invest in science, technology and engineering, build up the technological capacity of our companies, encourage innovation by industry to exploit new growth areas, and facilitate public-private partnerships to address national challenges. Under RIE2020, NRF is committed to create greater value in Singapore from our investment in research, innovation and enterprise through
1) closer integration of research thrusts, 2) stronger dynamic towards the best teams and ideas, 3) sharper focus on value creation, and 4) better optimised RIE manpower. Visit www.nrf.gov.sg/RIE2020 for more details.
About Intellectual Property Intermediary (IPI)
IPI catalyses and enables enterprises to grow their businesses through technology and innovation. An affiliate of Enterprise Singapore, IPI promotes open innovation, and works with enterprises to source for technologies locally and abroad. In addition, it facilitates technology partnerships to bring new and innovative products and services to the market. Connected to a global network of technology partners, including the Enterprise Europe Network (EEN), IPI is well-positioned to facilitate connections between technology seekers and providers, driving growth and innovation opportunities for Singapore enterprises. For more information, visit www.ipi-singapore.org.
About SingEx Group
The SingEx Group comprises four closely linked companies that collectively provide a comprehensive range of integrated solutions for venue management and consultancy, exhibition and conference concept development and organising services; and international trade event related ventures. The companies under the group are subsidiaries of SingEx Holdings which is wholly owned by Temasek Holdings, one of Singapore's largest investment holding companies.
Its events arm, SingEx Exhibitions, owns, develops and manages a series of new-to-market trade exhibitions and conferences in Singapore and key emerging markets. The events span across various industries including urban solutions, logistics, information technology, healthcare and commodities.
Among the more than 20 new-to-market events produced are the Singapore FinTech Festival, the world's largest of its kind; and CaREhab, a unique medical event that goes beyond the boundaries of just a medical consumables and equipment show to unite professionals in multidisciplinary fields.
SingEx Venues specialises in the management of Meetings, Incentives, Conventions and Exhibitions (MICE) facilities and has been managing the Singapore EXPO Convention and Exhibition Centre since 1999, and its convention wing, MAX Atria, since 2012. The venues host more than 600 events and attract over six million visitors annually. For more information, log on to www.singex.com.
About Singapore FinTech Festival
Singapore FinTech Festival (SFF) is the world's largest FinTech festival and global platform for the FinTech community, drawing close to 45,000 participants comprising FinTech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. The 2018 Festival saw participants from over 127 countries, hosted more than 250 global luminaries and 480 exhibitors, and featured highlights such as the FinTech Conference with a new AI in Finance Summit and Global Investors' Summit, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl and Industry Networking and Workshops. The Festival is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Find out more at https://fintechfestival.sg.
About SWITCH
The Singapore Week of Innovation & TeCHnology (SWITCH) is a global platform where deep tech ecosystems connect, focusing on these key industries -- Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Urban Solutions & Sustainability, and Services & Digital Economy. SWITCH is a week-long event featuring Exhibitions, Conferences, Workshops, Lab Crawls, and partner activities such as startups pitching competition, SLINGSHOT 2019, powered by Startup SG, and open innovation platform, TechInnovation. It convened over 12,000 international entrepreneurs, innovators, investors, accelerators, and industry professionals, hosted over 200 speakers and 300 exhibitors from more than 70 countries in 2018.
SWITCH is organised by Enterprise Singapore, National Research Foundation Singapore (NRF), and Intellectual Property Intermediary (IPI). Find out more at https://www.switchsg.org/
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