GenAI, CBDCs To Shape Singaporean Finance In 2024

Singapore will be piloting the use of wholesale CBDCs next year.

- 

Look forward to new payment methods, clearing systems, and fraud detection bots in the Singapore finance scene as generative AI and central bank digital currencies (CBDCs) will start to be mainstays in the industry, according to experts and regulatory authorities in the eighth Singapore Fintech Festival (SFF).

The 2023 iteration of SFF placed generative AI as its central theme, and banks, financial institutions, startups, and technology companies showcased their latest developments during the three-day event held, drawing a record 66,000 participants from across 115 countries. Over 2,400 of them were government and regulatory attendees across 530 central banks, regulatory institutions, and government organisations.

CBDCs and stablecoins

In his annual address, the Monetary Authority of Singapore's (MAS) managing director, Ravi Menon, revealed the country's plans to pilot CBDC use in 2024 for wholesale transaction purposes.