The Fintech Way Of Reshaping Financial Services Of Future

A peek into the 3-day extravaganza of the fintech world:

- Babu

Global finance and technology companies and technology evangelists had converged on Singapore in the third week of November to participate in Singapore Fintech Festival 2018, the third edition of the event. The discussions at the event naturally focused on fintechs, how they are making a visible change in the way the world of finance is transacting and how cutting edge technologies like artificial intelligence are making an impact in this domain and how issues like cyber security, digital transactions and the very future of banking are all offering major opportunities for the fintechs.

Prime minister Narendra Modi had a significant presence at the festival, where he delivered a keynote speech, vouching for the fintechs and highlighting how capabilities created by fintechs can help the marginalized population of the world. Modi and deputy prime minister of Singapore and chairman of Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam jointly launched the API Exchange (APIX), an online global fintech marketplace and sandbox platform for financial institutions. This is a project sponsored by the governments of India and Singapore. The platform is aiming to connect technology startups with financial institutions in Asia-Pacific and beyond. Its main aim is to encourage financial inclusion in ASEAN countries and to allow for further collaboration among fintechs and funding sources to create and test new technologies.

Modi told the gathering: “Technology is defining competitiveness and power in the world and it is creating boundless opportunities to transform lives. We must ensure that the pace and the push of fintech works to the advantage of the people, not to their disadvantage, that technology in finance ensures improvement of the human condition through direct contact with the most marginalized.”

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