‘Constructive paranoia’ pushed S’pore to the limits: DPM Wong

Wong enumerates five backdrops of the SFF 2022.

A healthy level of ‘constructive paranoia’ and ‘divine discontent’ are just some of the things that enabled Singapore to weather most storms, according to Deputy Prime Minister Lawrence Wong in his opening remarks at the Singapore Fintech Festival 2022.

In his speech, Wong extended his warm welcome to this year’s participants as the SFF returns once more in an in-person capacity.

“The turnout today shows that human interaction is indispensable even in our digital age. I hope all of you will make full use of this opportunity to build connections, discuss common challenges, and learn from one another. Who knows? The serendipitous encounters you have here may well lead to the next breakthrough innovation,” Wong said.

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Wong enumerated the five E’s – Enhance; Empower; Envision; Encourage and Engage – that set the backdrop for Singapore’s FinTech journey.

“It’s partly because we know that we are a little red dot in a dangerous world. We recognise that no one owes us a living in this world. And ultimately, we have to count on our own ingenuity and wits to survive and thrive. And that’s why we embrace a healthy level of constructive paranoia and ‘divine discontent’ – we are never fully satisfied with the status quo, and endlessly striving to do better – not too much paranoia and discontent, but enough to have the motivation to keep on pushing the limits,” Wong said.

Wong said that technology is the key enabler in our pursuit to do this. Wong commended Singapore’s investments in digital infrastructure that enabled them easier transition to digital channels when it comes to financial services, mitigating most of the effect from the COVID-19 pandemic.

Additionally, the pandemic has also become a catalyst for the government to push businesses to embrace digitalisation.

“For example, we have a SME Go Digital programme to help small and medium enterprises make use of digital technologies, to enhance their productivity and generate new sources of revenue,” Wong said.