FinTech industry poised for huge change thanks to AI: MAS

The festival will address both the promises and pitfalls of AI in the financial industry.

The transformative potential of recent artificial intelligence (AI) advances in the FinTech industry is bound to make bigger changes, Sopnendu Mohanty, Chief FinTech Officer of MAS and Chairman of Elevandi Board said in relation to the Singapore FinTech Festival (SFF) 2023 this week.

The eighth SFF is set to run from 14 to 17 November, gathering global leaders and experts in finance, technology, and public policy. With a focus on Artificial Intelligence (AI), SFF 2023 aims to explore the re-architecture of the financial system, address future risks in technology and climate, and empower entrepreneurs and the future tech workforce.

SFF 2023's central theme, "AI for good. AI for good?" revolves around the potential of Generative AI to boost global GDP by almost $7t in the next decade. The festival will address both the promises and pitfalls of AI, providing a platform to envision a unified future that harnesses its benefits while mitigating risks.

Building on previous discussions, SFF 2023 will cover topics such as driving low-carbon transitions, expanding financial access for underserved populations, enhancing digital economic resilience, and scaling AI and Web3 solutions regionally and globally.

Preceding the main conference is the by-invitation-only Elevandi Insights on 14 November. The full-day programme includes the Capital Meets Policy Dialogue, where influential policymakers and investors will discuss challenges in capital investment, value creation, and policymaking relevant to AI. The Public-Private Roundtables will feature open dialogues producing actionable outcomes.

The Signature SFF Conference, running from 15 to 17 November, boasts over 800 speakers covering eight themes, including Responsible Tokenisation, Beneficial AI, Accelerating ESG, Efficient Payments, Scaling Insurance and Pension, Digitising Inclusion, Advancing Talent, and Empowering Entrepreneurship.

The SFF Exhibition will host close to 700 exhibitors and 36 international pavilions across thematic zones, offering personalised meeting opportunities. The Innovation Lab Crawl, taking place from 14 to 17 November, allows attendees to explore innovation labs across the island, showcasing upcoming projects in the FinTech industry.

Emphasising skills and knowledge development, SFF 2023 will offer Certificate Programmes in partnership with top universities in Singapore, covering topics such as ChatGPT and AI in Finance, as well as Green and Sustainable Finance 101.

Paul Lee, Chief Executive (Markets) at Constellar, expressed excitement about the continued growth of SFF, emphasising the festival's role in fostering meaningful conversations and unlocking value for the FinTech community. Organised by the Monetary Authority of Singapore, Elevandi, and Constellar, in partnership with The Association of Banks in Singapore, SFF 2023 promises to redefine the future of financial services.