20 Oct 2016 – FinTech is shaking up the financial services and banking industry from the outside in. A large wave of new start-ups and disruptive technologies that can better address customers’ needs offering accessibility and convenience are challenging the traditional business model. The result is a new competitive landscape and an exciting playing field. In this context, Singapore is quickly putting the pieces together to becoming the leading FinTech hub in Asia and the world.
Organised by the French Chamber of Commerce in Singapore, in partnership with Capgemini and DBS Bank, the FinTech Forum: “FinTech Beyond the Hype” provided a platform for exchange among the diverse actors in the financial services space in Singapore: incumbent industry professionals, Fintech innovators, investors, regulators. Besides the exchange of insights, the forum also sought to connect relevant actors together to facilitate business partnerships and collaborations.
In his keynote presentation, Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS) outlined the architecture in Smart Financial Centre Singapore, the initiatives put in place to develop a conducive environment for the innovation ecosystem. For Singapore to be a leading global Fintech hub, Sopnendu emphasised on the importance of innovation, thinking ahead and working decisively and with due diligence.
Fintech is no more a hype, it is no more a cool thing to have, it is now necessity for all of us.
The second keynote presentation by Sudhir Pai, Chief Technology Officer, Global Financial Services Strategic Business of Capgemini discussed the role of connected ecosystems. Sudhir gave a breakdown of the competitive landscape, highlighting the strengths and challenges that each actor could offer and face, and demonstrated with examples, how as an ecosystem, actors can co-create solutions.
Lastly, Sonia Wedrychowicz-Horbatowska, Managing Director Digital Bank, DBS Bank presented on DBS Group’s Digital Bank project, and shared in great detail the innovation journey of DBS DigiBank in India. She provided great insights as to how DBS was pursuing digitisation of operations to its core.
The core of digital banking is a completely different thing – it’s actually about providing an end-to-end banking experience in a digital manner.
Moderated by Frédéric Giron, VP & Research Director of Forrester, our first discussion panel – Bruno Coindre, COO, TransferTo, Tanguy Lesselin, Co-Founder & CEO of Finquest, Sudhir, Chief Technology Officer of Capgemini and Dirk van Quaquebeke, Partner at Beenext – provided a range of perspectives on how FinTech is changing the game.
The second discussion panel focused on strategies in the game, exploring FinTech’s potential to disrupt, but also to incite collaboration. Moderated by Antony Eldridge, Financial Services and FinTech Leader, PwC, lending their insights to the panel were Olivier Berthier, Founder & CEO of Moneythor, Charles Dufourcq, Vice President APAC Region, Tinubu Square, Samir Rath, Strategic Implementation, EMMC, Global Markets APAC, BNP Paribas and Sonia from DBS Bank.
After the discussion panels were the presentations of four FinTech startups – Dathena, Smartfolios, FinMates, and Acuo, and each entrepreneur had the opportunity to field questions and gain feedback from the various panellists.