October and November 2024 have been bustling months for the FinTech community, featuring a series of insightful events and discussions that have highlighted the evolving landscape of financial technology. From compliance roundtable to expert panels and significant report launches, we have hosted various activities that have highlighted the dynamic elements of the industry. Read more about the key takeaways from the events and perspectives shared by our experts
We started the ball rolling with payments compliance executive roundtable. We brought together compliance experts from the payments industry for an in-depth discussion of hot regulatory topics.
We discussed and deep-dived into the rising challenges of anti-money laundering (AML) / combating the financing of terrorism (CFT), and the role of compliance in anti-scam and fraud measures. The discussion also touched on topics of speed of onboarding and user experience against AML/CFT requirements, exploring the use cases of emerging technologies such as artificial intelligence (AI) and machine learning in transaction monitoring and countering deepfake impersonation tactics. Also in the discussion were the topics surrounding Guidelines of Shared Responsibility Framework and E-Payments User Protection.
Our investments panel discussion explored how investor behaviours have changed and how these platforms are democratising investments. The session also highlighted how digital platforms have provided better, easier and cheaper access to various asset classes for investors, along with value-added services such as insights from peer investors and AI-driven market analysis and research. While the number of such platforms is increasing, it is essential to note that they cater to different target segments.
The insights shared by the participants during these events were invaluable and these events helped to set the stage to continue the conversation, leading up to the Singapore FinTech Festival (SFF) 2024.
As a prelude to SFF, we had the pleasure of launching the “FinTech’s state of play 2.0” publication, co-published with the Singapore FinTech Association (SFA).
Singapore’s FinTech sector has demonstrated resilience and adaptability amid global monetary tightening and geopolitical tensions. This report highlights findings from the survey conducted across over 160 FinTech firms in Singapore, where we share a comprehensive analysis of the trends and developments in the industry, including the challenges and potential opportunities and growth.
We learnt that the average age of FinTech companies in Singapore stands at 5.5 years. 46%, of those working towards profitability, look to break-even in the next year. Also, 80% of the respondents are optimistic about the outlook and future opportunities. The report also highlights the significant growth in Web3, InsurTech and ESGTech sectors, in line with the continuous evolution of the FinTech industry. Find out more about our survey findings in our report here.
We are also honoured to feature a fireside chat with Sopnendu Mohanty, who reflected on his 10-year journey as Monetary Authority of Singapore’s (MAS) Chief FinTech Officer, sharing his respect for entrepreneurs, pride in the ecosystem’s achievements, and gratitude for the collaborative efforts. As someone who has been part of this journey, I found his reflections deeply resonant.
In addition to these events, we were proud to be part of the FinTech Excellence Awards once again. The awards, organised by MAS and SFA, and supported by PwC, recognise and celebrate outstanding achievements in the FinTech sector, highlighting innovative solutions and impactful contributions to the industry.
This year, the winners of FinTech Excellence Awards showcased a remarkable range of pioneering technologies and business models that address significant industry challenges. The full list of winners can be found here.
PwC is committed to fostering innovation and excellence in the FinTech ecosystem. We congratulate all the finalists and winners for their exceptional contributions and look forward to seeing their continued impact on the industry.
Conclusion
Beyond the aforementioned events, PwC was delighted to participate in various engagements, activities, and discussions throughout the Singapore FinTech Festival. These sessions covered a wide array of topics, from sustainability to investments and more. Overall, the series of events and activities have underscored the importance of collaboration, innovation, and regulatory compliance in driving the future of FinTech. We are excited about the prospects and look forward to continuing this journey of growth and transformation in the FinTech space.