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MAS to spin off Singapore Fintech Festival as a stand-alone entity

Source: MAS

The Monetary Authority of Singapore (MAS) today announced that the Singapore FinTech Festival (SFF) will take place from 8 to 12 November, as a hybrid digital and physical event.

A company limited by guarantee (CLG) will also be incorporated to spearhead future growth of the SFF and lead a series of new initiatives to provide year-round engagement with the global FinTech community.

SFF 2021

SFF 2021, organised in partnership with The Association of Banks in Singapore (ABS) and in collaboration with Constellar Exhibitions, a subsidiary of Constellar Holdings (formerly known as SingEx-Sphere Holdings), will provide a combined online-offline platform for the global FinTech community to engage and connect in spite of the current challenges with international travel. The first three days of the SFF will feature a hybrid conference and exhibition; on 11 and 12 November, participants can attend global satellite events and industry events online and at physical locations.

The theme for SFF2021 is “Web 3.0”. Over three days, SFF2021 will bring together global experts to discuss how Web 3.0 and key technological advances will power the future of financial services. In particular, the conference will examine three key structural drivers that could re-shape financial services in the coming decade:

Re-configuration of financial products and services delivery through Embedded Finance (#EmFi), decentralised finance (#DeFi) and Digital Currencies
Integration of ESG into the core design of financial services
Pervasive adoption of foundational digital infrastructure (Digital Identity, Trusted Data Exchange, Interoperable Payment Systems and Consent Systems)

SFF2021 will also organise deep-dive sessions that will brainstorm how Web 3.0 technologies can be harnessed for more efficient financial intermediation, advance key objectives like green finance and financial inclusion, and examine implications for financial regulation and supervision. Other highlights include:

Participants can expect an inclusive global programme with ‘live’ broadcasts featuring leading industry and government leaders globally. Last year’s SFF featured global leaders such as Rt Hon Jacinda Ardern, Prime Minister of New Zealand; H.E. Uhuru Kenyatta, President of Kenya; François Villeroy de Galhau, Governor, Banque de France; Bill Gates, Co-Chair and Trustee, Bill & Melinda Gates Foundation; Sundar Pichai, Chief Executive Officer, Google and Alphabet; and Jane Fraser, Chief Executive Officer, Citigroup.
Participants can also look forward to the showcasing of winners of the MAS Global FinTech Hackcelerator [1] , Global CBDC Challenge [2] , a revamped SFF FinTech Awards [3] and Innovation Lab Crawl.
The World FinTech Festival [4] will continue to support the development of local FinTech ecosystems and drive greater collaboration opportunities across regions. Key partners [5] from Brazil, Cambodia, Hungary, Japan, Nigeria, Poland, the Philippines and the United States will host their satellite events round-the-clock on 11 and 12 November 2021.
Curated hybrid meetings will be at the heart of the FinTech festival, with recommended matches, hosted meet-ups and a comprehensive exhibitor directory to drive dedicated matchmaking throughout the event.

New entity (Elevandi) to drive SFF

Named ‘Elevandi’ (which means to lift up or to raise up), the company’s mission is to foster an open dialogue between the public and private sectors to harness FinTech for growth and development in the new digital economy. Elevandi will build a global knowledge and collaboration platform, aimed at bringing together the global financial and FinTech community to address pain points in the workings of the financial system, and harness technology and innovation in finance to improve the well-being of individuals, economies and societies.

Elevandi will have an international Board of Directors to oversee its mission and work. The Board will comprise members from the public sector, financial services sector and experienced global industry leaders. Each Director will contribute unique perspectives on the current and future state of FinTech, and insights across key FinTech markets globally. Sopnendu Mohanty, MAS’ Chief FinTech Officer, will be one of the Directors.

To drive the next phase of growth, Elevandi will expand its programme of activities beyond the SFF to a broader range of engagement platforms to drive greater collaboration with the global FinTech community. Elevandi’s activities will continue to be run in partnership with ABS and in collaboration with Constellar Exhibitions. These include:

Green Shoots Series, monthly meetups for the global FinTech community to discuss critical topics trending in FinTech and the digital economy.
Deal Fridays, monthly events between investors and start-ups to drive deal-making opportunities.
Oxygen by APIX, an upskilling platform for financial institutions, FinTechs and tech enthusiasts with carefully curated masterclasses, panels, podcasts and research content from industry experts dedicated to promoting worldwide knowledge sharing.
Elevandi Forum, purpose-driven roundtables aimed at bringing the public and private sectors together to advance developments and issues within the FinTech industry.
Elevandi FinTech Insider Report, an annual report on digital advancements for the global FinTech industry.

Mr Mohanty said, “For the last five years, MAS has grown the SFF into a leading global platform for FinTech. It is now time for the SFF to further a global mission. Singapore has an important role to play as a knowledge centre and as a platform to enable greater collaboration and exchange between the public and private sectors around the world.”

During the week of the SFF2021, Enterprise Singapore will also host the Singapore Week of Innovation and TeCHnology (SWITCH). Together, these two marquee events will feature exciting innovation and technology activities for the global innovation community.

[1] MAS’ announcement on the launch of the Global FinTech Hackcelerator for a greener financial sector: https://www.mas.gov.sg/news/media-releases/2021/mas-launches-global-fintech-hackcelerator-for-a-greener-financial-sector

[2] MAS’ announcement on the launch of the Global CBDC Challenge: https://www.mas.gov.sg/news/media-releases/2021/mas-partners-imf-world-bank-and-others-to-launch-global-challenge-for-retail-cbdc-solutions

[3] MAS and SFA invite entries for 2021 FinTech Awards: https://www.mas.gov.sg/news/media-releases/2021/mas-and-sfa-invite-entries-for-2021-fintech-awards

[4] Comprising 45 satellite events hosted by partner cities across the world in 2020. The full list of SFF 2020 satellite events hosted in partnership with FinTech and innovation hubs across Asia, Europe, Africa and the Americas can be found at https://fintechfestival.sg/world-fintech-festival

[5] The key World FinTech Festival partners are the National Bank of Cambodia, Cambodia Association of Finance and Technology, Association of Banks in Cambodia, Fintech Philippines Association, So Inc, the Central Bank of Hungary, Fintech Association of Nigeria, FID21 and Treasury.

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