In his opening remarks at the Singapore Fintech Festival, Managing Director of the Monetary Authority of Singapore says that the future is already here. The world that we live in today is becoming increasingly digital and that is especially true in South East Asia where the number of digitally engaged consumers has surged by 50% to 200 million people.
Fintech has been at the forefront of this digital renaissance, where 1 in 3 active users globally already consider themselves regular users of the fintech service and leading that charge is China where that figure is a staggering 70%.
Singapore intends of capitalising on these shifting trends and the emerging digital future, which why fintech firmly remains as one of the core aspects of Singapore’s broader Smart Nation agenda. According to Mr. Menon, if Singapore is to maintain its position as one of the top financial centres on the backdrop of neighbouring nations increasingly beefing up their efforts, Singapore must embrace fintech by maxisiming its benefits while minimising the risks.
Mr. Menon was also quick to point out that fintech should not divert from having a strong purpose, ultimately it must be able to solve real world problem such as SMEs limited access to financing, costs of remmitance for migrant workers. The end goal is so that people can plan their finances and holistically meet their needs.
He ended his speech by encouraging everyone present at the Singapore Fintech Festival to come together and re-create finance with technology and innovation
