"FinTech in its Element: Water, Metal, Fire, Wood, Earth" - Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Singapore FinTech Festival 2022 on 3 November 2022
- It’s great to be able to meet in person after three long years.
- Pandemic and lockdowns notwithstanding, FinTech innovation has marched on briskly. If anything, digitalisation has gathered pace and become more pervasive.
Yes, in the realm of a crypto assets, a harsh winter has set in, even fears of an Ice Age.
- But I believe it is an overdue cleansing of unsustainable business models, highly risky practices, and unviable use cases.
- The digital asset industry will emerge leaner and stronger. But more of that later.
FinTech in Singapore has continued to push new frontiers.
- There has been a surge in collaborations across businesses, financial institutions, FinTech start-ups, and even central banks.
- In 2021, FinTech investments in Singapore hit a high of US$3.9 billion, compared to US$0.9 billion in 2019.
I will focus my remarks today on five key problems that FinTech collaboration in Singapore is trying to solve.
- These problems will resonate with many industry players as among the biggest pain points crying for a solution.
- But before we get into the problems, some wisdom from ancient China.
According to the Chinese philosophy of Wu Xing, there are five fundamental elements that function as cosmic agents of change: Water, Metal, Fire, Wood, Earth.
- In describing the FinTech projects aimed at solving each of the five problems, I will relate them to the properties of these five elements.
The five key outcomes we want to achieve through our collaborative FinTech projects are:
- instant remittance
- atomic settlement
- programmable money
- tokenised assets
- trusted sustainability data
……
STRONG LIKE METAL - ATOMIC SETTLEMENT (PROJECT UBIN PLUS)
……
RESHAPING LIKE FIRE - PROGRAMMABLE MONEY (PROJECT ORCHID)
……
GROWING LIKE WOOD - TOKENISED ASSETS (PROJECT GUARDIAN)
……
GROUNDED LIKE EARTH – TRUSTED SUSTAINABILITY DATA (PROJECT GREENPRINT)
……
因原文很詳盡頗長篇幅，故只轉載了部分。有興趣可到 link 閱讀全文。
source:
https://www.mas.gov.sg/news/speeches/2022/fintech-in-its-element
後話
過往多是轉載和評論《香港國際金融峰會》新聞資訊動向，現轉載《新加坡金融科技節》的新聞。
這是《新加坡金融科技節》內第二日，金管局總裁 Ravi Menon 的演說。內容非常有深度、金融專業性、富資訊和入題到題的演說，也巧妙地把有趣味性的五行哲學理念連接在五項專案計劃，十分有心思和精彩。
行動最實際！再閱讀下新聞：
THE Monetary Authority of Singapore (MAS) will provide a third tranche of funding for the Financial Sector Technology and Innovation (FSTI) scheme, with a fresh commitment of S$150 million for the next three years, Deputy Prime Minister (DPM) Lawrence Wong announced on Wednesday (Nov 2).
Speaking at the opening of the Singapore Fintech Festival at the Singapore Expo, he also said MAS would be seeking the public’s views on ending the use of corporate cheques by 2025, given that the use of such cheques has already declined in favour of e-payments.
Wong noted that technology can enhance and empower, but “that doesn’t happen naturally and easily”.
MAS introduced the FSTI scheme in 2015, and has provided two rounds of funding.
- The first run awarded over S$100 million in grant funding for close to 500 projects;
- in the second round, more than S$200 million went towards funding more than 1,000 projects.
- The focus of the third tranche will be on areas such as artificial intelligence, analytics, regulatory tech and cybersecurity, in addition to new areas such as ESG (environmental, social and governance) fintech.
source:
没有评论:
发表评论