The Singapore Fintech Festival (SFF) 2024 concluded on Nov. 8, marking its ninth iteration as one of the world’s premier fintech gatherings. This year, the event showcased groundbreaking developments in the financial technology sector, emphasizing the power of innovation, collaboration, and digital transformation.

This year’s festival attracted tens of thousands of participants from across the globe, with over 900 speakers delivering insights across 400 sessions. Discussions covered pressing topics such as artificial intelligence, quantum computing, financial inclusion, and asset tokenization, offering attendees a comprehensive look at the future of fintech.

Chia Der Jiun, the new Managing Director of the Monetary Authority of Singapore (MAS), presented his fintech vision, focusing on building robust digital infrastructure, including national digital identity and interoperable QR payment solutions. Chia emphasized the importance of tackling cross-border payment challenges, highlighting Project Nexus, a collaborative ASEAN initiative designed to streamline regional payment systems through a unified framework.

The festival spotlighted asset tokenization as a transformative technology for financial services. MAS Deputy Managing Director Leong Sing Chiong outlined four critical components for tokenization success: deep liquidity, foundational infrastructure, standardized frameworks, and common settlement assets like Wholesale Central Bank Digital Currencies ). Initiatives such as the Guardian Wholesale Network and the Singapore Dollar Testnet aim to advance these goals.

SFF 2024 celebrated excellence through the Global Fintech Hackcelerator and the SFF Fintech Excellence Awards. Winners included innovative teams like WeGro from Bangladesh and industry leaders such as Tencent and Rizal Commercial Banking Corporation, recognized for their advancements in artificial intelligence and sustainability. These awards underscored the festival’s role as a platform for nurturing groundbreaking ideas.

The exhibition area featured over 600 exhibitors and 41 international pavilions. Companies such as Visa unveiled next-generation solutions like the Visa Flexible Credential and AI-driven fraud detection tools, emphasizing seamless and secure transactions. Tencent, in collaboration with Visa, piloted a palm-recognition payment system, exemplifying how biometrics could redefine payment security and convenience.

NETS launched SGQR+, enhancing digital payment efficiency by consolidating multiple payment schemes into a single QR code. Meanwhile, OCBC became the first Singaporean bank to implement blockchain for intraday lending, revolutionizing the repo market with near-instantaneous transactions.

Ravi Menon, former MAS Managing Director and current chairman of the Global Finance and Technology Network (GFTN), introduced this new initiative to bolster international fintech collaboration. Through platforms such as the GFTN Capital and GFTN Advisory, Singapore aims to foster a globally connected fintech ecosystem.

The Singapore Fintech Festival 2024 reaffirmed its position as a catalyst for innovation and collaboration, setting the stage for a future where technology transforms global financial systems.