Singapore hosts world’s largest FinTech festival
12/11/2017 5:05:34 PM
|written By : Staff Reporter|
The recently concluded second edition of the Singapore FinTech Festival was a roaring success.
It was attended by more than 25,000 participants from over 100 countries.
The annual event is organised by the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, in partnership with the Association of Banks in Singapore (ABS).
The second Singapore FinTech Festival raised up to $2.71 billion (US$2 billion) for startups in its final day, or the Investor Summit, the MAS said. According to an official statement, 59 per cent of the investors came from Singapore, 9 per cent from China, and 6 per cent from Indonesia. About 36 per cent of the startups came from Singapore, followed by 17 per cent from India, and 8 per cent from the US. Each fintech startup typically offered more than one solution or product focus, with 80 per cent requiring funding of less than $6.78 million (US$5 million). Over 1,000 fintech startups and 400 investors participated and 525 connections were made among the parties.
“We are pleased that the Singapore FinTech Festival has grown this year, to become the world’s largest FinTech festival,” stated MAS FinTech chief Sopnendu Mohanty. “It is a synergistic platform for the global FinTech community to spark new ideas and gain valuable insights. There will be many opportunities for financial institutions and FinTech companies to come together and collaborate on value-adding partnerships.”
India’s Finance Minister, Arun Jaitley, who delivered the keynote address at the Singapore FinTech Festival, said that digitisation helps to get economies formalised. He stressed that the three key initiatives taken by the Indian government – the creation of the Aadhar platform, demonatisation, and the introduction of the Goods and Services Tax (GST) – were steps in that direction.
The Monetary Authority of Singapore (MAS) also announced the three winners of the Global FinTech Hackcelerator. The three winners were selected from a pool of 20 finalists that presented their solutions on Demo Day as part of the 2nd Singapore FinTech Festival.