“Although Singapore is now successfully competing with other major FinTech centers, such as Silicon Valley, London or New York, in the field of start-ups and innovation, it still lags behind in terms of capital access for firms,” said Ravi Menon, Managing Director of the Singapore Monetary Authority (MAS). He also added that Singapore is seeking to increase investment in financial technology in order to establish its position as a regional banking hub. This year the goal was achieved thanks to a grandiose FinTech Festival Singapore.
FinTech Festival background
The early intention of the Monetary Authority to make Singapore an absolute FinTech leader in the Asian region was obvious. This was also evidenced by other steps taken to elevate the region in recent years:
Creating a reputation “sandbox”. [un1] Thanks to its own regulation “sandbox”, local FinTech companies are experimenting with innovative solutions and are not afraid of failures.
The first FinTech Festival was held in Singapore from November 14 to 18, 2016. Since innovations are a synthesis of different disciplines and ideas, there is nothing better for their development than to gather many innovators in a single place. As part of the FinTech Festival, there were many conferences and events where interested parties had the opportunity to meet with each other and collaborate.
MAS expected the festival to revitalise the web development market in Singapore as well.
The creation of the FINTECO office united various government agencies in Singapore, including the National Research Foundation and MAS, the Economic Development Council, the Telecommunications Regulator Media Development Authority, the investment firm Infocomm Investments Pte Ltd., and others.
As you can see, these were almost all government organisations to which Singaporean FinTech companies could turn, and now they are all assembled in one place, which means saving time in interactions with regulators.
MAS believes that this will make Singapore even more appealing for attracting already established large businesses as well as creating new ones.
Security regulations regarding investing in crowdfunding were also changed. The MAS canceled the requirement for SME companies to issue prospectuses describing the financial security of their project for potential buyers. But investors still need to be notified of the possible risks, and they were required to give their consent to accept such notification in writing. Also, crowdfunding platforms are no longer required to provide a deposit of 100,000 USD, and the minimum capital requirements were reduced from 250,000 to 50,000 USD a couple of years ago, which allowed new interests for numerous firms.
Collaboration with Australia was another step on the road to success. The already well-established Australian stock market was an ideal platform for Singaporean financial technology companies to enter an IPO. The MAS signed an agreement with the Australian Securities and Investments Commission, which made it easy for financial companies from both countries to enter each other’s markets. In addition, this agreement simplified the process for obtaining licenses to conduct operations in both states.
Finally, the MAS, together with the Association of Singaporean Banks, launched its own FinTech Awards and announced its selection of 15 global FinTech community leaders who assisted the jurisdiction in developing the financial ecosystem. Their list was very impressive at that time, and it remains so still.
GlobalSign.in participation experience
FinTech Festival Singapore this year welcomed over 250 speakers, 450 exhibitors in 16 international pavilions and 50,000 participants from over 130 countries. A three-day conference brought together finance leaders, investors and entrepreneurs, policy makers and stakeholders, to meet and discuss the key opportunities and the latest developments across the FinTech industry.
This conference is one of the main events of the year in Singapore. Singapore has a lot to offer: incredible light installations in the famous futuristic Gardens by the Bay, various cultural programs, children’s competitions, and other exciting events; but even these cannot compare with what the FinTech Festival brought this year, and GlobalSign.in team was out there as an honoured event organiser.
The task of seamlessly handling onsite registration, check-in, and name badge printing with a volume of 50000+ over three days was paramount for the success of this event. To gain real-time performance snapshots and insight into emerging trends, a robust mechanism needed to be developed to provide access to a detailed analytical report after the event. Large-scale events like this have long posed challenges to the team. However, this year marked a special experience. It was extremely thrilling to be a part of the festival and contribute to the whole festival program.
FinTech absolute success
GlobalSign.in’s open source business intelligence tool and flawless execution of our integrated platforms ensured problem-free check-ins throughout the whole event. We provided visitors with comprehensive, granular and secure access to the event dashboard, fully automated self check-in kiosks for smooth registration, and a check-in process with zero manual intervention.
The resounding success of this third edition of SFF is a testament to our consistency in delivering quality events. Our results in the figures were:
- About 10,000 check-ins per hour during peak hours
That’s something we should be proud of!
Request a demo and leave your comments below. See you at FinTech Festival 2019!