The largest FinTech event in Asia featured over 15,000 global industry leaders of which 1 in 3 are C-level executives. The FinTech ecosystem of disruptive technologies have been the talk of the town in recent years. It has however also been a controversial subject amongst leaders as innovative technologies meet finance.
The Regulatory Roundtable discussion has speakers like Anna Wallace, Head of Innovate in the Financial Conduct Authority (FCA) and Sopnendu Mohanty, Chief Fintech Officer in the Monetary Authority of Singapore (MAS) talk about the framework of regulations as well as how to work towards a partnership to accelerate the digitization of money and commerce.
The reasons for regulations go beyond the general need for security. The benefits of going to a regulatory could mean a higher capital funding, more credibility and the ability to create a more sustainable product. Many investors refuse to participate due to the fact that the lack of regulation perceives it to be untrustworthy and susceptible to the negative sides of cryptocurrency such as money laundering and illegal transactions. Sopnendu Mohanty also emphasized that “The FinTech Regulatory Sandbox has a higher barrier to get in and doing so will enable FinTech companies to have a chance for wider adoption, in Singapore and abroad”. More details on the Global FinTech Regulatory Sandbox in UK is linked here.
Hal Bosher, CEO of Yoma Bank, mentioned that “There should be pressure for banks to innovate from regulators so they get in the room with FinTech companies to discuss and improve efficiencies”.
Another table had Sreeram Iyer, COO of ANZ Banking Group and Rohan Mahadevan, SVP, APAC CEO of Paypal discuss about scaling products across the ASEAN region to meet the needs of emerging middle class. Sreeram Iyaz said that he was “optimistic about the future because banks and FinTechs are allowed to try out new ideas which are essentially a fast track within the sandbox that MAS launched”.
Image credits to Grab
Grab also took the opportunity to announce its newest joint venture with Credit Saison, called Grab Financial Services Asia. Grab aims to provide a means to financial services to a large population of the unbanked which KPMG estimates to be 73% of the population in Southeast Asia. Grab plans to assess loan recipients and insurance candidates using a mixture of signals that could include their driving style, which can be tracked using telemetrics from a driver’s device.
For attendees of the event, you would probably have noticed, that the main sponsor of the event is none other than Monaco. For those who have not heard of Monaco, it is a payments and cryptocurrency platform with a soon to launch Monaco Visa card and mobile app that enable users to buy, exchange and spend both fiat and cryptocurrencies at perfect interbank exchange rates. It was also revealed at the conference that the company is working on two new products, the Monaco Credit and Monaco Auto Invest. More information on their new credit and investment feature can be seen here.
The full Agenda of the Money20/20 Asia Conference can be downloaded in PDF in the link here. Stay tuned and follow us on Linkedin and/or our LATTICE80 Telegram news channel for more updates on the conference as well as other FinTech news.