Singapore should embrace FinTech to remain financial center: official

Source: Xinhua| 2017-11-14 20:35:25|Editor: pengying
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SINGAPORE, Nov. 14 (Xinhua) -- If Singapore is to maintain its position as one of the financial centers in the world, it must embrace FinTech, maximize its benefits, and minimize its risks, said Ravi Menon, managing director of Monetary Authority of Singapore (MAS) on Tuesday.

Menon made the remarks at the opening ceremony for the conference and exhibition of Singapore FinTech Festival. The three-day conference and exhibition attracted more than 25,000 participants from over 100 countries and regions, and is the largest gathering of the global FinTech community, according to the MAS.

The MAS managing director said FinTech, or the application of technology to financial services, had been at the forefront of the worldwide digital renaissance, and one in three digitally active users globally already consider themselves regular users of FinTech services.

Menon disclosed a series of strategies and measures that MAS has taken or plans to take in order to embrace FinTech.

These include setting an entire building as a FinTech Innovation hub; linking Singapore's fund-transfer service PayNow with Thailand's corresponding service PromptPay; launching collaboration with the Massachusetts Institute of Technology, among others.

A group of Chinese banks, financial institutions and FinTech companies are invited to participate in the exhibition and the conference.

At the showcase, the Singapore Branch of the Industrial and Commercial Bank of China puts the dual-language B2B e-commerce platform jointly developed with Singapore Press Holdings into trial operation.

Meanwhile, the Singapore Branch of Bank of China exhibits the face recognition system jointly developed with Tencent and some other FinTech technologies. China Unionpay demonstrates four FinTech products, including UnionPay FacePay, UnionPay Sound Code, Virtual Reality solution and Risk Management System.