By Nikita More
In its third edition, the Singapore FinTech Festival 2018 saw tens of thousands of guests from all over the world. No doubt their excellent line up of speakers including dignitaries and prominent founders was the key attraction. It was an informative few days and in case you missed it, here are our top takeaways:
Singapore’s innovation scene is burgeoning. The festival hosted several innovation labs, workshops and networking events that were attended by almost 10,000 people. We are truly a hotbed of innovation and creation with an ever-increasing amount of start-ups and funds setting up shop here. The superior level of the playing field was evident in the Global FinTech Hackcelerator programme’s three hundred plus entries!
The role of the ASEAN region in the global economy is steadily increasing. There has been an approximate rise of two and a half percent in our share of global GDP in the last three and a half decades. However, one of the challenges the region faces is that the population is ageing faster than they are making money. Specifically in the case of Singapore, we have an extremely low fertility rate and almost a fifth of our population comprises senior citizens. This will prove problematic in time to come if it is not addressed.
The difference in attitude towards finance that millenials display is causing disruption in trends. FinTech tools need to be deployed and optimized to re-work traditional models in order to account for the shift in mindset between generations. The priorities of millennials are entirely different to those of people in previous generations and if these are not considered when predicting financial trends then we are likely to end up unprepared when the time comes.
Financial literacy is integral to a sound education now more than ever. With the rising number of disruptions to the age-old financial systems and processes, children need to be educated from the get go so they are prepared for new technologically driven mediums. Educating those not receiving formal education is also important, as the social impacts of poor financial literacy are significant.
Events like these inevitably leave us with many learnings and also a lot of food for thought. Given that we contribute to the statistics whether or not we mean to, wouldn’t taking a more active and conscious role be better?
Information Credit: Singapore FinTech Festival Media Library