The panelist of the discussion (From left to right): Chye Kit Chionh, Matthew Lovatt, Pauline Sim, and SFA President, Shadab Taiyabi.
The financial landscape is set to experience significant changes this year, including higher interest rates, inflation, and increased investor scrutiny. In response, the Singapore Fintech Association (SFA) organised a sharing session last week on the 7th of February at the 80RR Fintech Hub.
In the wake of a challenging 2023, our CEO & Co-Founder, Chye Kit Chionh, along with fellow SFA Executive Committee members Matthew Lovatt and Pauline Sim, delved more into repositioning strategies for 2024. The discussion was also joined and moderated by Shadab Taiyabi, President of the SFA
Monitoring Financial Health
During the session, they emphasized the importance of monitoring essential financial indicators. They suggested that FinTech startups closely monitor their topline, bottom line, cash flow, and growth amidst changing market conditions. This oversight is crucial for adapting swiftly to market changes, identifying risks, and seizing opportunities.
Navigating Regulatory Challenges
Addressing the regulatory landscape, companies are encouraged to confront regulatory challenges directly. They should leverage innovative technologies and embrace regulatory compliance as a strategic imperative to navigate through regulatory complexities effectively.
Tackling Talent Scarcity
Another critical topic discussed was the persistent challenge of talent scarcity within the fintech sector. Traditional methods alone might not suffice, prompting the exploration of alternative strategies for talent engagement and partnership.
Cultivating Collaboration and Accountability
They underscored the significance of nurturing talent through skill development initiatives and educational programs. Additionally, fostering a collaborative ecosystem with industry partners is essential. By cultivating strategic partnerships and leveraging collective expertise, companies can drive sustainable growth and innovation within the industry while nurturing the next generation of skilled professionals.
Finally, companies must uphold accountability for senior management within regulated businesses. With regulators intensifying their scrutiny of compliance standards, maintaining a culture of accountability is crucial for fostering trust and maintaining integrity within the industry. How do you envision navigating through the year ahead, are you optimistic about the strategies proposed? Share your thoughts and insights with us.
Navigate 2024 with Greater Clarity
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Our solutions empower your compliance efforts, mitigate risks, and improve transparency so that you can achieve better regulatory outcomes in 2024.
Cynopsis Solutions helps companies digitise and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing.Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC.Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions.We've helped firms across various industries, not limited to Banking and Financial Services, Property Development FinTech, Cryptocurrency, Professional Services and Gaming sectors.