From Left: Philbert Gomez, Vice President and Head of DISG, Robyn Tan, Managing Director of KrAsia; Adrian Chng, Founder and Chairman of Fintonia Group; Chionh Chye Kit, CEO and Co-Founder of Cynopsis Solutions, Wanyi Wong, Fintech Leader at PwC SG; and.Liam Griffiths, Managing Director of Persefoni Singapore.
In a momentous collaboration, PwC Singapore, EDB, and SFA jointly released a FinTech Report at the Raffles Hotel in July. The launch event brought together key stakeholders, industry experts, and venture capitalists to explore the transformative potential of FinTech in Southeast Asia and beyond. Aptly titled: “FinTech innovation in Singapore: Sustaining growth in uncertain times”, the publication discusses FinTech's emerging trends and challenges , alongside Singapore's support through regulatory partnerships and global market connectivity.
During the panel discussion, Mr. Chionh Chye Kit, our CEO and Co-Founder, shared his views around utilising Regulatory Technology (RegTech) being no longer a good-to-have; instead it is a must-have. Emphasising on the importance of perceiving regulatory control measures as proactive steps for robust risk management, rather than burdensome obligations. Chye Kit encouraged businesses to adopt a perspective to view regulations instead as opportunities, empowering them to gain a competitive edge and effectively navigate the regulatory landscape.
"View regulation, not as something that is bad or evil, that is trying to restrict your activities, view it as something that you can potentially turn around to navigate your business into a regulatory advantage." - Chionh Chye Kit, CEO & Co-Founder of Cynopsis Solutions
Key Trends
During the discussion, the Fintech Sector's emerging trends took centerstage as one of the main topics. Here are some of the key trends identified:
Regulations
FinTech companies often encounter a common challenge of staying abreast of frequent regulatory updates across various markets. To address this, businesses can focus on refining their risk management plans, ensuring they align with the core objectives of regulatory measures. One example would be to adapt company risk management strategies to focus on complying with local laws, incorporating measures for consumer protection.
Sustainability
As the green economy gains momentum in Asia, businesses face increasing pressure to embrace sustainability. Singapore plays a crucial role as a global financial hub, in nurturing sustainability-focused technology companies by unlocking green investment opportunities and facilitating access to green financing through initiatives like Project Greenprint and the ESG Impact Hub. This harmonious blend of sustainability-driven innovation and regulatory excellence positions Singapore's FinTech sector as a trailblazer on the world stage, leading the charge towards a more sustainable future.
Generative AI
The rising prominence of Artificial Intelligence (AI) is transforming industries, with RegTech especially showing high adoption rates. Meanwhile, advancements in Ai Chatbots such as ChatGPT, allows them to provide real-time information and financial insights, elevating customer experiences and revolutionising client relationships. To stay ahead in the AI game, businesses must prioritise AI governance and explainability for ensuring accountability and trust while mitigating risks. Collaborating with AI Singapore (AISG) and tapping into Southeast Asia's AI ecosystem enables companies to drive innovation, shape the future of financial services, and position themselves for success in the dynamic FinTech landscape.
In conclusion, the PwC-EDB-SFA Report highlighted the FinTech industry's transformative potential and key trends. How can businesses navigate the regulatory landscape and embrace sustainability? What further disruptions and opportunities will AI bring to financial services? Embracing ethical AI governance and tapping into SEA's AI ecosystem may hold the key to success in this dynamic FinTech landscape.
Cynopsis Solutions helps companies digitize 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, FinTech, Blockchain companies and Designated Non-Financial Businesses and Professionals.