Singapore Launches FinTech Festival in New York

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Singapore's FinTech Festival has just been launched in New York City.
The week-long festival — the first of its kind in Asia will provide a
platform for the collaborations between the finance and technology
sector. Officials from the Monetary Authority of Singapore said New
York was a choice city to announce an endeavor aimed at enhancing the
open flow of information.

Mimi Chiahemen reports from New York

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VO1
Like a microcosm of the financial technology community: bankers,
regulators, and startup experts were represented at Singapore's
Fintech Festival launch in New York

VO 2
Deputy Prime Minister, and Chairman of the Monetary Authority of
Singapore, Mr. Tharman Shanmugaratnam, kicked off the event, affirming
Singapore's stake in the advancing sector

NATSOUND
SOT — Mr. Tharman Shanmugaratnam, Deputy Prime Minister & Monetary
Authority of Singapore Chairman
What we're trying to do is to push the envelope, we're trying to find
new ways of doing business, every area of business, in a way that
makes more sense to the customer, a borrower, a lender…a middle class
saver, someone who's making payments, someone who's receiving payments

VO 3
And Mr. Tharman says, with digitization taking place across global
industries, it's more timely than ever for banks to engage proactively
with technology

SOT — Mr. Tharman, DPM & MAS Chairman
We're at the cusp of a new wave in finance that's I think very
promising, there;s no assurance it's going to succeed., but it shows
greta promise. Promise of delivering better value to the
customer…that's really what we're trying to achieve inFintech

VO 4
Still, there are tensions to resolve, but that's where MAS Managing
Director, Mr. Ravi Menon, says competition can be healthy for
innovation


SOT- Mr. Ravi Menon, Monetary Authority of Singapore, MD
Competition spurs innovation, provides incentive and impetus to do
better to stay ahead and that is often the mother of invention and
innovation


VO 5
For those concerned with how to regulate a digital infrastructure.
Digital Assets Holdings CEO, Blythe Masters says existing regulation
is often a good starting place


SOT - Blythe Masters, Digital Assets Holdings CEO
You need in orderer multiple parties to adopt you need some modicum of
standards and common understanding to proliferate and to prevail so
that multiple parties can begin to adopt and in that case there's
clearly a role for government/ in bringing together potentially
otherwise competing entities.

VO 6
And for those concerned that Finch may spell the demise of banks,
these experts panelists say the vast majority of institutions will
adopt and adapt

VO 7
From person to person payments to mobile banking, technology has been
transforming financial services for a number of years now ... But data
shows the funding for fintech companies is at an all time high. And
with the upcoming Fintech festival this November, Singapore is
positioning itself as the global centre for the confluence between
finance and technology

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