Monetary Authority of Singapore’s managing director Ravi Menon named inclusion and sustainability as the two key post-pandemic themes and explained how fintech has the potential to be part of the solution.
«We are in the midst of three global crises – a pandemic; a recession; and climate change,» said Menon in a published speech during the Singapore FinTech Festival 2020.
«Two themes have consistently come up in discussions on how we can build back better as we emerge from the Covid-19 crisis: creating an inclusive society [and] ensuring a sustainable planet.»
Individual and SME Inclusion
On inclusion, Menon used Singapore as an example and highlighted its ambition for every citizen and every enterprise digitally enabled and financially included as well as ways to enhance small and medium-sized enterprises (SME) via a common digital platform.
On the former, Menon named four ongoing initiatives in the city-state: pervasive electronic payments, affordable cross-border remittances, timely health insurance claims and holistic financial planning.
And on a common platform for SMEs, he underlined a handful of benefits including seamless cross-border trade enhanced access to global opportunities and efficient multi-currency payments and settlements.
Sustainable Planet
«If we do not act decisively to limit the increase in global temperatures, we are putting at risk the future of our children and grandchildren,» Menon said on sustainability. «It is perhaps this realization that has helped to make 2020 a record year for climate pledges – despite being in the midst of the Covid-19 pandemic and economic crisis. The crisis has also demonstrated the power of technology to help find solutions to difficult problems.»
Examples of Singapore’s contributions showcased include the development of a regional carbon credit market, a domestic finance action plan and green fintech – using technology to mobilize capital, monitor commitment and measure impact.
«From making vaccines to contact tracing, from online learning to telemedicine, technology has been at the forefront in the fight against Covid-19 and its effects,» Menon added. «Likewise, technology can play a potent role in shaping the post-covid world. Fintech in particular has great potential to be a force for good.»
- finews.asia is an official media partner of the Singapore Fintech Festival 2020.
