As 2025 approaches, financial leaders are challenged to navigate a landscape transformed by artificial intelligence, data, and digital platforms, which are reshaping the rules of global trade, commerce, and financial services, Ravi Menon stated at the opening of this year's Singapore Fintech Festival.
The 9th edition of the Singapore Fintech Festival (SFF) started on Wednesday with the opening remarks of Ravi Menon, newly appointed Chairman of the Global Financial Technology Network (GFTN).
The GFTN will build on the track record of Elevandi, a not-for-profit company set up by MAS in 2021 to organize and globalize the Singapore Fintech Festival (SFF), which has grown to become the largest event of its kind in the world attracting some 65,000 participants from 150 countries, as finews.asia reported earlier. GFTN is a not-for-profit organization. GFTN will absorb the present Elevandi.
Bringing Fintech to the Global South
Menon said fintech has seen a lot of growth in the last decade with digital payments, tokenization and digital identities and the expansion of financial inclusion.
What he wants to focus on now is bringing the same technology and growth to economies like Africa and Latin America, and solving issues such as improving systems for payment flows, invoicing, and e-commerce and facilitating cross-border interoperability.
Rewriting the Rules of Global Trade
As 2025 approaches, financial leaders face the challenge of navigating a landscape transformed by AI, data, and digital platforms that are rewriting the rules of global trade, commerce and financial services, Menon added.
With the rapid advancement in AI adoption and in quantum technology, the SFF 2024 offers a unique platform for policymakers and industry leaders to collaborate, foster innovation and unlock new growth opportunities.
Most Pressing Challenges
The SFF 2024 will also highlight global and regional efforts on decarbonization, scaling up the use of digital assets, achieving cross-border payment efficiency, and advancing financial inclusion. These initiatives address how fintech can tackle some of today’s most pressing challenges.
