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Money 20/20 Singapore Day 1 Recap

Money 20/20 kicked off its inaugural Asia event in Singapore on Tuesday March 13. With a slew of keynotes diving into the fintech landscape, here are some of the highlights that caught my attention:

General remarks

  • Although the event caters to all tastes, I found the platform discussions to be particularly insightful.

  • Speaking of catering, the chicken satay served during afternoon tea was delicious.

  • Speaking of platforms: the value of Tencent’s investments now outpace its own market cap!

From BBVA’s Derek White

  • A bank’s business proposition should be centered around its clients’ needs, time and stress, or NTS as he calls it.

  • The battleground between technology companies and banks lies in interactions with clients where each one is an opportunity to strengthen or destroy client trust.

Cheng Li from Ant Financial

  • The company has a threefold digital security strategy: (1) an AI powered risk brain monitors data usage for abnormal patterns, (2) digital customer identity validation and (3) robust measures to protect against leaks.

James Llyod of EY on platforms

  • Payments is the underlying feature of most platforms.

  • It’s no surprise that messaging services are moving into financial services; it’s where we spend most of our time.

  • With numerous third parties offering their services on a platform, who assumes the liability risk when things inevitably go wrong?

Grace Yin from WeChat Pay

  • We're ubiquitous in China because we're more than just payments: we connect everyone and everything.

Anthony Tan from Grab

  • Grab is on one in seven smart phones in Southeast Asia.

  • The company is more than a ride hailing app and sees itself as supporting over five million micro-enterprises.

  • To this end, it announced the launch of a financial service arm focusing on payments, loyalty, a large agent network, loans and insurance products.

From a discussion among regulators

  • One of the reasons the FCA created the regulatory sandbox was due to a lack of startup funding. Venture capitalists weren’t comfortable with the grey zone fintech sat in.

  • It's overkill to regulate a small #fintech that's trying to solve a particular problem.

Remember to follow me live from the conference on my twitter page.

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