Highlights of Deloitte’s participation at the Singapore FinTech Festival 2018
Deloitte is proud to be a Grand Sponsor and the Knowledge Partner of the Singapore FinTech Festival 2018 (SFF), which took place from 12-16 November.
Here are some highlights from our participation at SFF:
FinTech Conference Day 2
13 November 2018, Singapore EXPO
(Data X AI X Cloud) Quantum = ?
Google Cloud Stage
As the panel moderator, Ranjit Bawa, Cloud Business Leader for Technology at Deloitte US, explored how Artificial Intelligence (AI), data, cloud and quantum computing technologies intersect to exponentially drive business value and possibilities in financial services.
“Working together, everyone from banks and cloud providers to regulators and consulting firms can utilize cloud, big data and Artificial Intelligence to fundamentally reshape the way they do business,” shared Ranjit.
To read highlights from the FinTech Conference Day 2, click here.
FinTech Conference Day 3
14 November 2018, Singapore EXPO
Organisational Digital Transformation
As a panellist during this session, Michael Tang, Global Digital Transformation for Financial Services Leader at Deloitte, discussed some of the key strategies for organisational transformation.
Topics discussed include the idea of the Digital DNA, which is the cultural shift required for transformation, as well as the new workforce that would be required for a new digital organisation.
“The new workforce will likely need a different set of capabilities from today. Therefore a shift from process-driven, repetitive, manual business processes towards relationship building, collaborative, analytical is imperative,” said Michael. He also elaborated on the concept of “being” digital and the need for a cultural shift in mindset, such as through practicing continuous innovation, to shifts in decision rights, being intentionally collaborative, increasing customer involvement, flattening hierarchy, encouraging agility.
Digital Only Bank: Strategies and Challenges
How should companies manage their digital maturity journeys? In this session, Bob Contri, Deloitte Global Financial Services Industry Leader, delivered the opening speech and moderated a discussion on some of the challenges that companies encounter on their digital efforts.
Alongside representatives from ING, Fidor, Ailleron and Railsbank, Bob discussed topics such as how banks can continue to run their businesses while simultaneously building a new digital one, given the accompanying issues surrounding infrastructure, cultural, talent shifts, as well as how regulation can help to drive this change.
“It was fascinating to hear from banks who are ONLY digital. Understanding their strategies and how they are overcoming challenges confirms digital banks are the banks of the future,” said Bob.
Financial Inclusion in Latin America
As a panellist in this session, Carlos Orta, Regulatory Risk Leader, Deloitte Mexico, discussed how policymakers, e-commerce giants and financial institutions are adopting FinTech to maximise the potential of digital finance.
Topics discussed include how FinTech companies can help to increase financial inclusion in Latin America, and how the use of big data allows companies to provide financial services to those without a financial history.
According to Carlos, “Regulation in the region has been helping the development and up rise of FinTech start-ups. Providing legal certainty to both FinTech entrepreneurs and users of financial services has contributed to the growth of the sector. The role of multilateral banks has also contributed through their collaboration efforts with financial regulators in order to establish adequate regulatory frameworks and investments into FinTech companies across the region.”
“Financial services providers are working together with FinTech companies in order to digitalise their services. In addition, more competition, protection for financial users, access and use of financial services are expected from the FinTech revolution,” he added.
To read highlights from the FinTech Conference Day 3, click here.
Deloitte Workshops during the FinTech Conference & Exhibition
Day 1, 12 November 2018
The future of financial crime compliance
OPEN STAGE: AI BOX
During this Open Mic session, Radish Singh, SEA Financial Crime Compliance Leader, discussed how financial institutions can use technologies such as AI and Machine Learning to fortify their compliance programmes.
Day 2, 13 November 2018
The new physics of financial services
A special roundtable was held for our C-suite guests from the financial services industry on Day 2 of the FinTech Conference. During this session, Bob Contri, Deloitte Global FSI Leader, together with Jesse McWaters, Financial Innovation Lead at the World Economic Forum (WEF), presented the findings from the latest report published by WEF and Deloitte on how financial institutions can better embrace AI and prepare themselves for the future.
The promise of AI and Machine Learning in compliance
The FinLab Booth
Deloitte’s subject matter specialists: Radish Singh, Deloitte SEA’s Financial Crime Compliance Leader and Anna Celner, Deloitte Global’s Banking & Capital Markets Leader, shared the findings from Deloitte’s latest report, co-published with United Overseas Bank (UOB), on the promise of AI and Machine Learning in fighting financial crime.
Framing a secure approach to your transformation journey
OPEN STAGE: SANDBOX
Thio Tse Gan, SEA Cyber Security Leader, discussed a framework for financial institutions to map their technology transformation and security strategy, and plan their security budgets.
Day 3, 14 November 2018
SGX & Deloitte present Project Ubin DvP
OPEN STAGE: BLOCKCHAIN
This event was a public showcase of the Delivery vs Payments (DvP) blockchain project led by MAS and Singapore Exchange, in collaboration with three technology partners: Anquan, Deloitte and Nasdaq. The project seeks to attain inter-ledger connectivity to achieve finality of DvP proposals, and represents an extension of how Deloitte’s blockchain expertise can be used to facilitate the transformation of the financial services industry.
Day 5, 16 November 2018
The Future of RegTech and Compliance
Over 25 innovation labs were held in various locations across the island for companies to showcase their products and solutions, and provide networking opportunities for participants with start-ups and innovation executives.
At our Singapore office, the Deloitte Greenhouse team, along with the Risk Advisory and Financial Advisory teams hosted an Innovation Lab on the topic, “The Future of RegTech and Compliance”.
During this session, participants had the opportunity to access the tools and templates on the Smart Compliance Platform developed by our Risk Advisory practice, and gain insights from its actual use cases. The entire experience also took on a medical theme, as participants were encouraged to consider the regulatory and compliance function from a holistic perspective, much like treating an entire patient, rather than a symptom in isolation.
Highlights of Deloitte’s participation
Singapore FinTech Festival 2018
Research from Deloitte & the World Economic Forum
Research from Deloitte & The World Economic Forum