The Singapore FinTech Festival (SFF) 2024 highlighted breakthrough innovations and strategies across key areas including digital money, quantum computing and sustainable finance, bringing together some 65,000 participants from across 134 countries and regions; and a global audience of policymakers, industry leaders, and tech pioneers to shape the future of financial services.
More than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions and government organisations were seen partaking in the regulation zone, discussing key topics spanning AI, quantum research and finance, cross-border data flow, and digital asset growth.
PQC experiment between Singapore and France
One of the key announcements made at the event was the joint experiment in post-quantum cryptography (PQC) between the Monetary Authority of Singapore (MAS) and France’s central bank—the Banque de France (BdF), which was designed to strengthen communication and data security in quantum computing advancements.
The project followed a hybrid approach that combined the robustness of current algorithms with post-quantum algorithms to ensure security and compatibility with existing systems, while preparing for potential cybersecurity threats posed by quantum computing.
One of the hypotheses gathered from the experiment was by integrating PQC algorithms into payment networks, financial institutions would be able to future-proof security measures against the looming threat caused by quantum computing, and ensure the long-term integrity and confidentiality of sensitive financial data.
Standardising PQC cryptographic algorithms and libraries for digital signatures and encryption alone was deemed insufficient. Application protocols and standards like public key infrastructure, digital certificates, key exchanges and secure emails must also be standardised to incorporate PQC cryptographic algorithms to facilitate adoption and interoperability of PQC.
By collaborating on this pioneering experiment, BdF and MAS affirm their commitment to anticipating future threats and ensuring the security of global financial systems. Both parties will continue to collaborate in the next stage of experimentation to extend PQC to critical financial transactions, particularly cross-border transactions on payment networks.
Strategic partnership between OCBC and Ant International to advance cross-border settlements
IMAGE: Ant International
OCBC and Ant International have formed a strategic partnership to focus on cross-border payments in real-time between Singapore and Malaysia through the Whale platform, which is a treasury management solution that leverages blockchain, advanced encryption and AI to improve the efficiency and transparency of fund movements between bank accounts for enhanced global liquidity management.
OCBC joined the Alipay+ network in September 2023 and became the first bank in Singapore to offer customers cross-border global payments across Malaysia and South Korea.
Melvyn Low, head of global transaction banking at OCBC said the collaboration with Ant International would leverage their joint blockchain capabilities to enable faster, seamless multi-currency clearing and settlement for Ant International’s intra-group treasury and liquidity management, demonstrating how blockchain could help global businesses better meet evolving treasury and liquidity needs.
Kelvin Li, head of platform tech at Ant International added that in combining OCBC’s deep knowledge of the Singapore and Malaysia markets with Ant International’s technological expertise and innovation in blockchain, more effective global treasury management solutions for seamless trading and transacting across borders could be developed.
Cross-border payments across APAC with Visa
Visa is working with QR payment providers to allow users to scan and pay with their digital wallets at point-of-sale QR when they travel abroad. The pilot programme will begin in Singapore, with more to be rolled out across the region in 2025.
Lakala in Mainland China, Touch ‘n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, VNPay and Zalopay in Vietnam will become Visa’s QR connectors, enabling their QR merchant networks to accept Visa payments.
Users from participating digital apps can then scan these QR codes and pay seamlessly and securely. Visa provides technical capabilities to QR payment providers by working with payments technology company Juspay.
Digital money blueprint
One of the most prominent themes discussed at SFF 2024 was digital currency and payment innovation. The “Digital money blueprint” session explored tokenised money’s potential in enhancing payment solutions, focusing on features such as atomic settlement and conditional transfers. Industry experts from Deutsche Bundesbank, DBS Bank, and J.P. Morgan zoomed in on how tokenised assets could help reshape cross-border transactions and enable real-time, seamless value exchange.
Quantum computing matters for financial services
Another key discussion highlight was the role of quantum computing in financial services. A dedicated session addressed how quantum technology could transform finance by enhancing computational power, posing new cybersecurity challenges, and paving the way for advanced analytics. Experts from IBM, Singapore Management University (SMU) and National University of Singapore (NUS) spoke on the significant impact of quantum capabilities on data processing and security frameworks.
Digital innovation and inclusion for SMEs
In areas of financial inclusion, experts discussed digital innovation for small and medium enterprises (SMEs), which are vital to the global economy. The panel addressed strategies to improve financial access for underserved communities through technology and inclusive policy frameworks. Organisations like GCash and National Bank of Cambodia presented case studies on successfully using digital financial services to drive economic empowerment.
Addressing climate-related financial risks
Sustainability was also a core focus, with discussions on using data and technology to manage climate risks. Panels such as “Responses to climate-related financial risks” explored innovations in climate tech and the role of data in advancing sustainable finance, and how financial institutions are financing Asia’s green transition, with insights from experts at the Bank Negara Malaysia and the Austrian Financial Market Authority.
Overall, SFF 2024 served as a catalyst for cutting-edge discussions and strategies that would shape global financial trends in the coming years. Through a blend of advanced technologies and innovative policies, the event underscored Singapore’s commitment to leading the digital and sustainable transformation of finance.
SFF 2025 will be held in Singapore on November 12-14 next year to mark the festival’s 10th anniversary.
