‘Promise and Pitfalls of AI’ in focus at Singapore FinTech Festival 2023

SINGAPORE: The Singapore FinTech Festival (SFF) 2023, scheduled this week from Nov 14 to 17, will focus on the “Promise and Pitfalls of AI,” said the Monetary Authority of Singapore (MAS) in a media release. “SFF 2023 will delve into AI’s promise as well as pitfalls, providing a platform to explore a unified vision for the future, harnessing its benefits while mitigating its risks.”

The theme this year is “AI for good. AI for good?” MAS pointed out that while Generative AI can boost the global GDP by nearly US$7 trillion (S$9.5 trillion) in the next 10 years, the technology carries inherent risks that require considerable caution. Leaders and experts from across the globe in the areas of finance, technology, and public policy will come together for the eighth edition of the SFF, discussing not only Artificial Intelligence (AI) but also re-architecting the financial system, preparing for future risks in technology and climate, and powering entrepreneurs and the future tech workforce.

The festival kicks off on Nov 14 with the invitation-only Elevandi Insights, where regulators, policymakers, industry leaders, and investors will participate in two events: the Capital Meets Policy Dialogue and Public-Private Roundtables.

From Nov 15 to 17, eight themes will be covered at the conference: Responsible Tokenisation, Beneficial AI, Accelerating ESG, Efficient Payments, Scaling Insurance and Pension, Digitising Inclusion, Advancing Talent, and Empowering Entrepreneurship.

The main speakers at the conference are Singapore President Tharman Shanmugaratnan, the Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, and World Bank President Mr Ajay Banga.

Other speakers include the Managing Director of MAS, Mr Ravi Menon; the Governor of the Central Bank of Malaysia, Datuk Abdul Rasheed Ghaffour; Indonesia’s Minister of Education, Culture, Research, and Technology, Mr Nadiem Makarim; and Philippine President Ferdinand R. Marcos Jr, who will be attending virtually.

“The FinTech industry is poised for another major transformation, thanks to recent advances in artificial intelligence. This will usher in a new era of financial innovation and transformation. SFF 2023 will continue to be at the forefront of this global conversation, bringing together visionary leaders from civil society, technology, financial institutions, government, investment, and entrepreneurship to drive meaningful change and create a secure future for all,” said Sopnendu Mohanty, Chief FinTech Officer of MAS and Chairman of Elevandi Board.

The event was organised by the Monetary Authority of Singapore, Elevandi and Constellar, along with The Association of Banks in Singapore. Registration for SFF 2023 and more details about the festival are found at www.fintechfestival.sg. /TISG