On July 20, 2022, Sino-Singapore FinTech Forum in the Fourth session of China+ Series was successfully held online. The forum was jointly hosted by Zhejiang University International Business School (ZIBS) and the National University of Singapore Business School. It deepened the partnership between the two sides, strengthened the international exchanges between China and Singapore in financial technology, and promoted cooperation and dialogue among the academia, industries and regulators.
BEN Shenglin, Dean of ZIBS, President of the Beijing-based Frontier Institute of Regulation and Supervision Technology, and President of Zhejiang Association of Fintech, Andrew Rose, Dean and Distinguished Professor of the National University of Singapore Business School, Michael Sung, founding Co-Director of the Institute of Digital Finance Innovation at ZIBS, Damien Pang, Deputy Chief FinTech Officer at the Monetary Authority of Singapore (MAS), Chia Hock Lai, co-founder of the Global FinTech Institute and founding President of the Singapore FinTech Association, Benjamin Twoon, co-founder and Chief Commercial Officer of Fundnel Limited, MA Junqu, co-founder and Partner of Tongdun Technology Co., Ltd., LIU Tongchen, Strategy Director of FinVolution, OUYANG Xiuzhang, founder of Cove Investment Pte. Ltd., Alvin Shen, founder, chief partner and President of Broader Way Investment International Holding and other experts, scholars and institution representatives from China and Singapore extensively discussed the two major fintech markets in China and Singapore and affirmed the huge market potential. The forum was moderated by ZIBS Assistant Professor SHAO Hui, who is an alumnus of the National University of Singapore.
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Dean BEN Shenglin said in his opening speech that the development of the financial industry intertwines with that of the technology industry. With respect to credit cards, for example, ATMs appeared in the United Kingdom in the 1960s. The first iPhone introduced 15 years ago made financial services readily available to everyone. Many developed countries and large cities are adjusting their development strategies in view of this important change. Singapore is committed to developing itself into a global financial technology center that will play a pivotal role; Switzerland is also introducing innovations to become a financial technology center; China's Hangzhou and Shenzhen and Seattle and San Francisco in the United States are working towards the same goal.
The models and application scenarios of financial services are continuously changing with the emergence of new technologies. More and more traditional banks, insurance institutions, and investment banks are innovating their business models. Recently, Goldman Sachs has begun to pay attention to the returns and value generated by low-end user groups; JP Morgan has more than 30,000 STEM graduates—not so much a financial company as a technology company. Coincidentally, in China, WeChat Pay launched by Tencent and Alipay launched by Alibaba Group make financial services more efficient and faster without consuming much resources in the real world. The use of a model is adapted to local conditions. Many developing countries, such as India and Pakistan which are large in size but relatively backward in traditional banking business, need the demand-driven model more; developed countries like the United States and the United Kingdom need the technology-driven model or the regulation-driven model more. Singapore, active in the world's stage of financial services, has always played a very special role and has the potential to improve its ranking. Mr. BEN added that ZIBS set up a new degree program after signing a memorandum of cooperation with NUS Business School last year. The number of students has increased significantly ever since. ZIBS's achievements today are thanks to the support of its partners. Mr. BEN sincerely thanked the partners for their participation in and support for the online forum.
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In his opening speech, Dean Andrew Rose said that he honored and valued ZIBS as a partner. Since the signing of the memorandum of cooperation with ZIBS last year, all work has been proceeding smoothly, he said. ZIBS's advantages in financial technology are undeniable, and it also has a unique geographical advantage in Zhejiang Province. With the rapid development of financial technology in modern society, mobile phones have made financial technology within easy reach. The way people pay online, buy insurance, and choose investment products is drastically different from 10 years ago—with considerable potential in a decade ahead. The prospects look inspiring. The willingness of institutions and individuals around the world to cooperate is the premise of digital transformation. Yet new perspectives and issues related to the fintech ecosystem like how to make digital transformation more important to people and how startups can use fintech to increase profit margins are worth considering.
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After that, Michael Sung, founding Co-Director of the Institute of Digital Finance Innovation at ZIBS, delivered a keynote speech on the development of Singapore into a center for international digital currency. Michael shared a series of experiences and put forward the concept of "digitizing world assets" with China's trade as the bridge. Singapore is an international leader in financial technology. How to make good use of its status as a center for international digital currency and link it with China's ecosystem is a top priority. We must bear in mind that all kinds of commodities can be converted into digital assets, such as real estate, artworks, Apple patents, stocks, crude oil, and gold, or more abstract objects. Doing so can pour more "water resources" into the market. In short, when assets are digitized, anyone can access information about such assets and conduct transactions—similar to the securities market. Online marketplaces are endless. Buyers, currency totals, and total value all rise with the increasing number of players. This experience provides new ideas for the digitalization of world assets.
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During the industry association discussion about fintech prospects, Chia Hock Lai mentioned that in Singapore, there are 1,000 plus fintech companies, with over 10,000 employees. Talent have always been an advantage for Singapore's fintech sector, which draws talent from all over the world. The second issue is economic capital. Fintech companies in Singapore received 1.1 billion U.S. dollars in investment from around the world in 2021, a big increase from 2015 when the number stood at only 2 million U.S. dollars. Benjamin Twoon introduced the digital transaction services that FUNDNEL is focused on, emphasized the new financial technology business platform built by the company, and talked about the various business licenses the company is applying for to ensure smooth business operations in the future. MA Junqu focused on the development of financial technology in China, compared it with that in Singapore and its surrounding areas, and introduced the company's investment in the next-generation big data technology. At the same time, the company employed many scientists to carry out original research. LIU Tongchen started with the growth in the number of young mobile phone users in Southeast Asia and analyzed the huge potential of the financial technology market in the region, as well as his employer's plans for future business expansion. OUYANG Xiuzhang, under the theme of "Fintech and Commodities", introduced the historical overlap of the two fields of currency and financial technology, as well as a series of new technologies and application scenarios generated by blockchain. Alvin Shen introduced his expertise in the field of supply chain management. He and his team have been engaged in supply chain business in China for more than 20 years, serving large companies such as Coca-Cola and local Chinese enterprises.
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