The festival will comprise of a Global Fintech Hackcelerator, MAS fintech awards, conferences and events, says Monetary Authority of Singapore (MAS).
The Singapore Fintech Festival will be held in November in a bid to attract start-ups and investors to the Singaporean finance ecosystem.
Scheduled to be held from November 14th-18th, the event will be coordinated by a joint effort from MAS and the Association of Banks in Singapore (ABS) and will be the first such event in Asia.
The festival is likely to attract attention on the financial hub of Singapore, where innovative solutions implemented by fintech start-ups are quickly replacing traditional financial services.
“What we are trying to do is to push the envelope. We are trying to find new ways of doing the financial business, every area of business, in a way that makes more sense to the customer, a borrower, a lender, a middle-class saver, someone who’s making payments, someone who’s receiving payments,” said MAS chairman, Tharmun Shanmugaratnam.
“We are at the cusp of a new wave in finance that is I think very promising. There’s no assurance it’s going to succeed, but it shows great promise – promise of delivering better value to the customer.”