Singapore Fintech Festival 2024

Attending the #SingaporeFinTechFestival in November 2024 was an enriching experience that highlighted the dynamic and evolving landscape of #Fintech and #RegTech. The event gathered a diverse group of professionals, regulators, and innovators from around the world, all dedicated to leveraging technology in impactful and sustainable ways.

#AI was a recurring topic throughout the 3 days – from panel discussions to exhibitors demos. My focus was on #RegulatoryCompliance. Here are a few highlights from some of the sessions I attended. You’ll notice that sometimes people have different views on the same topic. This is the beauty or bringing together people with different perspectives to foster dialogue.

Don't be afraid of being replaced by AI. You should worry you'll be replaced by humans using AI.

In the same way we have focused on financial literacy, the next thing we need to do is AI literacy.

Big themes for #crypto in 2025:

• Crypto taxation is going to accelerate.
• More collaboration across the industry is needed.
• Scams and fraud need to be tackled to avoid loss of confidence in crypto.
• Need to involve the buyside even more to really take this asset class to another level.
• Energy is going to be an issue in 2025. You can see the big tech players are now investing in nuclear.

Impact of #GenAi in Financial Services:

• 60% of jobs will be impacted and there will be both positive and negative impact.
• There will be multi speed adoption of GenAI in the financial sector.

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3 key trends as a result of AI adoption in #FinancialServices:

• Supercharged professionals who continue using their expertise but also use AI
• Mass displacement
• Appearance of creative disruptors

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AI & Financial Fraud:

• We are many years aways from AI being used on its own for fraud prevention. We'll still need a human in the loop. However, that human needs to understand the AI system.
• We need proper training for people developing AI systems but also for the people who use AI output in their daily jobs for example in supervision and oversight of fraudulent activities.
• By leveraging AI, scammers are becoming ever more sophisticated. When looking at pictures of deepfakes and real humans, less than 50% of people can accurately figure out which is fake, and which is real. This means that humans won't be sufficient to tackle certain scams. We'll soon be in a world of AI protecting us from AI!