Apr 29, 2021
In the wake of the COVID-19 pandemic, which saw some major disruptions throughout the world, Southeast Asia’s financial services industry experienced a heavy demand for fintech innovations and faced the challenges to make a transition to a new digital age.
In line with the same idea, Tradepass hosted the ‘6th Edition World Financial Innovation Series: ASEAN’ on 7 – 8 April, 2021. The primary agenda of the event was to acknowledge Southeast Asia as the fastest-growing markets in the world in terms of financial innovations & digital technologies and provide an ultra-insightful and interactive platform to 1500+ Technology and Business Heads from 200+ leading Banks, Insurance & Micro-Finance institutions, government officials and top solution providers across the ASEAN region. Over the course of the two days, the event covered interesting topics on fintech, digital banking, open banking, customer experience, analytics, payment innovations, etc.
The virtual platform was tailor-made to give all the benefits of a physical event, with virtual presentations, panel discussions, text and video-based networking break-out sessions as well as virtual booths hosted by some of the top BFSI solution providers from around the globe. WFIS 2021: LIVE – ASEAN addressed how fintech innovations in the region can lead to better wealth management not just for the unbanked adult population who are not used to or are underserved by the traditional banking systems, but also for the budding new-age enterprises and their future markets.
COVID-19 pandemic proved to be an integral part of the discussions, as many of the distinguished speakers agreed to the fact that nothing has enhanced the growth in the fintech industry as the pandemic.
“Coronavirus has actually disrupted the industrial output and it has also impacted the supply chains, so the traders really feel that there is a need to run their businesses digitally and fintech can collaborate really well in that kind of ecosystem”, said Kaustab Roy, Senior Payment & Solution Architect, Monetary Authority of Singapore (MAS).
Many of the discussions were also in sync with the World Bank Data which stated earlier that more than 50 percent of the adult population in Indonesia, Cambodia, Philippines and Vietnam don’t have formal bank accounts, thereby giving a clear idea about how the fintech industry can serve their purpose, as the region’s young and increasingly literate population are early adopters of technology with the massive penetration of internet and smartphones.
“We have seen a really important shift from the public sector towards supporting and developing a new era of digital financial infrastructure”, mentioned Ivan Mortimer-Schutts, Senior Financial Sector Specialist, IFC, World Bank Group.
The event by and large, also emphasized on the role that banks, financial institutions and insurance firms will have to play in order to build an inclusive ASEAN FinTech ecosystem.
The 6th Edition World Financial Innovation Series: LIVE – ASEAN witnessed a distinguished line of local and international speakers who represented some of the top companies and brought opportunities to network, learn and collaborate.
Key Speakers –
Key Solution Providers included:
Apptio, Sitecore, CREALOGIX, SmartMessage, Finastra and Freshworks.
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