Swiss-Singapore cooperation is essential for the development of sustainable innovation and fintech: Heng Swee Keat

SINGAPORE-Global monetary facilities resembling Singapore and Switzerland must work collectively to interrupt new floor for innovation and convey sustainable fintech, in partnership with {industry} gamers and regulators to make use of fintech to enhance life.

Deputy Prime Minister Heng Swee Keat on Wednesday 22 June warned that the international fintech group faces many challenges together with tighter entry to finance, rising rates of interest. and depreciation.

But he famous that the potential for fintech is nonetheless enormous.

Growth in fintech has remained robust regardless of the epidemic, with greater than $ 210 billion (S $ 291 billion) being spent on this sector final yr, Mr Heng mentioned in an announcement. a video recording posted at the first Point Zero Forum in Zurich.

He additionally added that there are nonetheless untapped instances in right this moment’s wave of applied sciences – synthetic intelligence (AI), large information and the Internet of issues – which are nonetheless not going their manner.

But a wave of new applied sciences has emerged that “might change the sport,” resembling Web 3.0, blockchain, unusable tokens and centralized nonprofits.

Mr Heng, who is the Minister for Economic Policy Coordination, mentioned the tailwind in fintech was “pushed by two helixes”.

First, the Swiss-Singapore partnership goals to advertise innovation, develop alternatives between Europe and Asia, and “advance the wave of rising applied sciences for good”.

“Cooperation is additionally wanted to interrupt new floor – by lowering limitations to cross -border negotiations, and with a typical system for accountable use of know-how,” Mr. Heng added, noting that the two nations hope to work with extra international monetary facilities in time. .

Second, the utility of digital to sustainability will result in the future of financing, resembling inexperienced fintech which has solely just lately gained momentum however solely just lately.

To this finish, Singapore will arrange an Environmental, Social and Enterprise Management (ESG) Impact Hub to strengthen collaboration and improve a fast-growing sustainable atmosphere.

“This is a bodily platform in downtown Singapore to co-exist with inexperienced fintech startups, enterprise capitalists, establishments, non-profit organizations and household places of work.

“Through this middle, we hope to additionally put in place long-term industry-leading initiatives, which embody Google’s‘ Project Point Zero ’, the funding accelerator for local weather and KPMG’s ESG Business Foundry, ”Mr. Heng mentioned.

With the rise of inexperienced laundry, the reliability of ESG merchandise could also be eroded and monetary stability will likely be affected. Greenwashing is a false declare to mislead shoppers into considering that an organization’s merchandise shield the atmosphere.

To counter this, Singapore has arrange an AI platform throughout the NovA {industry}! in November 2021 to offer an ESG danger evaluation for banks when initiating, securing and providing endurance-related loans associated to housing.

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