FinTech is the most happening event and Singapore is known as the FinTech hub capital. There was a discussion by the Monetary Authority of Singapore’s (MAS) Chief FinTech Officer, Mr. Sopnendu Mohanty, an IT Advisor to Government of Andhra Pradesh, JA Chowdary and a few others as they provide fresh insights into the recent collaborations and developments in the FinTech ecosystems in Singapore and India. Since Singapore is the Fintech hub capital, many people love to start-up companies to create new solutions to real time problems.
The Monetary Authority of Singapore (MAS) today announced the second edition of the Singapore FinTech Festival, to be held from November 13 to November 17, 2017.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Singapore FinTech Festival is an excellent platform for key stakeholders of the global and regional FinTech community to connect, learn from one another, and co-create new solutions to real problems. Roy added, “Last year’s festival was a great start. This year’s festival will be brighter, bigger, better.” This is only the beginning. Last time over thirteen companies, including start-ups attended the FinTech festival and this time they’re increasing it to about thirty companies. Last year, MAS committed to invest $225 million in FinTech over five years. As the sector develops and MAS unveils more plans, things will only get more exciting.
What has led to Singapore’s growth in FinTech? Firstly, it has a well-established market and large capital market. When India considered FinTech, most companies were B to C. There is a huge market from B to B. FinTech help the companies as they partner with banks in funding. Also, in addition to banks, many insurance companies are showing interest in FinTech. The growth in the Fintech Industry will be led by rapid internet penetration, changing mindset of customers, strong government initiatives and funding. The Andhra Pradesh chief minister, Sri N Chandrababu Naidu’s vision is to completely support entrepreneurs! He will help them in all the funding necessary from the VC’s if he finds a good potential in any of the start-up. Government of Andhra Pradesh intends to develop the new State rapidly over the next 10 years adopting a Mission Approach which is why they have introduced a scheme called the e-Pragathi scheme. This project is a journey where the Government of Andhra Pradesh intends to develop the new State rapidly over the next 10 years adopting a Mission Approach. Hopefully, their collaborative working and information sharing among departments’ forms a digital network helps them build a better India!
By Srividya B.