The 9th Wee Cho Yaw Singapore-China Finance and Banking Forum in Shanghai was held on 6 September 2017, hosted by NUS Business School and UOB. This year’s theme was “Fintech and Future Finance – From Disruptive to Collaborative”.
More than 300 representatives of the financial industry, experts, academics and people from all walks of life gathered to discuss the impact of financial technology on the current financial ecosystem and significance.
Mr Wee Ee Cheong, Deputy Chairman & CEO of UOB said, “Fintech and financial innovation can play a role in promoting inclusive growth, through improved access to financial services and in opening up market opportunities through increased digital connectivity.”
In his speech, Mr Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, pointed out that the progress and development of financial technology has made service innovation, service architecture, risk management, user experience and business process more feasible in the financial industry.
As policy makers, the government needs to enhance service awareness to create an open and shared ecosystem, while strengthening capabilities for the development of financial technology enterprises to create a good business environment. Regulatory policies need to adjust according to the development of the industry to guide the financial technology companies to enhance network security awareness and further develop network security products.
At the same time, the government should also use the smart economy to promote the development of financial technology, and actively promote investments in the field of financial technology.
Professor Bernard Yeung, Dean of NUS Business School, pointed out that technology is the driving force of the fourth industrial revolution, where it is changing people’s lives and working methods, business models, banks and finance industry.
Today’s consumers are investing in new Internet financing start-ups and financing platforms to meet their investment needs. At the same time, while WeChat payment and Alipay are leading in mobile payments, there is still tremendous potential for further development.
The Wee Cho Yaw Finance and Banking Forum was founded by then UOB Chairman Mr Wee Cho Yaw, to provide a platform to discuss and exchange ideas between Singapore and China finance and banking scholars and experts.
Find out more about the Forum here: http://bschool.nus.edu/news-hub/press-release/news/3397.