News eDaily13 Nov 2017

Singapore:FinTech Festival kicks off

13 Nov 2017

The 2nd edition of the Singapore FinTech Festival, organised by the Monetary Authority of Singapore (MAS), kicks off today with the innovation lab crawl where over 20 fintech innovation labs across the island will open its doors for participants to get up close to the latest fintech solutions.

The festival, which runs from 13-16 November, is into its second year after a successful maiden run last year.

This year, the MAS will combine the agendas of the RegTech Forum, Tech Risk Conference and FinTech Conference into a single multi-track conference spanning three days, to be held in a single location —Singapore Expo — to allow participants greater access to the various discussions. The various tracks of the Conference will include Data Analytics, Tech Risk/Cyber Security, RegTech, FinTech Application and FinTech Financing.

The Conference will look at FinTech developments across developed and emerging markets, as well as how technology can be harnessed to enhance financial inclusion and support growth in emerging economies.

Attendees at this year’s Festival will comprise FinTech players, policy makers, financial industry leaders, private equity/venture capitalists, investors, technopreneurs, and academics.

Prudential - Singapore FinTech Association partnership

Meanwhile, to support FinTech entrepreneurs in strengthening their safety net and managing risk better, Prudential Singapore (Prudential) is partnering with the Singapore FinTech Association (SFA) to offer its members complimentary Group Personal Accident coverage for a year.

This initiative is targeted at supporting young startups established in Singapore within the last five years. Such companies have less than 10 employees on average and are usually run by the founders themselves. These entrepreneurs tend to overlook provisioning for adequate personal insurance coverage for themselves and their employees especially in the first critical years of operations, says Prudential in a statement.

To help close their protection gap, Prudential is extending personal accident protection with coverage of S$350,000 (US$257,000) to employees of the startups registered with SFA. The plan provides 24-hour, worldwide coverage against accidental death and injury and no medical underwriting is required.

Mr Wilf Blackburn, CEO of Prudential Singapore, said Prudential’s support of SFA’s members is in recognition of the tremendous value and vibrancy that fintech startups bring to Singapore’s insurance industry and financial ecosystem.

There are now some 1,600 to 2,400 tech startups seeking and creating opportunities in Singapore with many having set up shop here following the rollout of the Smart Nation masterplan in 2014 to make Singapore a country where people live meaningful and fulfilled lives enabled by technology.

This is Prudential’s second boost to the local fintech community following the introduction of its PRU Fintegrate Partnersship programme through which it collaborates with FinTechs to develop new digital solutions.

The SFA which has more than 200 active members is a cross-industry, non-profit initiative which facilitates collaboration between stakeholders in the fintech ecosystem.

As part of their agreement, Prudential and SFA will explore insurance education and awareness-raising initiatives for FinTechs. SFA members who require wider insurance coverage will also be able to seek advice from Prudential Financial Consultants knowledgeable in enterprise solutions.


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