Liechtenstein delegation to the Singapore Fintech Festival
When two nations meet to inspire and aim to set the foundation to pioneer the nation as Blockchain and Fintech hubs.
For the first time since the Covid Pandemic and a global travel restriction, Singapore has successfully hosted the first Fintech Festival in person again.
The conference was visited by delegates of over 100 countries.
Amongst that, a group of delegates from Liechtenstein namely government representatives, the Financial Markets Authority, the Liechtenstein Banking Association, NÄGELE Attorney at Law, VP Bank, LGT and friends of Liechtenstein have joined this delegation.
Besides the extensive exhibition space of various Fintech and Blockchain companies, there was also numerous stages where expert keynote presentations were shared with the audience.
The key take aways shared by Ravi Menon, Managing Director of the Monetary Authorities of Singapore (MAS) has share a very clear statement and vision of the positioning of Singapore. In summary, the key take aways are:
- The next three years will show a fundamental change in the money system: besides the conventual technologies based on the instant-payment procedures, we will see further decentralised networks such as the digital central banking (CBDC) joining the existing infrastructure.
- Once the status quo payment systems are switched to CBDC, it will also be clear that money is programmable. Thus «Programmable Money» will allow «senders» to guide and navigate how this money can be utilised. Wallets and Digital IDs can be combined. This results that protocols remain open so that transactions can be further traceable. In the same time user data can be protected in order to fulfil the user’s data privacy regulations. Adding to that, on one of the few public appearances, Vitalik Buterin, the founder of Ethereum has presented on the SFF his view on this revolutionary infrastructure.
- New School Core Banking Systems (Neo Core Banking Systems) such as Thought Maschine Mambu and Banqsoft share their successful implementation. It appears that it is a matter of time until the first Neo Core Banking System will be launched in Switzerland.
- Ravi Menon (CEO at MAS Singapore) pointed out these 5 core initiatives that are in direct collaboration with various countries (amongst that Swiss National Bank SNB):
- Instant Remittance
- Atomic Settlement (replacement of peer to peer settlement)
- Programmable Money
- Tokenized Assets
- Trusted Sustainable Data
- An impressive demonstration has been the numerous initiatives and start-ups in the Trusted Sustainable Data space. Trustworthy sustainable data are built on DLT environment. This in hindsight means that there is a consensus that the desolated data needs to be improved. Therefore, moving forward this will mean that the focus will have to be shifted to data, definition and disclosure. At the SFF it seems that many start-ups are offering various Data Services those that are in particular supporting SME yet those companies who tend to offer “great solutions” are not matured enough yet to fully serve the market. That in turn currently are rather creating confusion.
In a personal meeting with Sopnendu Mohanti, Chief Fintech Officer at the Monetary Authority Singapore, the group has discussed that in particular the collaboration around the Liechtenstein Blockchain Law. Singapore has issued a Project Orchid that entails a summary of the Token Economy projects that Singapore. This in particular could facilitates a first collaboration project between Liechtenstein and Singapore.
Adding to the Fintech excursion, Liechtenstein Banks such as VP Bank Singapore and LGT were also host to the delegation. Both banks have been represented by the regional heads and gave their in-depth insights into the banking environment in Singapore.
In addition, the Raffles Family Office has welcomed the Liechtenstein delegation over a traditional seafood dinner, and they have given an insight into the growth of the Singaporean location as a growing hub for Family Offices.
One notable visit that has demonstrated the Fintech lead in Singapore has certainly been the meeting with DBS, the leading bank in Singapore. It is impressive to learn that DBS has launched digital application for their client and covers roughly 200 APIs to their core banking system.
As Sustainable Finance is also a key focus in Liechtenstein amongst all banks and financial industry partners, academia also play an important factor. The NUS (National University of Singapore as well as the CSP Singapore (Centre for Sustainable Finance Singapore) have also met with Liechtenstein delegation to share their market view in Singapore and in the South East Asian Region.
Another highlight of this trip was also the Apéro hosted by the Honory Consul of Liechtenstein Mr. Gerald Ong. Bringing the Liechtenstein Community of Singapore together at a venue with a breath-taking view over the Marina Bay was certainly a nice conclusion of the first day of the delegation.
Besides the Fintech industry, the group has paid a visit to Sustenir, a vertical indoor farming company. Due to limited space on the land in Singapore for agriculture, there is hardly any farming production in Singapore. Hence for that reason, all fresh produces are imported daily from countries such as Europe or Australia and New Zealand.
It is impressive to see how Ben Swan, CEO of Sustenir has mastered an innovative indoor farming warehouse that allows salad greens such as their house brand Kinky Kale, rocket salad, various of fresh herbs to be grown indoors.
With this new technology they are able to distribute fresh cut greens to the local market.
In summary, the first Liechtenstein delegation has gathered a lot of meaningful and impressive take aways from the kind hosts from Singapore.
The delegation has expressed an invitation to welcome and host a Singapore delegation to Liechtenstein next year spring. No doubt there are many synergies that both countries can benefit and learn from one another. We look forward to welcome Singapore to Liechtenstein.