From November 4th to 8th, 2024, Singapore was once again at the center of the global FinTech scene. Over 65,000 visitors from 100 countries were able to interact with 600 exhibitors and listen to inputs from 900 speakers. Compared to previous years, the range of topics was again broader and more overarching. My takeaways are as follows:

AI is and remains a game changer – but with reservations

The speed of development and the countless use cases in which AI will make a substantial contribution are impressive. At the same time, a sense is emerging that this technology also needs clear rules to ensure that the opportunities outweigh the risks.

Digital trust as the foundation of all innovation

The most diverse innovations, approaches and concepts that have the potential to revolutionize the landscape of the financial sector have been further developed. At the same time, they are only as good as the trust that is placed in them. Trust must be incorporated into these solutions conceptually, perceptually and also technologically. The focus here is on digital identity and trustworthy information.

Interoperability takes center stage

The success of new innovations depends to a large extent on cross-border use cases so that they scale properly and release added value. Interoperability in all dimensions is key here in order to break down silos and utilize network effects. In particular, information for compliance must work across borders and systems. This applies in particular to digital identities and verifiable information, but also to financial transactions.

Quantum technology – a blessing and a curse

The post-quantum era is being discussed more intensively and the sense of urgency to deal with this topic is greater than ever before. This is particularly true in light of the fact that trust is the absolute foundation and digital trust in digital solutions must be rewritten using quantum computers. At no other SFF has the topic been discussed as intensively and controversially as this year. There are good approaches, but they need to be understood and their implementation addressed. In my opinion, short-term development is overestimated, while long-term development and impact are underestimated.

Singapore accentuates its claim to be a global shaper in the financial sector

Ravi Manon has announced the creation of the Global Finance & Technology Network (https://gftn.co ). By creating global forums, technology platforms, advice and access to capital, the aim is to create a comprehensive network to promote innovation and technology development. In my opinion, Switzerland must position itself more strongly in all dimensions (business, politics, academia, etc.) on this stage and “dance along” in order to keep pace in the long term and not be left behind. With the event organized by Swiss Financial Innovation Desk we made an important first step to drive topics like Digital Trust, AI, Quantum Computing and Digital Assets.

Tokenization as the basis for new business models and use casesIn addition to assets, tokenization should also go further in the area of information tokenization. This will create the basis for systemically linking assets and information with corresponding efficiency gains in transactions while simultaneously improving the UX without compromising on privacy.