Singapore Fintech Festival 2022: Deputy PM Wong sets the fintech agenda

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Welcoming attendees back to an in-person event, Wong referenced the huge turnout, stating that this has proven that “human interaction is indispensable even in our digital age.” He also highlighted that serendipitous encounters at the event may lead to the next breakthrough innovation and with technology, companies and countries can become more resilient.

Wong described Singapore as a “red dot in a dangerous world” that must ultimately count on itself to survive and thrive. By embracing “a healthy level of constructive paranoia” and working through what he referred to as “divine discontent,” Singapore as a nation maintains its motivation to push the limit and improve standards.

When hit by Covid-19, Wong explained that it was previous, pre-pandemic investments into digital infrastructure that helped keep Singapore afloat and continue to provide basic financial services to citizens.

Purpose-bound digital Singapore dollar to be trialled

This week, the MAS released a report detailing potential uses of a purpose-bound digital Singapore dollar (SGD) and the supporting infrastructure required, marking the successful completion of Phase 1 of Project Orchid. Enabling consumers to specify conditions such as when and where digital money can be used, this opens the potential for a plethora of use-cases. In an attempt to trial the use of purpose bound money in the form of digital Singapore Dollar backed vouchers, Singapore Fintech Festival attendees will be able to make purchases with this digital currency at participating merchants at the event itself.

Cross-border payments issues to be tackled

Although Singapore’s PayNow allows individuals to transfer money instantly to one another with just their mobile numbers or to businesses