Pat Patel, executive director of Elevandi, has been complacent for the past decade. finews.asia.
«The Times: They Are A-Changes». overview, the modern fintech industry has battled macroeconomic challenges such as rising interest rates, skyrocketing inflation, industry-wide layoffs, and declining consumer confidence. A decade of good times brought complacency. As winter winds rage, businesses need to become more adaptable and resilient to survive in the long term.
Three months later, and after hosting the biggest gathering of the fintech community to date, the industry is singing on a different note.
Let’s unite now on fintech
«Singapore Fintech Festival» (SFF): Last year, we saw exactly this hymn of collaboration come to fruition, exchanging valuable insights on business resilience and forging new relationships to help communities come together and support each other. In the end, we achieved a record turnout of over 62,000 voters in 115 countries. Given what was happening in the context of cut budgets and rising travel costs due to the macroeconomic situation, it was absolutely amazing.
Like the beginning of a bar joke
Rather than the community turning inward, I saw ideas from people from all walks of life being incredibly receptive and cross-pollinated. There have been many discussions as to why now is the time to build, often with organizations coming together to explore various partnership-building and his M&A efforts.
It may seem like the beginning of a bar joke, but how long has it been since sustainability and education reformers, founders of major tech companies, and chief executives of financial regulators walked into the room together? How often? This is the only place I’ve seen an open and diverse dialogue on fintech with business leaders, policymakers, and regulators.
And now the work begins
Some might think of SFF as the culmination of the FinTech industry, but I see it as a starting point to move the industry forward. And now is the time to have promising conversations and insightful dialogues.
To summarize the key lessons learned from the SFF, we worked with world-leading consulting firms such as McKinsey & Company and Oliver Wyman to publish seven post-event reports to the community. These reports include insights on Web3 and digital assets, banking for business, balancing innovation and regulation, the future of fintech in growth markets, how fintech can become more resilient, and more.
Most reports are released and can be downloaded for free by creating an account Elevandi website.
Milestones from birth to work
Roundtable discussions during the event also produced practical milestones that will benefit fintech leaders and companies in the long run. Up to 13 reports from these roundtables will be published to the fintech community in early 2023. These reports outline solutions and steps to tackle complex industry issues, discussed by public and private sector leaders at the Elevandi Insights Forum at SFF 2022.
Key reports focus on building cross-border payment systems, overcoming talent shortages, and responsible AI in financial services. Similarly, the Milken Institute and the United Nations ESCAP (an organization focused on problem statements on sustainable finance) will publish reports reflecting the goals of COP27.
From Rwanda to Switzerland
A further follow-up will take place in 2023. First, the fintech community from the global South (Africa, Latin America, Asia) «Inclusive Fintech Forum» June 20-22 in Kigali, Rwanda. It will work to foster a technology-policy dialogue to ensure that Fintech development is equitable, accessible, and sustainable for all people around the world.
Shortly thereafter, it heads to Zurich, Switzerland for its successful second edition. «Point Zero Forum» (June 26-28) Advancing Web3 and sustainable finance with regulators and policymakers. Then, from 14-17 November, the global fintech community will once again converge at the Singapore Fintech Festival to review the progress made this year and discuss initiatives for 2024.
Forward and upward
As more organizations now begin to recognize the importance of public-private dialogue in building resilient and adaptive businesses, there will be a greater need for open dialogue and collaboration around the world. It is certain.
And we at Erewandi will continue to be at the forefront of making this happen. Since our founding in 2021, we have been driving important conversations for the fintech industry to keep global organizations abreast of current issues. Driving fintech adoption and growth globally is in our DNA and we will continue to raise the bar across our platforms in 2023.
A lifeline for a rapidly growing economy
Ultimately, the future of the fintech industry is in our hands. While it is uncertain what the economic and industrial landscape will look like in the months and years to come, coming together will not only help us weather the storm of uncertainty, but thrive together as a community. It also serves as a lifeline for a burgeoning economy that enables .
Pat Patel (pictured above) is currently working across South Asia, Africa and Europe to build a collaborative fintech ecosystem at the country and industry level. After leading his international fintech office at the Monetary Authority of Singapore (MAS), he founded Elevandi, a company founded by MAS to foster a lively dialogue between the public and private sectors to advance Fintech in the digital economy. Prior to MAS, he led Money 20/20’s growth into Europe, Singapore and China, and later worked in the payments and insurance sectors.