Quantum computing and AI in the spotlight at Singapore FinTech Festival 2024
Now in its ninth year, the festival brings together global policymakers and leaders in both finance and technology to align on roadmaps for 2025
How does change happen today?
Two ways – “gradually, and then suddenly,” said Pat Patel, executive director of the Global Finance & Technology Network (GFTN), borrowing a concept from Ernest Hemingway’s 1926 novel The Sun Also Rises.
New technological trends tend to build slowly, Patel explained, gaining momentum until, suddenly, it breaks through and reshapes everything.
Just like how generative AI (gen AI) changed the world when it exploded into the market in Nov 2022, he said, adding that this shift is exactly what the Singapore FinTech Festival (SFF) 2024 aims to capture.
GFTN was established by the Monetary Authority of Singapore (MAS) last week. It aims to harness technology and foster innovation through global partnerships for more efficient, resilient and inclusive financial ecosystems.
GFTN replaces and builds upon Elevandi, a not-for-profit organisation set up by the MAS in 2021.
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This year, the festival zeroes in on two transformative forces driving the next wave of innovation: quantum computing and artificial intelligence (AI).
First launched in 2016, the ninth edition of SFF will take place from Nov 6 to 8 at the Singapore Expo. It is organised by MAS, GFTN and event management company Constellar, in collaboration with The Association of Banks in Singapore.
SFF has developed a global reach over the last five years, said Patel, thanks to its engagements with policymakers and leaders in other jurisdictions.
Last year’s festival attracted over 66,000 participants from across 150 countries. The number is expected to grow this year, he added.
“(SFF) is at the intersection between policy, finance and technology,” Patel said. He emphasised that the event has evolved into more than a festival – it is now “more of a platform” for global leaders across these three domains.
Beyond the keynote sessions that are open to the public, there are closed-door programmes “running in the background”. “(That’s where) we are creating real change,” Patel added.
How? By bringing together policymakers and regulators from different jurisdictions along with technology and finance players to “align thinking and roadmaps and frame what we can expect in 2025”.
To align
Why AI and quantum technologies?
Patel noted that last year’s SFF also focused on AI. “We rarely (repeat a topic), but we felt there is still a lot of headroom to be covered.”
One area is gen AI, which uses algorithms to identify the patterns within existing data to create new content including text, image and code. Applying gen AI to business processes remains a huge challenge, Patel pointed out, due to data privacy concerns.
Meanwhile, quantum computing, though still nascent, is fast advancing.
Consulting firm McKinsey has predicted that the market size of quantum computing may reach up to US$131 billion (S$171 billion) by 2040. “We’re starting to see early models come together, and the processing power of quantum computing right now is moving at an absolute rapid rate.”
The key to harnessing the potential of these technologies lies in aligning industry efforts with regulatory thinking and frameworks – which is the mandate of SFF.
The festival creates opportunities for technology and finance leaders to have frank dialogues with regulators. “If tech companies start to develop new (AI use cases) that are not in sync with policy or regulatory roadmaps, (that will) lead to a lot of wasted capital, effort and energy.”
This year’s sessions will also bring together policymakers to discuss AI regulations and frameworks, paving the way for global alignment in the adoption of AI, Patel added.
Notably, SFF will take place in the week of the US elections on Nov 5. It’s been a year filled with elections globally, with nearly half of the world’s total population going to the polls.
Patel remarked: “It’s an interesting point to really take stock and (assess): ‘What can we expect following all of these elections that will frame 2025 and beyond?’”
To inspire
With over 900 speakers and more than 400 sessions, SFF will bring a buffet of insights to attendees. If there’s one key takeaway they can expect, what would it be?
To be inspired, said Patel, adding that after four years of immense change and upheaval, the world is ready for a dose of hope.
A number of significant announcements are lined up for the event, particularly around AI use cases. These will not only showcase what problems are being tackled but also delve into how they’re being addressed and what the future roadmap looks like.
Patel hopes that these insights will not just inform, but also ignite ideas. “We’d love for people to come in, hear about a use case, and think, ‘I can do that better’ or ‘I have an idea that could combine X and Y’.”
“It’s about sparking a flow of ideas and creating a flywheel effect – and that’s where some of the greatest innovations come from.”
““It’s about sparking a flow of ideas and creating a flywheel effect – and that’s where some of the greatest innovations come from.””
Pat Patel, executive director of the Global Finance & Technology Network, on how he hopes the insights shared at the Singapore FinTech Festival will not only inform but also ignite ideas
This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.
For more stories, go to https://bt.sg/sff2024
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