It was a success. No doubt.
The Singapore FinTech Festival 2018 not only lived up to its reputation as the world’s largest platform for the global FinTech community, it could may well be remembered as well as the place where digital currencies reached a major turning point.
In a speech, Christine Lagarde, IMF Managing Director, said that central banks should ‘consider the possibility to issue digital currency’. A portion of her speech, published on IMF website reads: “Let me be more specific: should central banks issue a new digital form of money? A state-backed token, or perhaps an account held directly at the central bank, available to people and firms for retail payments? True, your deposits in commercial banks are already digital. But a digital currency would be a liability of the state, like cash today, not of a private firm.
This is not science fiction. Various central banks around the world are seriously considering these ideas, including Canada, China, Sweden, and Uruguay. They are embracing change and new thinking—as indeed is the IMF.”
At @sgfintechfest today, I told the audience that I believe we should consider the possibility to issue digital currency. With appropriate design, there may be a role for the state to actually supply money to the digital economy. #fintech https://t.co/QryTTCflRs pic.twitter.com/LPp6p0kILY
— Christine Lagarde (@Lagarde) November 14, 2018
The event was also graced by Indian Prime Minister Narendra Modi who delivered a speech on how fintech can be used as a way to help the world’s most marginalized people, citing the 1.7 billion adults around the world who remain unbanked.
Honoured to deliver the keynote address at the Singapore Fintech Festival. Watch my speech. https://t.co/HtlY1xmjLP
— Narendra Modi (@narendramodi) November 14, 2018
Within the industry, many people believe that digital currencies or cryptocurrencies provide the perfect solution for unbanked people primarily because of its decentralised nature.
So what else happened at #SGFinTechFest? In case you missed it, here are 8 things that transpired at the world’s largest fintech festival, creatively captured through a hand-drawn infographic by our talented friends from idea ink.
1. Christine Lagarde, Managing Director, IMF talked about how central banks should ‘consider the possibility to issue digital currency.’
2. Indian Prime Minister Narendra Modi talked about how fintech can help improve the lives of the world’s most marginalized people.
3. Ravi Menon, Managing Director, Monetary Authority of Singapore talked about Innovation, Inclusion and Inspiration.
4. The global challenges of financial inclusion were discussed.
5. The changing definition of “money” was explored.
6. Blockchain opportunities and threats were tackled.
7. Deep dive discussion on the China market.
8. ASEAN opportunities focusing on blockchain and banks were examined.
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