IMF Launches CBDC Handbook as Singapore FinTech Fest Explores AI in Finance
Singapore FinTech Festival (SFF) is underway, attracting some of the brightest minds in finance, policy, and technology. The event focuses on the applications of artificial intelligence (AI) in financial services and promises to be a hub of knowledge exchange and innovation.
On the first day of the festival, International Monetary Fund (IMF) managing director Kristina Georgieva took the stage and presented her views on the digital finance landscape. Georgieva highlighted the global development of central bank digital currencies (CBDCs) and the need for continued exploration and innovation in this area.
Georgieva emphasized that while many countries have begun investigating and developing regulation for CBDCs, there is still room for further innovation. She urged countries to keep exploring CBDCs, stating, If anything, we need to raise another sail to pick up speed. The world is changing faster than most imagined.
The IMF also launched a CBDC Handbook during the event. This handbook aims to collect and share knowledge about CBDCs among policymakers worldwide, fostering greater understanding and collaboration in this rapidly evolving field.
President Tharman Shanmugaratnam, who graced the event with his presence, participated in a fireside chat focused on language models (LLMs) and AI’s impact on the financial sector. President Tharman acknowledged that AI technology will play a vital role in replacing human tasks while enabling humans to flourish. He stressed the importance of using technology to enhance human judgment and decision-making.
The first day of the festival saw several highly anticipated announcements:
1. Solv Foundation unveiled Project DESFT, a blockchain-based platform for digital credentials. This project aims to enhance global trade access for micro, small, and medium enterprises in developing nations. With unique features like Controllable Transparency and alignment with Universal Trusted Credential standards, DESFT has the potential to transform how MSMEs tokenize their value and improve accessibility to financial services.
2. A strategic partnership between Oasis Pro and InvestaX was announced. These tokenization and digital asset trading platforms, based in the US and Singapore, respectively, will increase accessibility for investors and issuers. This partnership will contribute to the evolution of capital markets by enabling multi-asset digital security issuance, trading, and related services.
3. Rakkar Digital, backed by Siam Commercial Bank’s SCB10X, announced a strategic partnership with OpenEden. Through this partnership, Rakkar will integrate with OpenEden’s tokenized RWA Vault, providing institutional clients access to TBILL, OpenEden’s RWA token. This collaboration creates yield opportunities and exposure to US Treasury Bills for Rakkar’s clients.
4. Defactor introduced Pools, an RWA tokenization ecosystem feature that allows businesses to access liquidity through decentralized lending campaigns. Defactor also announced a strategic partnership with QCredit in Latin America.
5. FOMO Pay, a Singapore-based payments firm, obtained a Money Service Operator (MSO) License from the Hong Kong Customs and Excise Department. With the new license, FOMO Pay plans to launch payment and remittance businesses in Hong Kong, bridging the gap between fiat and digital currency.
6. Pundi X, a blockchain point-of-sale developer, introduced Pay via Email on its XPOS platform. This feature allows customers to make crypto payments using email addresses, eliminating the need for hardware wallets. Users can also choose to pay later at home using their preferred wallets.
With these exciting announcements and thought-provoking discussions on AI’s role in finance, the Singapore FinTech Festival continues to showcase the latest advancements in the industry. Stakeholders from finance, policy, and technology are coming together to pave the way for a future where innovation and human flourishing go hand in hand.
