In a recent fireside chat with the Monetary Authority of Singapore (MAS), Chief Fintech Officer Sopnendu Mohanty discussed the financial landscape in Singapore and the region’s fintech advancements, alongside moderator Sasha Qadri.
Mohanty emphasized that Singapore was well-positioned for fintech growth due to its compact market and robust banking sector. He highlighted the importance of innovative thinking and consistent action, crediting the rise of B2B fintechs for enhancing infrastructure that helps incumbents innovate more rapidly. The pandemic accelerated the demand for digital solutions, resulting in increased capital allocations and sustained growth.
In 2022, significant investments flowed into the crypto sector in Singapore, driven by expectations of regulatory support for the digital asset industry. Mohanty pointed out that the tightening of consumer protection regulations following several crypto failures has contributed to rebuilding consumer trust.
He urged fintech firms to reconsider their business models, as progressive policymakers and regulators are likely to prioritize and invest heavily in digital public infrastructure. As an example, he cited India’s recent investments in e-commerce and SME infrastructure, emphasizing that these advancements will challenge existing fintech business models.
Mohanty also addressed the emerging markets in Asia, including India, Indonesia, Japan, and Thailand, noting how improved infrastructure and connectivity between businesses can spark future innovations.
Furthermore, Singapore is actively integrating its payment systems with platforms like India’s UPI and is expanding connections to countries such as Vietnam and Malaysia, with ambitions to collaborate with nations in Africa and Latin America. He mentioned that existing competition among fintech industries across borders is misplaced, advocating for a more unified approach.
Regarding the fintech landscape in the UK, Mohanty suggested that an upgrade of public infrastructure is essential in light of the global shift in financial systems. He reiterated Singapore’s commitment to interoperability and collaboration, discussing the importance of a coordinated response to digital currencies, including retail and wholesale CBDCs, as part of broader macro strategies for innovation.