Singapore FinTech Festival 2024: Key Highlights You Can’t Miss

By Gloria Mathias

The Singapore FinTech Festival (SFF), launched in 2016, has become an annual global nexus for policymakers, regulators, central bankers, FinTech innovators, technologists, investors, and finance industry leaders. Designed to foster impactful connections and collaborations, SFF serves as a platform for exploring cutting-edge financial solutions, evolving regulatory landscapes, and the latest technological advancements. The event also champions sustainable practices, emphasising responsibility across all aspects of the festival.

Here are few exciting announcements and partnerships unveiled on Day 1 at the Singapore FinTech Festival 2024:

1. Nium and Partior Partnership: Enabling Real-Time Cross-Border Payments

Nium, a global leader in real-time cross-border payments, has partnered with Partior to streamline payment infrastructure. As the first FinTech payment service provider approved on Partior’s platform, Nium enables financial institutions to access transparent, real-time payouts, clearing, and settlement services in over 100 markets and currencies—24/7. This integration eliminates the need for additional APIs, significantly simplifying and accelerating transaction processes.

2. Fexco and Maya launch Dynamic Currency Conversion in the Philippines

Maya has deployed Fexco’s Dynamic Currency Conversion (DCC) across 112,000 in-store terminals, enhancing convenience for international customers while supporting the Philippines’ tourism economy, which saw over 5.4 million visitors in 2023. This collaboration reflects Maya’s commitment to meeting the needs of global customers and was announced at the Singapore FinTech Festival.

3. Blade Labs launches the World’s First Embedded Islamic Digital Finance Platform

Blade Labs introduced the world’s first embedded Islamic digital finance platform, powered by Hedera’s enterprise-grade public distributed ledger. This groundbreaking platform allows seamless integration of Shariah-compliant financial services into any business application, marking a milestone in Islamic FinTech.

4. Mastercard unveils OTP-Free Solution for Faster, Safer Transactions Across APAC

Mastercard unveiled its latest innovation, the Mastercard Payment Passkey Service, which enables secure, on-device biometric authentication through facial recognition or fingerprint scans, much like unlocking a smartphone. By combining tokenisation, passkeys, and a streamlined guest checkout experience through Click to Pay, Mastercard’s OTP-free solution allows consumers across APAC to enjoy seamless, one-click checkout. This launch aligns with Mastercard’s commitment to reinventing the checkout experience.

5. Konsentus to support Open Banking Standards for the Bank of Namibia

The Bank of Namibia has selected Konsentus to develop API standards supporting the implementation of open banking. This initiative, announced at the Singapore FinTech Festival, underscores Namibia’s commitment to financial innovation and inclusivity.

6. MODIFI secures Funding to fuel SME Exports Across Asia

MODIFI, a leading platform in B2B Buy Now, Pay Later (BNPL) solutions, announced a $15 million investment from SMBC Asia Rising Fund. The partnership, supported by strategic investors like Maersk and Intesa Sanpaolo, aims to bolster digital solutions that help SMEs expand their international trade operations across Asia. MODIFI and SMBC have signed an MoU to support SME exporters further, showcasing their shared dedication to growth in global FinTech.

7. Tencent and Visa Partner to Pilot Palm Payments in Singapore

Tencent and Visa have teamed up to introduce palm recognition technology for digital payments, with Singapore selected for the pilot rollout. Participating Visa cardholders from banks such as DBS, OCBC, and UOB will be able to try out this new Pay by Palm solution, offering a glimpse into the future of biometric payments.