Swiss Fintechs to Showcase Transformative Knowhow at Singapore Fintech Festival 2023

At the Swiss Pavilion, hosted by Switzerland Global Enterprise (S-GE) and the Swiss Business Hub ASEAN, the Switzerland participants will showcase proven fintech expertise and cutting-edge solutions. This year's festival theme is "Applications of Artificial Intelligence (AI) in Financial Services".

Renee Koh, Head of Swiss Business Hub ASEAN, said: "Swiss fintechs have grown more mature as they have emerged from an environment with strong regulatory frameworks that enable a lot of experimentation and testing. In doing so, they have developed a global competitive advantage and participants will bring this to bear at the Swiss Pavilion in Singapore."

According to the World Intellectual Property Organization (WIPO) Global Innovation Index 2023 report, Switzerland is a leader in technologies such as artificial intelligence and blockchain.

Switzerland is one of the most advanced financial centres in the fintech and blockchain sector with over 1,000 companies operating in innovation-friendly framework conditions. It also became one of the first countries in the world to enact legal regulations for blockchain technology. This creates legal certainty and enables innovation and growth.

Around 50% of financial institutions supervised by the Swiss Financial Market Supervisory Authority (FINMA) currently use AI or have detailed plans to do so, according to its survey conducted in 2022. AI-based applications are essentially deployed in their front offices and for process optimisation purposes. Other areas of application include for example compliance and conduct, financial risk management, system monitoring and language translation.

One of the advocates for greater integration of AI in fintech, Modulos AG, aims to showcase its 'Responsible AI Platform,' which operationalises AI governance and ensures seamless alignment with international AI regulations.

"At the Singapore Fintech Festival 2023, we're eager to demonstrate to financial sector leaders — from banks to insurers and fintech firms — the capabilities of our platform in developing and implementing trustworthy AI applications that prioritize safety, transparency, fairness, and inclusivity," said CEO Kevin Schawinski.

Hashtag: #FintechFestival2023

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