The Singapore Fintech Festival (SFF) 2025 opened with reflection on a decade of transformation in global finance. Over 10 years, SFF has evolved from a domestic initiative into what is claimed as the world’s largest platform for fintech dialogue and policy collaboration. The opening address highlighted how finance has moved from analogue systems to a digital ecosystem powered by artificial intelligence (AI), tokenisation and quantum computing. These technologies, while nascent, appear to be underpinning the structure of global financial systems, shaping how money moves, value is stored and trust is established. The festival’s message of building the “technology blueprint of the next decade of finance”, captures the sense of purpose to drive the community of innovators. Fintech from rebellion to reinvention Axel Weber, international advisory board member of the Global Finance and Technology Network (GFTN), set the analytical tone by tracing fintech’s trajectory from rebellion to reinvention. He described how, within a decade, fintech transformed finance from “no speed to light speed”, democratising services once limited to institutional players. Weber cited milestones such as M-Pesa in Kenya and Alipay and WeChat Pay in China, which made payments seamless for billions. These platforms represented a paradigm shift where technology enabled inclusion and agility in markets historically underserved by traditional banks. “Fintech did not just make finance faster; it made it cheaper, easier and better,” he said, encapsulating the spirit of the decade. He also reflected on the evolution of regulatory engagement. Ten years ago, regulators struggled to keep pace; today they are active collaborators. Singapore’s Monetary Authority of Singapore (MAS) and the United Kingdom Financial Conduct Authority were among the first to establish regulatory sandboxes, creating a safe space for experimentation while maintaining financial stability. This approach, Weber noted, became the foundation for global fintech policy frameworks. Weber argued that the coming decade would not be defined by disruption but by integration. Startups, incumbents and regulators are now co-creating value. Banks have learned to innovate; fintechs have learned to comply. “The next chapter of fintech isn’t about replacing the system—it’s about reinventing it together,” he said, signalling the shift from confrontation to collaboration. This evolution marks fintech’s maturity: the industry that once sought to challenge incumbents is now shaping the future of finance with them, creating a more resilient, inclusive and globally interconnected system. AI and the invisible future of finance Weber went on to describe how AI and embedded finance are redefining the concept of financial services. In the next decade, finance will become “invisible”—embedded seamlessly into daily life and powered by algorithms that anticipate user needs. This invisible integration will make finance more personalised and instantaneous, but it will also raise questions of transparency and fairness. He predicted that digital currencies and tokenisation will fundamentally change asset ownership and liquidity, allowing investors to own fractional shares of real assets and settle trades instantly across borders. Central banks are already testing digital currencies with the aim of combining the reliability of fiat systems with the efficiency of blockchain networks. At the same time, Weber cautioned that technology must remain accountable. As AI systems make increasingly complex financial decisions, their reasoning must be explainable. Algorithms cannot be black boxes that judge creditworthiness or investment suitability without transparency. Ethical fintech, he argued, will require that AI models “justify their decisions in human terms.” He introduced ALFIN, GFTN’s proprietary AI-powered research engine, designed to deliver verified and decision-ready insights for the financial technology industry. Drawing from proprietary data, public sources and user inputs, ALFIN represents how AI can enhance—not replace—human analysis. It looks to symbolise the new model of partnership between technology and expertise. Weber remarked that innovation must now be guided by responsibility and that the true potential of AI in finance lies in augmenting human intelligence rather than automating it. Leadership, trust and a mindset-first approach Wee Ee Cheong, deputy chairman and CEO of United Overseas Bank (UOB), continued the discussion by grounding it in banking leadership. As UOB celebrated its 90th anniversary, he reflected on the enduring principles of trust and prudence that have underpinned its success through decades of transformation. Wee credited fintech with expanding access to financial services, improving payments and supporting underbanked populations. Yet, he warned against overreliance on technology at the expense of ethics. “While technology is reshaping finance, the human touch remains irreplaceable,” he said. “AI cannot replace empathy, ethics or judgement.” He urged the industry to adopt a “mindset-first, not technology-first” approach to innovation. Curiosity, creativity and problem-solving, guided by values and purpose, are what sustain transformation. Innovation without ethics, he said, risks undermining the very trust that anchors finance. Wee outlined UOB’s commitment to digital transformation, including an integrated data science platform to scale AI responsibly and an Innovation Academy that upskills its 32,000 employees across ASEAN. The FinLab AI Radio initiative has also reached more than 1,000 small and medium-sized enterprises (SMEs), encouraging them to explore AI adoption in operations. His keynote reinforced that the success of digital banking rests not on technological superiority but on human adaptability, collaborative culture and the relentless pursuit of trust. Collaboration in a changing global order Deputy prime minister and minister for trade and industry Gan Kim Yong framed fintech’s evolution within a broader geopolitical and economic context. The world, he said, is undergoing a “fundamental reordering,” where trade, technology and regulation intersect. In such an environment, Singapore’s ability to adapt quickly and act decisively remains its greatest strength. Gan outlined Singapore’s strategy to deepen ASEAN integration through the upgrade of the ASEAN Trade in Goods Agreement and the ASEAN-China Free Trade Area, alongside new partnerships such as the Future Investment and Trade Partnership (FITP) among small and medium trading nations. These efforts aim to reinforce Singapore’s position as a bridge between advanced and emerging economies. He stressed that Singapore’s advantage lies not in size but in agility and credibility. “Trust and stability are now the premium currencies of competitiveness,” he said. In a world marked by volatility, partners seek reliability and consistency, qualities that underpin Singapore’s success as a trade and financial hub. Gan emphasised that multilateral institutions such as the World Trade Organization must evolve to remain relevant, reflecting the realities of digital trade and services. Singapore’s leadership, he said, depends on its ability to shape global rules, not merely follow them. His remarks connected fintech innovation with the broader mission of maintaining Singapore’s global relevance—anchoring technological progress in policy foresight and institutional trust. Building a trusted digital hub Turning to the digital economy, Gan and Tan Su Shan, CEO of DBS Bank, discussed how Singapore can sustain trust in an AI-enabled world. Gan observed that the digital realm magnifies both opportunity and risk, making governance and ethics central to competitiveness. Tan shared DBS’s experience in implementing AI across its operations. The bank established a unified data lake and stringent governance protocols before expanding to over 1,500 AI models. Its PURE data philosophy—purposeful, unsurprising, relevant, explainable—ensures that all AI applications remain transparent and human-centric. Gan highlighted the need to democratise AI literacy through a three-tier approach: equipping all workers with basic AI knowledge, developing integrators who can apply AI to businesses, and nurturing developers who build new AI tools. “We want every worker and company to understand and use AI confidently,” he said. Both leaders agreed that international coordination on AI standards is critical. Shared frameworks such as Project MindForge will help prevent fragmentation and ensure that AI development remains safe and ethical. Their dialogue reaffirmed Singapore’s commitment to becoming a global hub for digital innovation—one that seeks to balance speed with accountability and inclusion. Regulating digital assets and tokenisation The conversation shifted to digital assets, stablecoins and tokenisation, areas where Singapore appears to be seeking an early leadership role. Gan noted that digital assets have a valid place in the financial ecosystem when they deliver real economic value under clear regulatory oversight. He outlined Singapore’s sandbox approach, which allows innovators to test products within defined parameters before broad deployment. Projects such as Project Orchid and Project Guardian demonstrate MAS’s leadership in programmable money, tokenised settlement and cross-border interoperability. Tan described DBS’s practical experience in building digital custody and tokenised asset exchange infrastructure. She noted that secure experimentation is vital to understanding tokenisation’s potential in yield generation, market access and liquidity creation. She also highlighted the operational complexities of tokenised ecosystems—from custody to on-chain settlement—and the need for standardisation and cybersecurity vigilance. As digital assets become mainstream, banks will play a crucial role in bridging traditional finance and decentralised markets. Together, Gan and Tan illustrated how Singapore’s measured yet forward-looking approach to tokenisation combines regulatory discipline with technological ambition, reinforcing its position as a model jurisdiction for responsible innovation. Reskilling for the future of work As technology reshapes industries, both Gan and Tan underscored that people remain the foundation of progress. Gan warned that “if you are still doing the same job you were five years ago, you are at risk.” Rapid change demands continual learning and adaptability. Singapore’s SkillsFuture Level-Up programme exemplifies this commitment to lifelong education. It provides mid-career training opportunities to help workers refresh their skills and stay competitive. Gan emphasised that training is not a cost but an investment that yields long-term dividends for both companies and workers. He called for stronger partnerships between government and industry through company training committees that design relevant and practical curricula. Employers must allow time for upskilling, while employees must take personal responsibility for their development. Tan added that financial professionals already operate under mandatory training requirements, offering a natural structure for reskilling. DBS has also introduced AI-driven coaching tools to help staff navigate career changes and identify new growth paths. Their discussion reinforced that technological transformation cannot succeed without parallel human transformation—continuous learning is the true competitive advantage in the digital age. The next decade of financial technology The opening plenary of SFF 2025 presented an agenda grounded in collaboration, trust and human purpose. Weber’s call for ethical AI, Wee’s advocacy for mindset-driven innovation, and Gan and Tan’s emphasis on trust, regulation and talent collectively defined the blueprint for the next decade of financial technology. The consensus among leaders was clear: innovation must serve society, not the other way around. Technology should enhance trust, inclusion and sustainability while advancing efficiency and scale. The coming years will test how well the industry aligns ethics with innovation and progress with prudence. Singapore’s model—combining policy agility, regulatory foresight and commitment to skills—aims to inspire global confidence. Its ability to blend human capital with digital capability positions it uniquely at the intersection of finance and technology. As SFF enters its second decade, the festival stands as a forum for responsible innovation and guided cooperation. The clear message is the next era of finance will not be defined by speed or disruption alone, but by trust, governance and shared progress.
