SINGAPORE, March 7, 2018 /PRNewswire/ -- The Symbiosism Economy Foundation (SEF) officially became a member with voting rights of the Singapore FinTech Association (SFA). SFA is a cross-industry, non-profit association that aims to be a platform for collaboration between all market participants and stakeholders in the financial technology ecosystem. It is designed as an effective platform for members to reach out to multiple stakeholders to find solutions to a certain problem.
The Singapore Financial Technology Association was established in 2016 and is currently the largest non-profit association in the country. Since 2017, Singapore has started to promote financial science and technology in the whole country. Prime Minister Lee Hsien Loong himself piled his platform to build Singapore into a cashless country. Chan Mieh Chieh, Head of Symbiosism Economy Foundation, said: "Singapore has always been a world-renowned financial center and we are very pleased to join SFA and make our contribution in this continuous development of science and technology."
Singapore has a unique advantage in financial science and technology and has spawned a large number of scientific and technological practices. Singapore not only possesses strong financial specialization capabilities, but also possesses a large amount of financial intermediation and brings together a large number of financial professionals. The country has unique talent and experience advantages in terms of valuing technology, creating financial models and products for technological innovation, and risk control and management.
The latest KPMG report states that Singapore has demonstrated its value as a financial technology hub in Asia, especially in the areas of blockchain, artificial intelligence and machine learning. Singapore is also able to attract the attention of overseas markets. Mature venture capital funds, big business and even more sophisticated financial technology companies have invested or set up operations in Singapore to enter the Southeast Asian market.
The Symbiosism Economy Foundation was established in 2017 and the LivesOne project currently in operation is progressing well and has been well received by users worldwide. Mr. Chia Hock Lai, Chairman of SFA, said: "We are very pleased that SEF has become a member of ours and the team of SEF has a very rich Internet experience and financial wisdom, which is of great significance to every member of the association."
In 2018, the Singapore Monetary Authority has placed its emphasis on financial technology. Zhang Jinming, director of the development center of the Singapore Monetary Authority Financial Center, said that the development of financial science and technology needs more innovation. He considers cyber security, sandbox, e-KYC platforms and the application of blockchain technology are leading areas and growth opportunities for Singapore.