TechInSG V2.0 : Chat with Stella Lim, Corporate and Asset Manager Business, Asia Pacific SWIFT
TechInSG returns in 2019 as V2.0 with SWIFT’s sponsorship
We managed to sneak in and speak to Ms Stella Lim, Head of Corporate and Asset Manager Business, Asia Pacific at SWIFT, on their sponsorship for ACTS X SFA TechInSG event that will be held on 18 July 2019.
SWIFT we know is a global co-operative and the world’s leading provider of secure financial messaging services. Arguably, it might be one of the pioneer fintech, that was founded in 1970s with an “ambitious and innovative vision of creating a global financial messaging service, and a common language for international financial messaging.”
Last year, SWIFT sponsored the inaugural TechInSG, presented their payment solutions and participated in the streams on Regtech and Blockchain. This year, SWIFT returns as the sponsor for TechInSG V2.0 and will be sharing updates on their progress over the year. We look forward to their participation in the exciting discussions to be held at NTUC Centre on Marina Boulevard.
We managed to probe Stella on SWIFT’s decision to continue their sponsorship for and return in TechInSG V2.0.
ACTS: “Why is SWIFT sponsoring the ACTS X SFA TechInSG event for the second year?”
Stella: “As a cooperative, SWIFT believes that innovation drives change. TechInSG supports this by promoting engagement and collaboration amongst the FinTech community in Singapore, which is necessary in inculcating a culture of innovation and shaping the development of FinTech in Singapore. We are proud to be part of this community, and be able to support ACTS and SFA to bring this event back for the second year.”
ACTS: “What role does SWIFT sees itself in this Corporate X Fintech setup?“
Stella: “Innovation has always been embedded in SWIFT’s DNA. The close partnership SWIFT has with our worldwide community of more than 11,000 members has placed us in a position to constantly develop and enhance digital solutions that benefit our members, through partnerships, pilot programmes and sandboxes.”
“These include gpi Link which connects e-commerce and trading platforms with SWIFT gpi; and the ongoing instant cross-border payments trial that enables near-instant payments even when domestic settlements and non-gpi banks are involved. The introduction of SWIFT gpi has prompted the largest change the cross-border payment industry has seen, and the benefits of gpi are recognised not just by global banks, but also by corporates and FinTechs. Nearly half of gpi payments, for example, are credited within 30 minutes and almost all within 24 hours, enabling users to fast-track and monitor in real-time their international payments.”
“At the same time, SWIFT has opened its KYC Registry platform to corporates and FinTechs to help address the growing demand for comprehensive data management. Today, companies hold accounts with several banks and subsidiaries, and the KYC Registry addresses this by doing away with time-consuming and costly reviews of their KYC information, and standardising KYC data.”
“Another initiative at SWIFT which supports innovation is Innotribe at Sibos, which offers FinTechs and corporates a unique platform for collaboration. Fintechs and corporates from all over the get a direct access to the banks from their region and globally; opening new opportunities. At the same time, banks on the way to digitisation, and exploring new solutions can learn, source ideas and find new business partners to make their goals a reality.”
“From new technologies to new entrants and evolving customer requirements, the global payments industry is undergoing a time of change. Collaboration is necessary to build ties with those in different industries and with different outlooks, to identify new ways to generate value. Only by working together will banks, corporates and FinTechs reap the full benefits of innovation.”