The first ever FSI Conclave 2023 by The Economic Times CIO Southeast Asia has kickstarted in the Marina Bay Sands, Singapore! The theme of the conference is Leveraging Technology to Transform the Financial Services Ecosystem and is joined by a keen audience to add to the casket of learning for the tech industry in the FSI sector.
Delving deep into why the theme of the conference is Leveraging Technology to Transform the Financial Services Ecosystem, Yasmin Taj, Editor, The Economic Times CIO International, shared:
As per a global study, the global banking-as-a-service market size is expected to reach USD 74.55 billion by 2030, growing at a CAGR of 16.2 percent from 2022 to 2030. Asia Pacific is expected to register the fastest CAGR over the forecast period due to the development of IT infrastructure and growing emphasis on financial inclusion.
Also, the BFSI sector has an ever-increasing importance of regulatory compliance, with Banks and Financial Institutions spending enormous amounts on compliance to BASEL, anti-money laundering (AML) and other regulatory guidelines. A research by Deloitte estimates compliance costs to be a whopping 10% of a typical banks’ overall operating costs, as we can observe similar dynamics in insurance companies as well. Automation technologies are helping BFSI companies with these immense complexities, especially in the critical areas of analysing lengthy compliance guidelines, filing Compliance Reports, and submitting Suspicious Activity Reports (SARs) Reports for fraudulent transactions.
Further, the compounded growth rate of the public cloud services market, and the escalation of the digital financial services industry will aid the industry’s increasing value, and help the region embrace a seamless banking and financial services experience.
From digitally native banks to decentralised finance to leveraging AI and IoT, FSI is standing at the cusp of a huge change. How will technology change the face of FSI in the coming years? What prospects do digital banks have in a growing digitally enabled ASEAN market? What role will fintech play in fostering innovation in FSI? How will AI, Blockchain, Decentralised Finance, and most recently ChatGpt redefine customer experience for banks and FSIs?
To delve into these questions deeper and crystal gaze into the future landscape of FSIs, ETCIO SEA presents FSI Conclave 2023 to create an interactive platform for subject matter experts from FSI sector and renowned tech leaders from Singapore, to discuss technology deployment in the banking and financial service industry, the sector’s emerging challenges, innovative solutions, and the ultimate digital agenda.
This one-day power-packed physical conference will witness some of the top global influencers, IT and business leaders from FSI industry coming together to share their perspectives through keynotes, fireside chats, case studies, and panel discussions, focusing on what’s next for FSIs.
The Powered By Partners for the conference are Starhub and Huawei, Diamond Partner is Datastax, and Community Partner is Singapore Fintech Association.
Stay tuned for more updates from the conclave, and use the hashtag #ETFSIConclave!
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