DPM Heng cites ‘three double helices’ as tailwinds of global FinTech
Swiss-Singapore collaboration is amongst the double helixes.
Deputy Prime Minister Heng Swee Keat, at the opening of the Point Zero Forum, revealed three double helixes to help Singapore's financial innovation forward.
The first of the double helices is the collaboration between Switzerland and the Lion City, which helped provide a conducive environment for innovation and start-ups.
“Our two countries have always maintained close financial relations. Being located on different continents, we share many complementarities and have held financial dialogues and regulatory exchanges for years,” Heng said.
Digital and sustainability compose the next double helix, with Heng citing satellite imaging, the internet of things and AI as tools that aid the accuracy of environment, social, and governance data.
The third double helix, industry and regulation, must work together to manage downside risks in financial technology.
“The tech community and regulators actively shaped technology to bring out its best potential, while mitigating the risks,” Heng’s said.