“We must work together – regulators and the crypto industry – to make sure that bad money does not take hold. And that a new generation of crypto tokens emerges, that harnesses the potential of blockchain technology for social good while mitigating the risks today’s tokens pose. This is a future worth securing and I hope that some of the talents gathered in this hall will help to make it happen.”
– Ravi Menon, Managing Director, Monetary Authority of Singapore
It is the end of a hectic but exciting week at Money 2020 Asia in Singapore. Innovation and fraud were key topics of conversation at the conference. As Antoine Blondeau, Co-Founder and Managing Partner of Aintelligence Capital Fund notes, “increasingly businesses will begin to adapt at machine speed and if businesses continue to adapt to the human brain, they will be in trouble”. The fundamental challenge of innovation is truly about how businesses can continuously move at the same pace of technology while remaining relevant to stakeholders.
In relation to AI and technology, there is the issue of fraud where we see that criminals are increasingly becoming more sophisticated as they adopt similar technologies that companies use to put up defenses. The issue of fraud is a no doubt a complex one, but start-ups are tackling the issue head-on.
At our founder, Michelle Katics’ panel about solving bank compliance issues, she spoke about how PortfolioQuest is committed to facilitating the process of detecting fraud through upskilling and educating the current talent in financial institutions. The 300 billion dollar compliance issues are certainly challenging to tackle but with start-ups like Regpac led by Mona Zoet and Cynopsis Solutions by Chye Kit Chionh, it is clear that solutions are abundant.
“It’s never finished, every single day…we have to innovate every day, keep thinking about it. You’re never done, if you think you’re done then maybe it’s time to go home.”
– Diana Layfield, VP NextBillion Users, Google
If you missed out on attending the Money 2020 conference, here is a quick round-up of the conference.