SINGAPORE (Nov 12): As the Singapore FinTech Festival (SFF) 2018 enters its third year, its goals are clear: financial inclusion to benefit the vast population of the Association of Southeast Asian Nations (Asean) members; and enhancing Singapore as the leading asset management and fintech hub in Asia. Fintechs, as a cog in the wheel of financial services, attract investments from venture capital and financial institutions, and play to Singapore’s strength as an asset management centre.

In May last year, International Finance Corp, a member of the World Bank Group, the Asean Bankers Association (ABA) and the Monetary Authority of Singapore established the Asean Financial Innovation Network (AFIN). The network aims to facilitate a broader adoption of fintech, innovation and development, and enhance economic integration within the Asean region, MAS said in a statement.

“The objectives of AFIN are twofold — to support financial inclusion by empowering financial institutions with technologies to reach the underserved population in the Asean region and beyond, and to deepen innovation and digital transformation for the financial industry,” says Jacqueline Loh, deputy managing director at MAS, in a recent interview.

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