Jamie Leach, Raidiam’s Open Data Strategist, reflects on the key takeaways from Hong Kong FinTech Week and Singapore FinTech Festival 2024.
Exploring Asia’s Evolving Fintech Landscape
Representing Raidiam as a speaker and attendee at Hong Kong FinTech Week and the Singapore FinTech Festival in 2024 has been a tremendous opportunity to gain insights into the rapid evolution of fintech in the Asia-Pacific region. With an increasing emphasis on harmonisation and cross-border interoperability, these two events showcased how technology, policy, and innovation are converging to transform financial ecosystems across Asia. A key part of my experience was also participating in the GFTN Insights Forum in Singapore, where industry leaders and global regulators gathered to discuss practical solutions for core challenges facing the financial ecosystem.
In this blog, I’ll share some key takeaways from these influential events.
6 Key Themes and Insights from Hong Kong FinTech Week and Singapore FinTech Festival
1. Collaboration as the Catalyst for Open Finance in Asia
A significant theme in both Hong Kong and Singapore was the emphasis on collaboration—across borders, sectors, and technology platforms. At Hong Kong Fintech Week, my panel with industry leaders Khaled Albasias, Edwin Hui, and Qingyuan Zhao highlighted how Open Finance can only succeed with interoperable, secure data-sharing frameworks. In a world where cross-border financial transactions are becoming the norm, establishing a seamless, privacy-first infrastructure for Open Banking and Open Finance is essential.
The discussions reinforced the importance of standardised APIs and frameworks that enable safe data sharing, helping customers maintain control while allowing fintechs to innovate. The message was clear: a siloed approach hinders progress, while collaboration—backed by strong, regulatory-aligned data ecosystems—will drive innovation.
2. The Rise of Asset Tokenisation and Digital Currencies
In both Hong Kong and Singapore, there was a palpable excitement about asset tokenisation. At Hong Kong FinTech Week 2024, presentations on digital currencies focused on the evolving role of central bank digital currencies (CBDCs) in enhancing financial inclusion, cross-border payments, and economic resilience. Discussions on tokenisation highlighted its potential to transform asset markets, enabling fractional ownership, liquidity, and greater access to a wide range of digital and physical assets.
Meanwhile, Singapore focused heavily on the potential of CBDCs and the impact these digital currencies could have on global finance. Tokenised assets, from government bonds to real estate, were discussed as mechanisms for making financial markets more efficient, transparent, and accessible. CBDCs were front and centre in Singapore, both wholesale and retail examples, with leaders discussing how such digital currencies could streamline cross-border payments and provide new financial tools for the unbanked.
3. Key Learnings from the GTFN Insights Forum
The GTFN Insights Forum was a standout, providing a platform for stakeholders to tackle real-world challenges in fintech. Participants engaged in targeted sessions exploring the regulatory complexities, customer data protection, and interoperability challenges that accompany fintech expansion. Here, I gained a deeper understanding of the pressing need for balanced, innovation-friendly regulations.
This theme aligns with Raidiam’s mission to build secure, standardised data-sharing systems. The forum highlighted that while technology evolves rapidly, regulations must keep pace to ensure both consumer safety and market growth.
4. Regulatory Innovation and Consumer Protection
Both events illustrated the role of regulatory innovation in driving a secure, inclusive financial future. Despite a variety of approaches in live jurisdictions, there is widespread acknowledgement by regulators and central banks that harmonisation must be achieved to progress Open Data for both consumer benefits, but also economic potential. In Singapore, the Monetary Authority of Singapore (MAS) introduced progressive regulatory frameworks, which struck a balance between fostering innovation and ensuring customer protection.
At Hong Kong FinTech Week, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), emphasised the importance of a resilient regulatory infrastructure to support the Fintech 2025 strategy, focusing on new financial products, digital banking, and cross-border payment initiatives. For Raidiam, this resonates deeply with effective regulatory frameworks essential not only to protect consumers but also to foster an environment where innovation can thrive.
5. Bridging Financial Inclusion with Technology
A highlight of Hong Kong FinTech Week was my colleague Marie Walker’s panel session on emerging markets in Southeast Asia. This underscored the role of mobile and digital financial services in enhancing financial inclusion. In many parts of Asia, where traditional banking infrastructure is limited, digital wallets and payment platforms are crucial for providing access to financial services.
Similarly, in Singapore, discussions emphasised the importance of creating robust digital payment systems to bring financial access to underserved communities. Technology can only achieve this inclusivity if it’s accessible, secure, and trusted by users, something that came up often in our Open Finance discussions. Standards for data sharing and cross-border payment interoperability were highlighted as necessary tools for fostering digital access.
6. AI’s Growing Role in Financial Services
AI’s transformative potential in the fintech sector was another hot topic at both events. In Hong Kong, generative AI applications in customer service, fraud prevention, and data analysis were showcased, with an emphasis on responsible AI governance. Singapore echoed these sentiments, focusing on how AI, if well-regulated, can drive new efficiencies in financial operations and personalised customer experiences.
AI also plays a significant role in Open Finance, helping organisations analyse data and better understand consumer needs. However, both events stressed the importance of strong ethical frameworks to protect users from bias and ensure transparency in AI-driven decision-making.
In Summary: A vision for the Future of Open Finance in Asia
The insights gained from the 2024 Hong Kong FinTech Week and Singapore FinTech Festival reinforce a powerful vision of the future of finance—one that is more open, inclusive, and digital. Representing Raidiam at these events underscored for me the importance of collaboration, both with regulators and industry partners, to build resilient systems that support consumer control over data, bolster financial inclusion, and enable seamless cross-border interactions.
The GTFN Insights Forum reinforced that the path forward relies on co-operation, ethical data use, and robust standards to build trust and fuel growth in the digital economy. As we look forward, Raidiam remains committed to advancing these goals, helping to create a global Open Data ecosystem where secure, standardised data-sharing fosters innovation.
Interested in learning more about how we deliver secure and trusted data sharing ecosystems? Get in touch today!
Jamie Leach is Open Data Strategist at Raidiam. She is a frequent speaker/author on the transformative potential of data and passionate about sharing global best practices.
