Judul : Tokenisation and Cyber Threats Dominate Singapore FinTech Festival Day 2
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Tokenisation and Cyber Threats Dominate Singapore FinTech Festival Day 2
MAS introduces a trial for tokenized MAS Bills as officials caution about increasing AI-powered cyber threats.
Leaders from the industry and regulatory bodies came together atSingapore FinTech Festival 2025(SFF 2025), Day 2, introducing advanced digital financial systems and addressing underlying dangers. The main emphasis was on ethical progress driven by confidence and cutting-edge technology.
A key topic of debate emerged from senior financial officials who all agreed to dismiss the term "Global South," stating that the label no longer accurately represents the region's increasing power.Michael Schlein, President and CEO of Accion, pointed out that emerging markets currently have a distinct advantage: the absence of outdated infrastructure.
"They are not weighed down by old infrastructure, allowing them to benefit from new technologies," Schlein stated, highlighting why progress in financial inclusion is happening fastest in these regions.
Richard Verma, Chief Administrative Officer ofMastercard, further supported this perspective, highlighting India's impressive advancements—exceeding several of the goals initially established for 2030.
He pointed out that advanced economies are currently facing similar inclusion challenges that were previously linked to developing countries.
"That establishes a level playing field in conversations about financial inclusion," Verma stated, completely redefining the global perspective.
Among the most important declarations of the day,MAS Managing Director Chia Der JiunIt was disclosed that Singapore will introduce tokenized MAS Bills, to be processed through a wholesale central bank digital currency (CBDC). The experiments represent the next significant advancement in Singapore's effort to implement digital financial infrastructure on a large scale.
Chia pointed out significant advancements: financial institutions have already issued and settled bonds directly on blockchain networks.
However, he warned that the adoption by industries is still inconsistent. Achieving uniform preparedness across organizations will demand more than just policy direction; it will also necessitate technological enhancement.
Banks still encounter a persistent challenge—outdated systems that hinder progress.Akio Isowa, senior managing executive officer and group chief digital innovation officer atSMBC, emphasized that traditional approaches to constructing large data platforms "over many years and with significant expense" are no longer effective.
"We require a new way of thinking, beginning with the application scenario, rather than the technology," he stated.
Representatives from Tencent, Thought Machine, Perflos, and the IMF delved deeper into this topic, emphasizing that contemporary core banking requires both flexibility and responsibility. The importance of Responsible AI—particularly in areas such as regulatory compliance, fraud identification, and instant transactions—was recognized as essential to this shift.
Regulators from MAS, BIS, the European Commission, and IIF observed that new digital asset technologies—such as stablecoins, tokenized assets, and DeFi—are changing the way markets operate.
Ho Hern Shin, the deputy managing director of MAS, highlighted that global regulators are becoming more unified in their goals: encouraging innovation while mitigating risks.
International organizations like IOSCO and the Financial Stability Board have already provided recommendations on the regulation of cryptocurrency assets and stablecoins, although the rate of implementation continues to differ between regions.
During the discussion on global value chains and AI-driven payment systems, the term that was most frequently mentioned was: trust.Livia Benisty of Banking Circlereminded attendees that technological advancement holds no value if the payment processes themselves are not secure.
"You must have confidence in the payment process. You also need to trust the AI, its transparency," she stated. The future belongs to organizations that can combine innovation, trust, and regulatory adherence.
With the increasing digitization of financial services, the cybersecurity threat environment has grown more severe. During the session on AI risk management in the Frontier stage, leaders cautioned that AI-powered fraud and cyberattacks are becoming more prevalent throughout Asia.
UOB CISO Tobias Gondromdocumented the change: as users now predominantly use mobile devices—and in the future, possibly only wearable technology—security needs to adapt accordingly.
Organizations are adopting AI-driven fraud detection, multi-layered verification processes, and enhanced collaboration between the public and private sectors. The objective goes beyond just protection, aiming for long-term credibility.
Furthermore, payment and digital asset companies strongly require common, internet-based standards to drive the next stage of digital currency, according to industry experts, as existing systems are still isolated and challenging to link between different providers.
"A standard is needed for transferring and receiving funds, whether it's in stablecoins or conventional currency," statedErik Reppel, Head of Engineering, CDP, Coinbase.
Speaking about the absence of standard protocols, Reppel stated, "Certain vertically integrated companies have their own application programming interfaces (APIs), yet there is no compatibility among various payment service providers who operate with their own unique payment systems."
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