NUS Fintech Summit 2024 Sparks Innovation and Collaboration in the Fintech space

The National University of Singapore (NUS) Fintech Society, a student group under NUS School of Computing hosted their annual flagship event in its 4th edition, NUS Fintech Summit 2024 from 5th January 2024 to 19th January 2024. This is done in collaboration with the NUS Asian Institute of Digital Finance (AIDF) and the NUS Fintech Lab. This year's summit, brought together industry leaders, experts and enthusiasts to delve into the latest developments and innovations in the Fintech space.

On 5th January 2024, the event started off with an opening ceremony which was subsequently followed by a series of panel discussions, workshops and a hackathon held over the course of the next 2 weeks.

The opening day itself saw a remarkable turnout, with over 200 people in attendance on the opening day alone, creating a vibrant atmosphere for networking, collaboration and knowledge exchange. The event kicked off with a panel discussion on "Empowering Financial Inclusion with Blockchain," featuring distinguished panellists from Coinbase, RIMAS, and Oliver Wyman. Their insightful conversations provided attendees with an in-depth understanding into the challenges and opportunities facing the industry. The presence of key stakeholders in the Fintech ecosystem added a layer of significance to the event, fostering connections that are poised to shape the future of Fintech. This not only enhanced the overall summit experience but also provided valuable insights for all participants.

The summit's success was further enhanced by industry leaders who organised workshops to give tertiary students an insight into the dynamic world of Fintech and also expose them to the latest developments within the space. Participants had the unique opportunity to gain hands-on experience and learn directly from experts.

Panel Discussions on Opening Day Workshops by the Partners Group Photo of all Participants on Opening Day

Apart from the workshops and panel discussions, one of the standout features of the NUS Fintech Summit 2024 was the diverse range of hackathon tracks that catered to the various facets of the industry. Attendees had the opportunity to immerse themselves in four problem statements covering three distinct themes in either Software Development, Blockchain or Quant. Each track offered a deep dive into the respective domains, providing valuable insights and fostering a collaborative spirit among participants.

Of the four problem statements, one of which addressed the need to rethink token interoperability for secure digital asset movement across chains. This challenge aimed to unlock varied liquidity pools, reshaping the digital assets trading landscape. Specifically, the banking industry's shift from a unified traditional market to a fragmented digital assets market was discussed. Banks are creating isolated private blockchains across multiple types, hindering token trading and limiting market liquidity. While various interoperability solutions exist, there is currently no dominant model for widespread industry.

A total of 37 hackathon teams from National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU) and Polytechnics participated in the hackathon. The participants' enthusiasm and dedication highlighted the summit's commitment to fostering innovation in the sector. As teams tackled complex problems and developed cutting-edge solutions, a shared passion for pushing Fintech boundaries could be seen and witnessed itself at the event.

To kickstart the finale, a demonstration day was held at Suntec Convention Centre which saw an impressive audience of over 600 attendees. The focal point of the day was the enlightening panel discussion titled "The Role of Collaboration in Fostering Fintech Ecosystems," featuring representatives from the Monetary Authority of Singapore (MAS), Northern Trust and AIDF. Delving into the critical theme of collaboration, the discourse highlighted the pivotal role regulatory bodies, financial institutions, and Fintech startups play in driving innovation within the industry. The discussions were not merely insightful; they were a catalyst for a vibrant exchange of ideas, underscoring the imperative need for cohesive efforts and partnerships. The emphasis was clear – to navigate regulatory landscapes, promote financial inclusion, and ignite the growth of the Fintech industry.

Esteemed Speakers who took part in the Panel Discussion (Right Photo from left to right: Alvinder (MAS), Dr Ke Wei (AIDF), Alvin Chia (Northern Trust) and Adrian (Oceanus)).

The NUS Fintech Summit 2024 concluded on a high note as 16 impressive hackathon teams took centre stage in the final rounds, passionately unveiling their culminating projects. Following an intense judging session by representatives from the platinum sponsors, four exceptional teams emerged victorious, each clinching the coveted Grand Prize of SGD$5,000 for their respective tracks. Additionally, first-round runners-up received SGD$3,000, and second runners-up received SGD$2,000. This triumphant moment served as the crescendo to a dynamic start, culminating in a summit that radiated enthusiasm. With a vibrant turnout of participants and engaged audience members, NUS Fintech Summit 2024 stands as an extraordinary success, leaving a lasting impact on the Fintech community.

Participants winning (top) and pitching their novel ideas (middle) with a group photo taken after the entire event (bottom).

Special Shout-out to the Sponsors: Platinum Sponsors: Ripple, Tokka Labs, aelf, Northern Trust Gold Sponsors: Thought Machine, eFinancialCareers Silver Sponsors: Flowdesk, Coinbase, Endowus, Alibaba Cloud, Metacamp, HashKey Capital