Fintech industry turns out for Asia Money 20/20

The three-day event, which kicked off yesterday (April 23) at the Queen Sirikit National Convention Centre in Bangkok, is expected to draw more than 3,000 people from all over the world looking to experience and explore every opportunity in Asia's financial technology industry. 

Sieber explained that the significant growth of the region's internet economy, as well as the widespread rapid adoption of digital tools, has transformed the money landscape and necessitates smooth transactions not only within the domestic market but also across borders, at lower cost and in less time. 

Money 20/20 Asia aims to be an enabler platform that drives the fintech industry to grow larger and better by connecting all levels of players and forming new business models, in addition to showcasing fintech technologies and innovation, she explained. 

She also pointed to a few initiatives that have emerged as a result of this event between leading financial institutions, such as the recent collaboration between Kasikorn Bank and JP Morgan under the Carina project, which aims to eliminate time zone barriers by reducing outward remittance time from 72 hours to 5 minutes around the clock.

"More deals and colloborations are expected during the remaining days of the event,” she said. “One of our core objectives is to bring the community together, make new possibilities come true and develop those possibilities beyond expectations," she said.

Aside from cross-border payments, she mentioned that open banking and better finance have been recurring themes throughout the show.

She also praised Thailand's public sector, particularly the Bank of Thailand, for its proactive approach to fintech and other movements aimed at opening up the banking sector. 

"When open banking becomes big, regulators get involved. Thailand is the leader in open banking and has been involved in many significant initiatives that have made data more easily accessible, which has benefited consumers," she said.

Asia's regulators are some of the most forward-thinking and collaborative, promoting cross-industry collaborations, harmonising cross-border regulations, and advancing fintech integration, Sieber added.

Citing recent Boston Consulting Group research indicating that Asia will be the world's largest fintech market by 2030, Money 20/20's global president Tracey Davies believes the show in Bangkok will bring tremendous tangible initiatives that will support Asia's fintech industry, noting that financial inclusion, AI integration and security are among the hot issues being discussed at the event.

"We've seen many practical applications of AI among financial services," she said. 

Davies observed that differences in consumer behaviour, geography, and infrastructure set the region apart from Europe and the United States, making it even more active and creative. This has reinforced her belief that Money20/20 Asia will follow the two previous events in demonstrating how the region is fostering innovation and creating frameworks for growth in Asia and around the world.

As the host country, Daranee Saeju, Bank of Thailand (BOT) assistant governor, said during the opening session on Tuesday that Thailand is currently working to transform its financial system to be more open and collaborative, aligning with global digital economy trends. 

She pointed out that much work has been done, but more action is needed to improve financial services not only in Thailand but throughout the region. 

Thailand is ready to work with all parties on technology, knowledge sharing, and regulatory framework, she said. 

Launched in 2011 , Money20/20 produces destination shows that bring together the most innovative people in payments, fintech, and the wider financial services industry. The Asia edition is now taking place in Bangkok from April 23 to 25, 2024, and promises to bring together the world's fintech leaders to grow their brands.