Rajeev Tummala

💡The Singapore FinTech Festival 2024 is baaaaack! 🔦 Spotlight will be on Artificial Intelligence and Quantum Technology. Sopnendu Mohanty / 漠汉帝 / 模範帝 / सोपनेंदु / ସୋପ୍ନେନ୍ଦୁ , Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and Chairman of Elevandi Board said, “The financial services sector is at a critical inflection point, with AI and Quantum Computing poised to revolutionise the global financial ecosystem. SFF 2024 will seek to align technology, innovation, and regulation so that these transformative technologies are deployed with strategic foresight, collaboration, and adaptability to unlock new opportunities for economic and industry growth and resilience. Harmonising global FinTech regulations that support innovation, fostering cross-border collaboration on payments and credit, and ensuring a secure, inclusive, and sustainable financial ecosystem powered by responsible adoption of AI and Quantum Technologies will be the primary focus of SFF 2024.” “SFF will also feature the following highlights: ➡️ Invitation-only Dialogues and Signature Side Events such as the Insights Forum™ will convene 1,500 senior policymakers, top industry executives, and investors for leadership dialogues and collaboration discussions. ➡️ This year, the Global FinTech Hackcelerator, organised by MAS and in partnership with Elevandi is looking for innovative solutions to address problem statements centred on Improving Financial Health. ➡️ Blockchain Guardians Programme : a new skills-based learning initiative will commence on 2 September 2024. ➡️ Five Thematic Zones – Technology Zone, 🍀 ESG Zone, Regulation Zone, Founders & Investors Zone, and Talent Zone – where attendees can participate in dialogues, workshops, and explore an international showcase of the latest FinTech solutions. ❤️ MAS will also be introducing founder- and investor-focused mentorship sessions, masterclasses such as The Art of Storytelling, a spotlight on 🙋‍♀️women entrepreneurs, mental health and wellness workshops, and an alumni meet-up for past participants. ➡️SFF MeetUp , a new networking initiative, is expected to facilitate 20,000 meetings at the Festival.” 📒Registrations are open at https://lnkd.in/gtKbFp3E Read the full release on https://lnkd.in/gAk8GrsR #Fintech #AI #quantum #Talent #ESG

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Kopi Time E132 - GIC’s Prakash Kannan on Global Macro and Asset Allocation Prakash Kannan, Chief Economist and Director of the Economics & Investment Strategy department at GIC, returns to #KopiTime #podcast to talk about evolving macro developments and implications for asset allocation. We cover it all in this discussion, from Fed outlook to EM resiliency, global liquidity to China policy, yen carry trade to gold, and how a portfolio suitable for the past decade is unlikely to bear similar fruit going forward. Lots of insights. https://lnkd.in/dRJcAcXW

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Here's the "official" post on the Harvard Business School case study that I posted about earlier, with a bit more details about our work with Data & AI. Very proud of all the data teams at DBS - what a great achievement!

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The Global Layer One (GL1) as proposed by Monetary Authority of Singapore (MAS) initiative aims to develop a versatile, shared ledger infrastructure utilizing DLT, envisioned to be developed by regulated financial institutions for the financial industry. I appreciate the phrase "developed by regulated financial institutions for the financial industry," as it precisely captures the essence of our mission at SWIAT. In the following a short description of GL1's design principles and high-level architecture overview. GL1's design principles: ➡️ Open and Standards-Based: Technology specifications will be public and open, using industry standards and open-source protocols for ease of application development. ➡️ Compliant with applicable regulations and accessible to regulators: The platform will comply with legal and regulatory requirements, with jurisdiction-specific controls at the application layer. ➡️ Well Governed: Clear and transparent governance and rules will ensure responsibility and accountability. ➡️ Neutral: Designed to prevent control concentration within any single entity or region, with decisions based on technical merits. ➡️ Fair: Ensures fair competition among financial institutions, avoiding biased decisions. ➡️ Accessibility: Financial institutions meeting criteria can participate, with membership costs promoting network integrity and stability. ➡️ Financially Self-Sustainable: Operates as an industry utility, using revenues from fees for operational costs and reinvestment to ensure sustainability. Architecture overview: ➡️ Access Layer, facilitates user access to digital services on the GL1 platform, with service providers responsible for offering wallet capabilities, performing KYC checks, onboarding clients, and providing direct services. Non-designated financial institutions must be onboarded through designated ones. ➡️ Service Layer, involves regulated financial institutions and trusted third parties creating and deploying applications such as interbank transfers and collateral management, adhering to GL1’s settlement functionality standards and allowing for the development of custom smart contract logic. ➡️ Asset Layer supports the issuance and tokenization of various assets, including cash, securities, commodities, and more, ensuring technological compatibility across GL1 applications and service providers. ➡️ Platform Layer comprises the blockchain infrastructure, including the ledger and consensus mechanism, ensuring asset transfer and cross-app communication, and adhering to financial sector technology risk management controls, with validators ensuring transaction integrity and potentially being remunerated through fees.

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Singapore's DBS Bank and Ant International, an affiliate of Alibaba Group, are piloting a blockchain-based solution to streamline cross-border treasury and liquidity management. This project showcases the increasing adoption of blockchain technology to tackle real-world challenges in financial services. - Instant, Multi-Currency Transactions: The pilot utilizes DBS's permissioned blockchain and Ant International's Whale Cloud Business Online for instant settlement of cross-border transactions in multiple currencies. - Enhanced Efficiency and Transparency: By merging blockchain and AI, the solution aims to offer corporate treasurers real-time visibility and control over their global cash positions, reducing reliance on traditional, time-consuming processes. - Targeting the Future of Treasury: This collaboration caters to the evolving needs of businesses in a 24/7 digital economy, especially in sectors like e-commerce and on-demand services where efficient cross-border payments are vital. DBS’ latest project stems from the lender’s involvement in the Monetary Authority of Singapore (MAS) tokenization projects. This initiative is a prime example of major financial institutions embracing blockchain to enhance existing services and unlock new possibilities. The pilot project showcases blockchain's potential to revolutionize cross-border treasury management, providing a glimpse into the future of corporate finance in an increasingly interconnected global economy. #Crossborder #payment #solution #blockchain #eCommerce

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Singapore appears to be once again leading the way in regulatory technology, this time in building quantum and AI capabilities in financial services. The Monetary Authority of Singapore is providing $74.5 million to support innovation and adoption in financial services. The country has a National Quantum Office with a formal strategy to build quantum capabilities in Singapore. There is a need across the world to enhance cyber security readiness to better prepare our financial infrastructure and services for the quantum era. Regulators across the world are collaborating on a WEF-led project, but how many countries are offering financial support?

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Singapore leads with S$100 Million commitment to Quantum and AI in Finance. The Monetary Authority of Singapore (MAS) is taking a bold step forward by committing an additional S$100 million under the Financial Sector Technology and Innovation Grant Scheme. Singapore is set to become a hub for quantum innovation through: • 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗖𝗲𝗻𝘁𝗿𝗲𝘀 𝗚𝗿𝗮𝗻𝘁: Supporting the establishment of quantum computing and security innovation functions.    • 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗚𝗿𝗮𝗻𝘁: Fostering meaningful use cases and strategic industry-wide solutions.    • 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗚𝗿𝗮𝗻𝘁: Enhancing cybersecurity readiness with Post-quantum Cryptography (PQC) and Quantum Key Distribution (QKD). Nation states are increasingly investing in national quantum programs. The stakes couldn't be higher and I'm thrilled that HSBC Quantum is pushing the boundaries in financial services. 🔗 Read more about Singapore's initiative in the comments. #QuantumComputing #Cybersecurity #Innovation #FinTech #Singapore

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I wrote about it last year, now this issue is at the forefront of investor concerns. While every transformation requires investment, the investment itself cannot be the sole measure of success. The ROI on AI investments is now a key concern for investors: 1️⃣ Chipmakers emphasize the AI arms race, suggesting that customers will continue to invest in the technology to remain competitive, even without an immediate return on investment (ROI). 2️⃣ Market concerns are growing over a weakening macroeconomic environment, which could lead to a deprioritization of these AI investments. 3️⃣ The recent drop in semiconductor stocks highlights the tension between high expectations and economic uncertainty. 4️⃣ Markets are putting pressure on AI adopters to demonstrate clear ROI from their generative AI investments. 5️⃣ Many companies have invested heavily in AI infrastructure, only to face delays in monetization and growing risks of overinvestment. 6️⃣ Analysts have raised warnings, pointing out that AI stocks may have surged ahead of the technology's ability to deliver meaningful profits to end users. 7️⃣ Investors are increasingly questioning whether the expected returns on these AI investments are actually materializing. 8️⃣ Something will have to give. Either customers of generative AI infrastructure will start generating commensurate value, or buyers of AI infrastructure will begin re-evaluating their investment strategies, potentially slowing down future spending in this area. I remain optimistic about the potential of generative AI, but investors should stay pragmatic about the expectations placed on the companies they choose to invest in. https://lnkd.in/g9GWyfPr https://lnkd.in/grm7iRZv https://lnkd.in/gCMJCHfm https://lnkd.in/gumFQk8Y

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highly recommended on every level

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DBS Bank have launched Treasury Tokens in a pilot with Ant International 👏 🌍 ⏱ This enables Ant International to be able to use the digital form factor to achieve INSTANT, multi-currency treasury and liquidity management on DBS’ permissioned blockchain for their entities across MULTIPLE markets as well as enabling to reduce the settlement of intra-group transactions from potentially days to SECONDS! 💰 🏦 This optimises intra-group liquidity and working capital, providing corporate treasurers with GREATER visibility, predictability and control over the entire group’s cash position. DBS’ permissioned ALSO blockchain is EVM-compatible and is integrated with its core payments engine which GREATLY enhances extensibility and interoperability with multiple industry payment infrastructures. 🚀 🇸🇬 This launch by DBS demonstrates how established commercial banks AND FIs can harness blockchain technology and smart contracts to deliver the NEXT GENERATION of banking services on a 24/7 and programmable basis. 👨‍💻 Soon Chong Lim, Group Head of Global Transaction Services, DBS Bank, said: “This new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis. DBS Treasury Tokens and our partnership with Ant International demonstrates how corporates can seize such opportunities with full confidence that their liquidity management capabilities can scale in tandem. DBS’ permissioned blockchain also forms the building block for new efficiencies and capabilities in traditional banking services, such as programmable, fractionalised and atomic value transfer.” Read more on the link below! 👇 Sam Ho yuan yee wong Derrick Loi Geoff Jiang Piyush Gupta Rishikesh Nagwekar Nimish Panchmatia Sharon Tan Kelvin Li Tania Tan #dbs #antinternational #blockchain #treasury #liquidity #tokenisation #fintech #fintechnews #ecommerce #payments

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⚡The energy at this year's Singapore FinTech Festival was nothing short of electric!    #SFF2024 had it all: thought-provoking discussions on the pivotal role of technology in shaping the global financial ecosystem, innovative GenAI demos, and of course, master mixologists (found only at #Mastercard's Sphere of Commerce).   My highlight was joining a panel with Melissa Guzy, Tal Cohen, Peng Yang, and Nick Studer to examine the strategic priorities steering our organizations into 2025. What I shared in a nutshell: ✅ We're living in the best and worst of times.  ✅ The promising consumer story, rise of the middle class, and shift towards formalization of several economies are driving momentum and excitement around digital tools and technology (though questions remain around how to harness their full potential). ✅ #Cybersecurity remains a significant challenge, due to social engineering threats, but the efforts of governments, regulators and the private sector give me confidence.   At the end of the day, I remain optimistic! We look forward to continuing to operate from a place of trust, using technology to power a secure, resilient, and future-ready digital ecosystem. #MastercardxSFF

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🌟 #ProStar's Second Edition: A Resounding Success in Singapore! 🌟 Last week, Singapore witnessed a triumphant second edition of ProStar, a marquee event curated by 9Unicorns and investment banking firm JM Financial Ltd to support growth stage companies. In a very short time, ProStar has become a cornerstone for facilitating the expansion and global alignment of high-potential companies. With over 45 private equity and venture capital funds in attendance, boasting a staggering $900+ Million AUM, the event underscored its significance and the caliber of discussions held. About 15 curated high growth-stage portfolio companies were showcased in the event, highlighting their previous success in raising over $955 million to date from an array of marquee global investors, including Temasek, Creation Investments Capital Management, LLC, Tiger Global Management, Gogoro, GMO Ventures, Sequoia Capital, Samsung Ventures, and GMO Partners, among others. The event was buzzing with meaningful conversations, setting the stage for high-quality connections and potential partnerships. ProStar has become a nexus for thought leaders and industry shapers to discuss trends and share visions for the future of technology and business. This success reaffirms the region's potential as a hub for innovation and investment, with ProStar leading the charge in unlocking these opportunities. Venture Catalysts++ | India's 1st Multi-Stage VC, 9Unicorns, Anuj Golecha, Anil G Jain, Gaurav Jain, Vansh Oberoi, Shruti Arya, Vinod Keni, Rajesh Mane, Ankit Jain, Poonam K Khandelwal, Shivika Sethi, Rishabh Golchha, Lumani Shah  #VentureCatalysts #AngelInvestor #VC #IndianStartups #SingaporeEvents #VentureCapital #PrivateEquity #GrowthStage #InvestmentOpportunities

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#kopitime #podcast E144: Year-ahead outlook with Komal Sri-Kumar We bring the year to an end with astute market strategist and Fed watcher Dr. Komal Sri-Kumar. Sri begins by taking stock of the US economy and markets, how they have been fuelled by fiscal stimulus and the Fed put. Sri is a strong critic of the Fed’s track record on price and financial stability, and he worries that inflation and market risks could be back on the horizon in 2025, even if they seem remote now. We talk about the balance sheet of US households, which look fine on aggregate, but Sri points out that those at the low-end of the income spectrum are struggling with high cost of living and debt service. On corporate balance sheet, Sri worries about commercial real estate and the proliferation of private equity and debt. We then take a look at the outlook for the dollar, gold, and EM assets. Sri sees a year of two halves; first the Trump trades and then the fading of the sugar rush. Expect a volatile 2025. DBS Bank https://lnkd.in/gP-dFi_6?

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A.I. Oscar (OCBC Securities’ Customer Artificial-Intelligence Radar) is the first AI-powered stock-picker tool in Singapore and tracks stocks in the Singapore, Hong Kong and Unites States markets. Built with deep learning algorithms, it can predict stock movements and generate hyper-personalised stock ideas.   With this tool, OCBC Securities aims to triple the number of active Singapore young investors over the next 3 years.   #AI #artificialintelligence #investing #trading

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The Monetary Authority of Singapore (MAS) is actively advancing asset tokenisation through its Global Layer 1 (GL1) initiative. In collaboration with international financial institutions like BNY, Citi, J.P. Morgan, MUFG Bank, and Societe Generale-FORGE, MAS aims to create a shared ledger infrastructure for tokenised assets. Over the past two years, MAS has worked with 24 financial institutions to pilot asset tokenisation use cases under Project Guardian. These institutions include asset managers, market operators, custodians, credit rating agencies, and commercial banks. Recently, S&P Global Ratings joined Project Guardian, contributing to the Fixed Income workstream by developing analytic frameworks and benchmarks for digital assets and tokenised markets. Alta Exchange, Hamilton Lane, and Phillip Securities are partnering on a tokenised private credit fund under Project Guardian.   The GL1 initiative focuses on developing standards, market practices, and governing principles for digital infrastructure supporting tokenised assets.  MAS welcomes global industry associations like the Global Financial Markets Association (GFMA), International Capital Market Association (ICMA), and International Swaps and Derivatives Association (ISDA) to join Project Guardian’s industry group.  MAS is establishing three workstreams to develop standards and frameworks across key asset classes.  Collaborating with ICMA, the Fixed Income Workstream will create protocols and data specifications, including standard clauses for smart contracts related to fixed income products.  In partnership with ISDA and the Global Foreign Exchange Division (GFXD) of GFMA, the FX Workstream will focus on FX data specifications, risk management frameworks, and documentation.  Working with global custodians and asset managers, the Asset & Wealth Management Workstream will address common data models and risk considerations for fund tokenisation.  A shared ledger infrastructure is essential to scale tokenised asset transactions globally. It must accommodate various tokenised financial assets while meeting regulatory requirements.   The impact of asset tokenisation on traditional financial markets is multifaceted. Tokenisation allows fractional ownership of assets, making it easier for investors to participate in markets that were previously illiquid.  Traditional assets like real estate, private equity, and fine art can be tokenised, enabling broader access and liquidity.  Blockchain-based tokenisation streamlines processes such as settlement, clearing, and ownership transfer.  Transparency is improved through immutable records on the blockchain, reducing fraud and enhancing trust. Tokenisation democratises access to investment opportunities. Retail investors can participate alongside institutional players.  Emerging markets and underserved segments gain exposure to global assets.   Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

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Engaging session with industry players on how interoperable electronic bills of lading can bring trade digitalisation to the next level. Thanks Singapore Business Federation & IMDA for the invite to join the panel! #TradeTrust

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