Cyber Security
Sing FinTech 2018
T
echnology has always played a major role
data governance, applied research, platforms for
in financial services, but today’s dramatic
innovation underpinned themes discussed across
transformation giving customers quicker,
By Jane Lo ASM Correspondent
And working with companies in the health and medical technology space could achieve that.
70 sessions at the festival (AI in Finance; ASEAN
In the area of Cybersecurity, we spoke to AIG’s
cheaper and smarter solutions has been
FinTech Opportunities; Cyber-Security, TechRisk
Sheri Wilbanks (Global Innovation Lead, AIG Client
enabled by the open-source accessibility of
and RegTech; Financial Inclusion; Future of
Risk Solutions) to understand CyberMaticsSM.
technology and declining costs of regulations.
Banking; Future of Money; Global Investor Summit;
These solutions along with the latest thought
InsurTech and Market Infrastructure).
leadership in Financial Technology or “FinTech”
Amongst the highly anticipated debates (Will
This technology-driven process combines verified client data with AIG’s benchmarking and analytics to provide tailored insights on the client’s
in short, were highlights at the third edition
physical cash be replaced? How do innovations
organizational cyber strategy performance. Specific
of the Singapore FinTech Festival (12-14th
help the underserved and the unserved? How
client information is periodically collected by one of
November) held at the Singapore Expo.
important are partnerships? What are the
AIG’s security partners and matched with the data
regulatory and security considerations in the
AIG has accumulated over 20 years of experience
pavilions, close to 45 thousand participants
business case for migrating to Cloud? What are
in global cyber underwriting. The result is an overall
from 130 countries, and over 250 speakers -
the challenges in payments regulations and how do
cyber security maturity score measured against
including Narendra Modi, Prime Minister of
the goals – stability, safety, consumer protection,
10 common attack patterns (e.g. DDoS, PoS
India, and Christine Lagarde, Managing Director
AML and risk management – impede innovations?),
intrusion) and across 11 asset groups (e.g. servers
of the International Monetary Fund - the event
here are the emerging themes that we see from the
& applications, critical IoT) – which can ultimately
promised to be the biggest FinTech event in the
conference this year:
help AIG’s clients reduce the likelihood of a cyber
With 450 exhibitors, 16 international
world to date. “Innovation and technology are key to
InsurTech (or Technology in the Insurance Sector) – Many associate FinTech with innovations
incident and potentially improve future policy terms. Blockchain and ASEAN– With the 6th largest
realising this future. But they are not enough.
focusing on the banking sector; the wide-scale
economy worldwide in 2017 and projected to be the
We need a FinTech ecosystem to make this
uptake and adoption of big data, AI by insurance
4th largest market after EU, US, China by 2030, and
happen. And growing this ecosystem is what
companies had been slow due to regulations
a population of 630+ million, ASEAN also needs to
we have been hard at work for the last 3-4 years
and legacy business models. But one area where
keep innovating to maintain competitiveness.
in Singapore with private and public sector
insurance companies are seizing the benefits of
coming together in collaboration.” said Ravi
innovations is reducing the costs overhead incurred
how ASEAN could redefine from a market and
Menon Managing Director, Monetary Authority
in processing claims.
production base for goods to becoming a generator
of Singapore (MAS) on the Opening Day of the festival.
What’s new This ecosystem - people, identity, payments,
32 | Asia Pacific Security Magazine
But as clients increasingly expect the fullservice experience, insurance companies recognize
Blockchain application is an example of
of ideas Brad Garlinghouse, Chief Executive Officer
they need to move from a payer to a client partner;
of Ripple, which runs modern payment solutions
in other words, from merely underwriting and
on Blockchain, highlighted that regulatory clarity
collecting a premium and compensations, to
has the advantage of driving blockchain adoption,
providing prevention solutions.
and, “in ASEAN, the regulatory environment for