Next, MAS and the InfoComm Media Development Authority (IMDA) are working together to create a cross-border innovation platform for SMEs called Business sans Borders. 8/9  BIS central bankers' speeches  Business sans Borders will do two things: It will enable SMEs to connect in a global services marketplace, where they can explore synergies in digitalising their business processes and mutualise costs. It will allow solution providers to more effectively reach out to SMEs who tend to be highly dispersed and are sometimes hard to reach. Business sans Borders will begin with a proof-of-concept next year, with three features: first, a sandbox where start-ups and established players come together to experiment and build relevant solutions; second, an “app store” where SMEs can access a wide range of services, from finance and logistics to human resources; and third, an AI engine to match SME suppliers with buyers for products and services, across ASEAN and beyond. Conclusion Let me end where I began. FinTech is not just about technology – though technology is very important in all that we do and will help to solve many real problems. FinTech is not just about finance – though we want to create a world where financial services are built around us, and we want empower hundreds of millions of people to participate in the modern economy. FinTech is about what Saqid Shaikh reminded us of earlier today – a spirit of enterprise that is infused with empathy and lifts us to be better people.
It is about innovation, inclusion, and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society. This is the FinTech spirit. And over the next five days of this Festival, may you find that spirit and may you be inspired to break new ground, and seek a better, newer world. Thank you all for your support. Have a great FinTech Festival! 9/9  BIS central bankers' speeches