At the Singapore FinTech Festival (SFF) 2024, global internet and technology giant, Tencenthas pushed the boundaries of innovation in fintech and digital transformation with a host of commitments, partnership milestones and the unveiling of future-ready solutions.
Joining thousands of attendees at the annual event, Tencent demonstrated how it draws on decades of consumer and enterprise technology expertise to collaborate with industry players, exploit financial sector opportunities and deliver solutions innovative businesses that drive sustainable growth for financial institutions and their ecosystem. partners in the region.
“Building a resilient and agile infrastructure is essential for financial institutions looking to thrive in the digital age. » said Dowson Tong, Senior Executive Vice President and General Manager, Cloud and Smart Industries Group, Tencent.during the fireside chat at the “AI and Cloud: Powering Tomorrow’s Economies” event. “AI-enabled tools, such as advanced authentication and fraud detection, require reliable infrastructure to operate effectively and foster a more secure automated financial environment. Additionally, by leveraging trends like video, content, super apps and AI, atop a robust cloud stack, we can drive meaningful innovation and unlock transformational opportunities across industries, with a growing financial services ecosystem.
The global AI in fintech market is expected to grow from $13,515.7 million in 2024 to $58,701.4 million by 2034, reflecting a robust CAGR of 15.9%. The keynote speech that opened the three-day event reflects this growing demand from consumers and businesses regarding the applications and potential of cloud and AI solutions in the fintech space. By leveraging AI-based tools such as Digital Humans, Super-App-as-a-Service, ultra-high precision eKYC, high-performance distributed database TDSQL and Risk Control Engine, Tencent’s financial cloud technologies have enabled more than 10,000 businesses in 20 countries around the world.
Tencent also won the Thematic – AI, Quantum Champion Award in the SFF FinTech Excellence Awards 2024, which highlights groundbreaking initiatives that leverage new technologies to revolutionize industry practices and improve financial service delivery.
“This recognition highlights Tencent’s commitment to advancing secure and user-friendly innovations in digital payments. Our latest innovations reflect our commitment to improving everyday comfort through transparent and reliable solutions, while maintaining the highest standards of data privacy and security. This is a testament to our continued efforts to bring transformative technology to consumers and businesses,” said Xia Kai, Tencent Palm product innovation manager.
The presentation at SFF marks Tencent’s launch of its advanced palm recognition technology, Tencent Palm, in Singapore. This was revealed through the partnership between Tencent and Visa to introduce palm recognition technology for digital payments. The service will be rolled out by Visa, with cardholders from participating banks in Singapore, including DBS, OCBC and UOB, being part of this pilot program.
This partnership was one of many exciting engagements with industry leaders and ecosystem partners that took place during the festival, which included exclusive workshops hosted by Tencent at the Elevandi Insights Forum, and various panel sessions represented in Tencent’s businesses such as Tencent Cloud, Tenpay Global, and Weixin Pay.
Daniel Hong, Vice President of Tencent Financial Technology, highlighted Weixin Pay’s innovations to improve payment accessibility, including reducing costs for small and micro merchants while advancing the interconnectivity of cross-border payments.
Wenhui Yang, Managing Director of Tencent Financial Technology Asia Pacific and CEO of Tenpay Global (Singapore), also discussed the role of AI-based risk control strategies in protecting users from fraud risks and highlighted the importance of technology in ensuring the security of payment systems.
Innovative technologies such as Tencent Palm, Tencent Cloud AI Digital Human and Tenpay Global Remittance were on display in the interactive areas of the Tencent booth, which hosted key representatives from the Monetary Authority of Singapore (MAS), Bank of Thailand (BoT ), and many more.
“Consumer behavior and expectations have changed significantly due to the ubiquity of mobile phones and other accessible technologies. Financial institutions now need to expand their online services and rethink their business systems, to meet the need for anytime, anywhere services, as well as the ever-increasing volume of online transactions. As we move towards a future of accessible and inclusive financial services, we hope that our collective efforts will help shape a secure and innovative digital ecosystem for the sector,” concluded Tong.