SINGAPORE, November 13, 2023 – The Italian Trade Agency will coordinate an official Italian Pavilion at the upcoming Singapore Fintech Festival 2023, with the support of the Italian Ministry of Foreign Affairs and International Cooperation and in collaboration with the Italian Association of Fintech & Insurtech (AssoFintech) and the Bank of Italy.
The pavilion spans 54 square meters and is located at booth 6F25 in Singapore Expo, Hall 6. Within this pavilion, 9 Italian companies will showcase their fintech innovations to a global audience. The participating companies include EvenFi srl, FAIRTILE srl, HODLIE srl, MyMoney, Notarify, Scaling Parrots – IBCorp srl, SOLID srl, The Nemesis by Undo Studios IT srl, and WAVENURE s.r.l.
The Bank of Italy has been participating for its fourth consecutive year, and Deputy Governor Alessandra Perrazzelli is scheduled to contribute to relevant sessions at this year’s event. Their presence highlights the strong commitment of Italian institutions to the Italian fintech sector. Singapore is a crucial global player, offering invaluable talent, expertise, and experience for startups as they navigate their growth journey.
AssoFintech will be participating at SFF for the second time, following its significant impact at the previous edition. Their participation had set the stage for compelling interactions with the local authorities, leading to a successful signing of a Memorandum of Understanding (MOU) with the Singapore Fintech Association earlier this year in March 2023.
On the presence of the Italian companies at SFF 2023, Dante Brandi, Ambassador of Italy to Singapore and Brunei said, “We are once again excited to be a part of the Singapore Fintech Festival, a major global event shaping the future of financial services. Italy is proud to contribute not only with its financial institutions but also with its innovative companies, with the aim to build innovation on the strength of synergies. We firmly believe that effective partnerships can be forged with our Singaporean counterparts.”
Alessandra Perrazzelli, Bank of Italy, Deputy Governor said, “Innovation is a catalyst for change and in order to bring its benefits to the financial sector it should be orderly, sound, sustainable and ethical. We are doing our best to support responsible innovation. In this direction, the Bank of Italy has set up an integrated system of innovation facilitators (Fintech Channel, Milano Hub, Sandbox and Italian Payments Committee), to understand the needs of operators, facilitate interaction and cross-contamination, and to support the various development stages of Fintech projects toward a good innovation.”
Claudia Segre, Vice President of AssoFintech said, “We have always been committed to creating a new culture in financial services through Fintech, which for banks means investing in technology and, above all, reforming organisational processes from within for sustainable innovation in favour of value creation for investors.”
Italy has been making substantial strides in the fintech sector, especially in lending to Italian SMEs and supply chain finance through fintech platforms and equity crowdfunding. In the first half of 2023 alone, these innovations neared 2.8 billion euros, contributing to a cumulative total of more than 17 billion euros since the inception of the fintech lending market in 2016. The insights and data collected further solidify the consistent market growth over the years, with figures progressively increasing from 5.2 billion euros in 2022, to 3.5 billion in 2021, and 2.4 billion in 2020.
“Italy’s presence at the Singapore Fintech Festival exemplifies our commitment to fostering international collaborations and showcasing our nation’s innovative fintech solutions. We believe that the synergy between Italy’s rich financial history and Singapore’s dynamic fintech ecosystem can lead to remarkable opportunities for growth and innovation,” said Ilaria Piccinni, Deputy Trade Commissioner for Singapore and the Philippines at the Italian Trade Agency on Italy’s fintech impact in Singapore.