During this year's Singapore Fintech Festival, a delegation from the Liechtenstein financial sector traveled to Singapore. In addition to participating in the festival, the multi-day visit included numerous bilateral meetings with high-ranking local representatives.

For the first time since the COVID-19 pandemic and worldwide travel restrictions, Singapore successfully hosted its first in-person Fintech Festival. The conference was attended by delegates from over 100 countries, including a group of representatives from Liechtenstein. Various representatives from the government, the FMA (Financial Market Authority), the Liechtenstein Bankers Association, NÄGELE Attorneys, VP Bank, LGT, and several friends of Liechtenstein joined this delegation.

Extensive Visit Program Alongside attending the Fintech Festival, various bilateral meetings and discussions were part of the visit’s program. In a personal meeting with Sopnendu Mohanti, Chief Fintech Officer at the Monetary Authority of Singapore, the group discussed the cooperation surrounding the Liechtenstein Blockchain Act. The delegation also visited the two Liechtenstein banks present in Singapore, VP Bank Singapore and LGT Singapore. Both banks were represented by regional managers who provided detailed insights into the banking environment in Singapore. Furthermore, the Raffles Family Office hosted the Liechtenstein delegation for a traditional dinner, offering insights into Singapore's growth as a burgeoning hub for family offices. Other highlights included an aperitif with Honorary Consul Gerald Ong and numerous Liechtenstein residents in Singapore, as well as a meeting with DBS, Singapore's leading bank, which showcased the prominent role of Fintech in the country. It was impressive to learn that DBS has introduced digital applications for its customers and provides around 200 APIs for its core banking system.

As Sustainable Finance is a priority for all banks and partners in the financial industry in Liechtenstein, science also plays a key role. The NUS (National University of Singapore) and CSP Singapore (Centre for Sustainable Finance Singapore) also met with the Liechtenstein delegation to share their view of the market in Singapore and the Southeast Asian region.

In addition to the Fintech sector, the group also visited Sustenir, a vertical indoor farming company. Due to limited land space for agriculture in Singapore, the country has very little local agricultural production. As a result, fresh produce is imported daily from countries like Europe, Australia, and New Zealand. To produce fresh-cut greens locally and distribute them on the market, Ben Swan, CEO of Sustenir, has developed an innovative indoor farming warehouse that enables the cultivation of salad greens like the house brand Kinky Kale, arugula, and various fresh herbs indoors.

Two Countries, Many Similarities The Liechtenstein delegation gained numerous insights from the trip to Singapore, such as the understanding that the monetary system and the entire financial industry will fundamentally change in the coming years. Like Liechtenstein with its Blockchain Act in Europe, Singapore seeks to play a leading role in shaping these developments internationally. The two small countries share numerous similarities that should continue to be nurtured: both are considered very stable and open to the world. Cross-border financial services play a central role in both countries, which is why both advocate for open borders and markets and seek international cooperation. Both states have a liberal, market-oriented approach and have recognized that the two megatrends of digitalization and sustainability will significantly shape the transformation of our financial and economic systems, bringing not only challenges but also, above all, opportunities.

To continue building and deepening the mutual relations following the trip to Singapore, the Liechtenstein delegation extended an invitation to host a delegation from Singapore in Liechtenstein next spring.

For more information about the Singapore trip, visit https://cryptocountry.li/ and www.bankenverband.li.

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