The Singapore Fintech Festival will focus on artificial intelligence (AI) and issues pertaining to the Association of Southeast Asian Nations (ASEAN), given the country’s chairmanship of the regional bloc.

The announcement was made by the Monetary Authority of Singapore (MAS), the main backer of the event. Two new elements will be added to this year’s festival – the ASEAN Fintech Showcase which will showcase fintech developments from the 10 member-states of ASEAN, and the Artificial Intelligence in Finance Summit, which will explore various applications of AI in trading, investment management, customer service, and risk management, reported Channel News Asia.

Co-organiser Association of Banks in Singapore (ABS) said that returning segments from the previous festivals will be “refreshed and enhanced.”

The fintech awards has been revamped to increase participation from other ASEAN members, while the fintech investor summit will feature the Meet ASEAN's Talents and Champions (MATCH) segment, which will seek to connect ASEAN startups with potential investors.

"We look forward to welcoming Fintech players and stakeholders from all over the world to Singapore, and to work with them to create new value and promote financial inclusion through innovation, digitalisation and connectivity,” said Sopnendu Mohanty, chief fintech officer of MAS.

This year’s Singapore Fintech Festival, which is in its third edition, will kick off on November 12. Last year, it drew over 30,000 attendees from over 100 countries and 5,000 organisations.