Embedding Fintech-as-a-Service (FaaS) Strategy into Your Business - TGS-2023040153

Overview

The rise of open banking and fintech disruptions over the years have led to significant growth in the upand-coming embedded finance market which is forecasted to generate $230 billion in revenue by 2025, a 10x increase from 2020. In 2030, the embedded finance market is set to capture more than seven trillion dollars in value, this progress is most visible in payments, embedded finance is racing ahead in other areas like insurance, lending, wealth management and stock trading with many non-financial entities. Embedded finance refers to non-financial entities utilising financial instruments in the products and services - think digital payments integration in a delivery application such as GrabPay. 

Now, any company can be a financial services company. 

Embedded finance is non-financial companies offering financial products and services. It could be an e-commerce merchant providing insurance, a coffee shop app that offers 1-click payments, or a department store’s branded credit card. Effective embedded finance solutions meet the customer where they are with a financial option they need, whether that be a loan, payment program, insurance plan, or something else. 

The concept is not new and some of the largest asset classes such as real estate and automobile has embarked on growth with embedded financial instruments such as loans and insurance. Fintech as a Service (FaaS) allows for any company to use fintech APIs to embed financial capabilities into their existing applications, products and services. 

Discover the Different types of Fintech as a Service (FaaS) Solution 

FaaS solutions include white-label ewallet platforms, card issuing, payment acceptance, payouts and remittances, identity verification, fraud prevention, virtual accounts and merchant services, as well as solutions for provisioning, managing and reporting. With Fintech as a Service, the work of building the infrastructure, integrating multiple, disparate financial systems, licensing and compliance is handled by a third party, so businesses can quickly integrate and offer many financial services to customers that were once only available through traditional banking and financial companies

Unlock the Full Potential to embed Fintech as a Service Strategy to grow your business

How can every company ride on this trend to bring more value proposition to their customers? We explore more in this introductory course. During this course, participants will explore the realities behind gaps of traditional SME and start-ups looking to disrupt themselves by adopting embedded finance, but not knowing what or how to do it. It’s a mindset change to tap into this opportunity. Infrastructure and ideation application, regulatory and governance requirements, future development and impact on the industry are some of the importance of embedded finance as an enabler of industrial transformation for many of the companies looking to disrupt and digitally transform. Participants will also dive into the blue ocean opportunities underpinning embedded finance with their existing and new businesses, as well as the specific revenue options available to both their customers and partners in their very own business ecosystem.

What is the IBF funding?

There are two main schemes provided under the IBF funding – IBF Standards Training Scheme (IBF-STS) and IBF Financial Training Scheme (FTS). Under these schemes, eligible individuals may receive up to 70% funding support off course fees on IBF funded courses in Singapore.

Upon completion of this 2 Day course, learners will be able to:

• Define the concept of embedded finance, describe its framework and components
• Address the challenges faced by businesses in the context of financial services and how the integration of embedded finance can address business challenges and create new opportunities.
• Identify potential areas of disruption within business
• Identify potential partnership opportunities within the fintech industry
• Developing new products or services to achieve competitive advantage and sustainable growth using the blue ocean strategy
• Step by Step Guide on how you can implement Fintech as a Strategy within your Business
• Implement digital embedded financing solutions to improve efficiency, revenue, and customer satisfaction within non-financial industries

The course is ideal for executives and professionals who are interested in integrating financial technology into their businesses. 

• An Innovation Executive who wants to use Fintech-as-a-Service (FaaS) solutions to address problems and pain points. He/she is interested in learning about tools and to research emerging technologies
• Data analysts interested in learning about market scanning and research techniques to gain meaningful insights to support decision-making on potential emerging technologies
• Product analysts who want to leverage market research techniques to ensure the relevance of business products
• Individuals who have a basic understanding of finance and technology and are interested in learning how to integrate them to create new business opportunities.

Learners need to possess basic information and communication technology (ICT) skills. 

There are no *pre-requisites for professionals who would like to pursue this course.

Director of Operations and Enablement ByteDance: Mr. Andeed Ma

Mr Andeed Ma is the Director of Operations and Enablement ByteDance. He has been a cloud business and risk management leader for more than 13 years with major SaaS enterprises such as ServiceNow and Ivanti. He is currently the Director of Operations and Enablement for ByteDance, and an adjunct lecturer at the Singapore University of Social Sciences (SUSS) teaching Hyperautomation, Artificial Intelligence (AI), Machine Learning, and AI Ethics. 

He serves as the President and Chairman of Governing Council of Risk and Insurance Management Association of Singapore (RIMAS), a non-profit enterprise risk management association. Andeed leads the AI Risk Chapter in RIMAS as well. 

He is also appointed as Chairman of the Programme Advisory Committee (PAC) for the Graduate Diploma Analytics and Visualisation programme of SUSS, a Board Director in an EdTech (Ripplecreate), and Board of Advisors to NUS Alumni Ventures (NAV), supports the start-up ecosystem through regular mentoring, judging, instructing, speaking, and coaching founders on areas relating to market, team, and technology risk management. 

Andeed also sits in the SEA-NZ-AUS committee as a contributor to a UK non-profit organization focusing on audits for AI-Trust-Ethics known as ForHumanity, and an expert member in an AI leaders think tank known as AIII (Artificial Intelligence International Institute).

Artificial Business and Blockchain Technology Expert: Alvin Lam (Co-Founder of AI Vision Fund)

Alvin Lam, Co-Founder of AI Vision Fund. MIT and Oxford Certified Expert in Artificial Business and Blockchain Technology. Alvin has more than 20 years of experience in enabling technology and processes to serve businesses. With an unparalleled unique combination of business and IT Consultancy, Alvin has established himself as one of the most highly regarded thought leaders in Asia, specializing in the areas of Artificial Intelligence, Business Blockchain and digital business strategy. Through his engagement with deep tech solution vendors and C-level executives, Alvin provides valuable insights into business solutions for executives’ decision-making. MIT Sloan Executive Education & MIT CSAIL, Professional Certificate in Artificial Intelligence University of Oxford, Certificate in Oxford Blockchain Strategy MBA, Murdoch University BSc (Merit) Computer Engineering, Nanyang Technological University Institute of Adult Learning, Advanced Certificate in Training and Assessment.