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What is peer-to-peer lending? How can robotic process automation help to improve productivity? What are the advantages of using robo advisors compared to traditional channels?

These three topics were covered in the networking session themed “Co-operatives and Fintech” on 6 September 2018. As technology is playing an increasing role in the financial world, SNCF together with Singapore Fintech Association, organised this networking session to encourage affiliates to capitalise on fintech and technology to increase productivity and better serve members.

Fintech1More than 30 attendees including 27 from affiliated co-operatives attended the seminar. The CEO of Culum Capital, Ms Ginnie Chin spoke on peer-to-peer (P2P) lending. With P2P lending, borrowers are matched directly with investors through an online lending platform. Mr Jae Hong Park from UiPath touched on the topic of robotic process automation (RPA). In taking on predictable and repeatable tasks, software “robots” have the potential to vastly reduce costs, improve process quality and consistency, and enable greater scalability. Representing Moneythor is Vivek who spoke on artificial intelligence for digital banking including the use of robo advisors.

The event was a success: attendees had the chance to discuss with industry experts and learn more about the benefits and implications of fintech.