1、Insights from the Singapore FinTech Festival 2022Asian insurance,pensions,and wealth management undergo rapid change,what are the gaps and opportunities?By Sumit Narayanan,Henrik Naujoks,and Varun MittalCopyright 2023 Bain&Company,Inc.All rights reserved.1Insights from the Singapore FinTech Festival

2、 2022Elevandi|Bain&Company,Inc.ForewordWhat are the key trends changing the insurance,pensions,and wealth management industries in Asia?And how can companies best capture growth?These topics were among those discussed at the recent Singapore FinTech Festival(SFF).Since its inception in 2016,SFF has

3、become the premier platform for the global fintech community to engage,connect,and collaborate on issues relating to the confluence of financial services,public policy,and technology.SFF attracted 62,000 participants from over 115 countriesthe largest SFF gathering ever.It featured 850 speakers,570

4、exhibitors,including 25 country pavilions,and over 4,000 meeting through the business matching platform.With inflation persisting and growth slowing,many fintech firms are trying to remain viable.With that background,three key themes emerged at SFF that hold opportunities for insurance companies in

5、Asia.First,we discussed how risks for the current generation have changed,creating new paths of growth as technology spreads across all sectors and functions in the insurance industry.The changing behavior of consumers triggers new opportunities by demanding unconventional ways of redefining custome

6、r relationships.Second,a widening pension gap caused by an aging population,the rise of self-employment,and the gig economy offers opportunities.We foresee that people caught in this gap could succumb to further risks raised by rising inflation,longer lifespans,and the rising cost of healthcare.Furt