Announces collaboration with Elevandi to support FinTechs and drive the adoption of transformative technologies
- To support FinTechs and drive the adoption of transformative technologies in financial services, ST Engineering will collaborate with Elevandi, a non-profit organisation set up by the Monetary Authority of Singapore (MAS).
- The Memorandum of Understanding (MOU) between ST Engineering and Elevandi was signed today at the Singapore FinTech Festival 2023.
SINGAPORE – 15 November 2023 – ST Engineering will expand its digital and cybersecurity solutions to help financial services organisations advance their digital transformation and build next-generation technology capabilities, focusing first on those based in Southeast Asia and Australia. These solutions build on the Group’s existing suite and leverage advanced technologies including AI to address the burgeoning demand for cloud-based services and applications as well as end-to-end cybersecurity solutions that strengthen cyber resilience.
To support FinTechs and drive the adoption of transformative technologies in financial services, ST Engineering will collaborate with Elevandi, a non-profit organisation set up by the Monetary Authority of Singapore (MAS). The Memorandum of Understanding (MOU) between ST Engineering and Elevandi was signed today at the Singapore FinTech Festival 2023. Under the MOU, both companies will jointly support FinTech start-ups to create innovative solutions in FinTech domains; collaborate on cybersecurity certification initiatives and offer training programmes for start-ups in the field of cybersecurity; jointly engage in research initiatives and partnership programmes to promote knowledge sharing; and explore joint research on sustainability solutions with ST Engineering’s corporate venture unit.
“We are excited to collaborate with ST Engineering to advance FinTech in the digital economy and accelerate innovation,” said Pat Patel, Executive Director of Elevandi. This partnership is timely as we continue to drive technology adoption and growth across Asia, Africa, Europe, and soon in Latin America. It adds significant value to our key audiences within the policy, finance, and tech communities, enhancing education, providing insights, and strengthening digital resilience.”
“Our collaboration with Elevandi extends our focus in FinTech and provides opportunities to co-develop innovative solutions that harness transformative technologies to combat fraud and fight financial crime,” said Tan Bin Ru, President for Enterprise (Digital) at ST Engineering. “Amidst growing adoption of digital financial services, we are committed to bringing ST Engineering’s national-grade digital and cybersecurity solutions and expertise to help financial services organisations, including digital banks, strengthen their cybersecurity posture and develop next-generation technology capabilities.”
Innovative Digital and Cybersecurity Solutions for Digital Transformation
At the Singapore FinTech Festival 2023, ST Engineering is showcasing its latest cloud management solutions, applications of Generative AI, as well as 5G and quantum secure network capabilities for business-critical connectivity.
Visitors to ST Engineering’s booth (3G11) will also get to explore the Group’s end-to-end cybersecurity solutions including cross-domain cybersecurity solutions for secure data transfers and high-performance IP encryptors for secure endpoint isolation and network segregation. ST Engineering’s showcase includes its Security Operation Centres (SOCs) capabilities in monitoring and responding to cyber threats, such as supply chain cybersecurity monitoring, cloud investigation and response automation.
In cybersecurity, ST Engineering is a leading player in designing, building, operating, and maintaining SOCs for nations, critical information infrastructure, and enterprises in Southeast Asia. Over the last decade, ST Engineering has delivered 22 SOCs and trained cybersecurity professionals from more than 150 organisations.
About ST Engineering
ST Engineering is a global technology, defence and engineering group with a diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. The Group harnesses technology and innovation to solve real-world problems, enabling a more secure and sustainable world. Headquartered in Singapore, it has operations spanning Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. ST Engineering reported revenue of $9b in FY2022 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of MSCI Singapore, FTSE Straits Times Index and Dow Jones Sustainability Asia Pacific Index.