In this episode of On Call with Insignia, we go on a world tour of fintech innovation with Pat Patel, Co-CEO of GFTN Forums & CEO of USA, LATAM, MEA at the Global Finance and Technology Network (GFTN), the non-profit behind the Singapore FinTech Festival.

Over the past decade, Pat has been at the intersection of tech, finance, and policy—shaping ecosystems from London to Kigali, Tokyo to Perth. Drawing from his deep experience building corridors between regulators, founders, and investors, Pat gives us a first-hand look at how fintech markets are evolving worldwide.

We cover everything from programmable banking and AI-native fintech stacks to unlocking corridors between Japan, Africa, Australia, and Southeast Asia. Pat also shares what’s next for Singapore as it marks a decade of the FinTech Festival and what the next wave of fintech disruption might look like.

Whether you’re a founder expanding globally, a regulator exploring innovation, or an investor scouting cross-border opportunities—this episode is your field guide.

Timestamps

(00:00) Intro to Pat Patel and GFTN’s global footprint

(02:00) Three frontier technologies redefining fintech: AI, tokenization, quantum

(04:30) The rise of programmable banking and agent-stablecoin integration

(06:30) Key stablecoin use cases: e-commerce, supply chains, cross-border B2B

(08:00) Japan’s fintech evolution and why it’s now open for global startups

(10:30) Working with the JFSA and navigating Japan’s regulatory shift

(12:30) Building corridors between Japan and Southeast Asia

(14:00) Tips for founders entering Japan: long lead times, local trust

(16:00) What makes Australia’s fintech scene unique—and what to watch

(18:00) Why GFTN chose Perth: green energy, academia, and real Black Swans

(20:00) Preparing for the next Black Swan through tech-academic collaboration

(21:00) How Southeast Asia startups can scale into Africa

(22:30) Corridors and harmonization: Rwanda, Ghana, and Project 54

(24:30) Africa’s “Singapore”: Why Rwanda could lead in fintech governance

(26:00) What advantages SEA fintechs have in African markets

(28:00) Opportunities in payments, banking infrastructure, and open finance

(29:00) What SEA fintechs can learn from Europe’s consumer UX game

(31:00) The next decade of Singapore’s FinTech evolution

(33:00) GFTN’s strategy: from forums to advisory to fund

(35:00) The three foundational techs of Web3: AI, quantum, decentralized networks

(36:00) Where competitive advantage lies: regulator relationships and AI-native stacks

(37:00) Why legacy fintechs must reinvent—or be disrupted

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Directed by Paulo Joquiño

Produced by Paulo Joquiño

The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any ⁠⁠⁠⁠⁠⁠Insignia Ventures⁠⁠⁠⁠⁠⁠ fund. Any and all opinions shared in this episode are solely personal thoughts and reflections of the guest and the host.

Transcript

Introduction and Special Guest Announcement

Paulo: Hi folks. Welcome back to On Call with Insignia, where we go on call with leaders innovating the future of Southeast Asia and other emerging markets in the internet and digital economy.

I’m your host, Paulo Joquino, and we’re back with another special guest. I’ve only really met him over the past few weeks and just over a call, if I’m not mistaken. But from Insignia Ventures’ perspective, we’ve had the pleasure of collaborating with his organization for many years now, even before the rebrand to what is now known as GFTN.

Our relationship goes back to the early days of the Singapore FinTech Festival, which many of our listeners should be familiar with. It’s a major event that brings together many players in the tech space and is something that founders and investors across the region look forward to every year.

So I’m joined by none other than Pat Patel—one of the minds behind GFTN, which organizes the Singapore FinTech Festival and other major events globally. These events bring together leaders in technology, regulation, and other key stakeholders driving innovation forward in financial services.

Thank you very much, Pat, for coming on the call. I know you’re very busy between events. Your team recently gave me a rundown of your calendar—it’s seriously jam-packed. So thank you for making the time.

Pat: Thank you so much, Paulo. It’s a pleasure to be here. I’m a big fan of you guys—and of course, Yinglan, who is as busy as me, if not busier.

Pat Patel’s Background and Career

Paulo: Just a quick intro on Pat—he’s spent a long time with GFTN, previously Elevandi. Before that, he was also involved in other tech organizations and ecosystem enablers like 202020. He also has experience in product management and marketing, particularly in the fintech space in the UK.

Exciting Trends in FinTech Innovation

Paulo: Let’s start with a lighter question. What excites you most about fintech innovation today? Everyone’s talking about AI, but is there anything deeper or less obvious you think should be in the spotlight?

Pat: That’s a good question. There’s a lot that excites me. In my view, we’re entering a new phase of tech.

You’ve got tokenization becoming more mainstream. AI and AI tech stacks are playing a bigger role. And then there’s the early onset of quantum computing. We’re still a few years away from that, but there are some great experiments underway.

These three technologies—AI, tokenization, and quantum—have the power to create immense change. I see them fueling what I call the third generation of the internet, just like how Web2 led to companies like Airbnb and Uber in the 2007–2008 era.

Now we’re seeing new ideas emerge. For example, you have AI agents coupled with stablecoins. In Silicon Valley, that’s creating real momentum. The agent becomes the front end, and stablecoins are the rails.

The real game changer is the interplay of technologies. When you stack these tools together, you start solving pain points in financial services—like fraud, risk management, and financial inclusion.

And more recently, programmability. There’s been a lot of talk around programmable money, but now we’re seeing the rise of programmable banks. One example is Pave Bank, which went live at the end of last year and has started offering B2B solutions that are different from what we’ve seen before.

So to answer your question—it’s the interplay of technologies and programmability that really excite me. Especially when you layer in AI. There are now organizations being built entirely on AI tech stacks, which is fascinating.

Paulo: Finding links between these frontier technologies sounds game-changing. Is there a use case you’re particularly excited to see scaled?

Pat: Definitely. One would be the advanced applications of stablecoins.

Can they be used more widely in e-commerce transactions? In complex supply chains across multiple jurisdictions? In corporate settings?

Right now, we’re seeing them in a few use cases, but I believe there’s so much more potential. And if you build on top of stablecoins—add reconciliation layers, automate the backend—it gets even more interesting.

In my view, programmability plays a big role here. It’s a word that gets thrown around a lot, but I believe it genuinely has transformative potential. Not just for programming money, but for programming the value chain that money is part of.

Exploring Global FinTech Markets: Japan

Paulo: Stablecoins are definitely a whole conversation in themselves. I’ve had a few chats with folks like Kenwei in Singapore who are pushing the space forward.

But one reason I really wanted to have you on the show is because GFTN operates globally. You’re building ecosystems and supporting fintechs in many markets. So I thought we could go on a bit of a world tour in this conversation.

Let’s start with Japan. For us at Insignia Ventures, it’s a very interesting market—not just for its startups, but also for exit opportunities and corporate interest in Southeast Asia.

You recently held an event there as part of the Japan FinTech Festival. What are you seeing in terms of Japan’s position in this new wave of tech interplay?

Pat: Japan is a fantastic country with amazing cultural and market diversity. But over the last 20 years, it’s faced some real challenges.

It was a frontrunner in crypto exchanges early on, but as a G4 country, it hasn’t really been viewed as a top FinTech hub, despite Tokyo being a major financial center.

That’s starting to change. At GFTN, we go beyond just events—we focus on the nexus between policy, finance, and tech. We’re not-for-profit and very impact-driven. We spend a lot of time with regulators and the industry to drive ecosystem evolution.

In Japan, we’ve worked closely with the JFSA—the local regulator—and we were fortunate to have Commissioner Ito deliver an address. He spoke about creating a level playing field and encouraging overseas fintechs to enter Japan.

That’s a big deal. Historically, it’s been tough for overseas fintechs to gain traction. It’s also been hard to build collaboration corridors between Japan and other markets.

Compare that to London—where one in three founders isn’t from the UK. In Tokyo, the pull of traditional corporates has made it less appealing to work at or start a startup. But we’re beginning to see change.

The regulator is taking steps to support entrepreneurship, and while it’s early days, we’re seeing signs of momentum.

Paulo: Right, Japan has these major electronics and financial services players, but no clear FinTech national champions yet.

Pat: Exactly. A company like Paydi comes to mind—it was founded by Russell Cummer, and he hustled for 15 years before achieving a major exit. But beyond that, Japan hasn’t yet produced many global-scale FinTech successes.

That said, companies like Sony and Hitachi are exploring the intersection of finance and technology. They could eventually spin off some serious ventures.

Paulo: For founders looking to enter Japan, especially when it comes to engaging with corporates or regulators, what advice would you give?

Pat: Be prepared for long lead times—but know that once trust is built, there’s long-term commitment. That’s been my experience over the last decade.

Engage with the JFSA’s FinTech team—they’re open and keen to work with serious players.

You’ll also need a local presence—someone who can bridge both language and cultural gaps. There’s a good pool of bilingual talent in Japan.

And finally, platforms like the ones we run can help. They offer opportunities to listen, connect, and find reference partners—especially outside financial services. It’s all about gaining credibility and slowly building your footprint.

Expect a longer-term play—maybe more than two years—but the rewards can be significant.

Expanding into Australia

Paulo: Another market Southeast Asia’s fintechs are looking at is Australia. You partnered there with Black Swan in Perth, one of the biggest tech events on that side.

Australia’s a big market, but also fragmented—Sydney, Melbourne, Perth all have different dynamics. How should fintechs think about entering?

Pat: Australia’s had a tough few years. There was a big FinTech wave pre-COVID—especially around challenger and neobanks—but many didn’t survive.

Afterpay was the big win when Jack Dorsey came in with a huge acquisition, but that’s more the exception than the rule.

It’s also a complex regulatory environment. The open data framework there was among the best at the time—on par with Europe. But there are still opportunities.

Cross-border flows are a big one. Companies that can add value there have a chance to win.

The big four banks still dominate, which makes the market feel a bit insular. But there’s a large network of cooperative banks and smaller financial institutions. B2B players could work with them as a way in.

Sydney and Melbourne are the financial hubs. But we chose Perth deliberately—not to add another FinTech event to the mix, but to create something different.

Western Australia is rich in green energy. As we move toward a more energy-intensive digital economy—with AI, digital assets, and quantum computing—having access to clean power will be critical.

That’s why we see Perth and WA playing an important role. And, fun fact, Perth is the only place in the world where you can see real black swans—which inspired the name of the event.

Paulo: Amazing.

Pat: The program focused on solving potential Black Swan events—rare, high-impact disruptions—by bringing together academics and technologists. We tackled problems across AI, digital assets, and quantum.

It was probably the most technical program we’ve ever done—and the feedback was fantastic.

FinTech Growth in Africa

Paulo: Let’s talk about Africa—another region of interest for GFTN. A lot of the unicorns there are fintechs, and many national champions started in payments, which is similar to Southeast Asia.

For our listeners here, what’s the state of FinTech in Africa when it comes to this tech interplay? And what can we learn from it?

Pat: In the last few years, we’ve seen more Southeast Asian companies targeting East Africa. Companies like Liquid Group, FOMO Pay, and a few from India are moving in. There’s a natural link between India and East Africa as well.

Payments is obviously the dominant vertical. One standout company from Nigeria is Moove, which monetizes the relationship between drivers and ride-hailing platforms based on driver data. It’s doing really well.

FinTech adoption in general is strong. Crypto is building too. But funding has been a challenge—when the funding winter hit, a lot of projects in Africa were affected.

That said, a recent BCG and QED Investors report projected that Africa and Latin America will have the fastest-growing FinTech revenues by 2030. Asia will still be number one, but Africa is clearly accelerating.

We’re starting to see corridor development too. When we hosted the Inclusive FinTech Forum, there was a major announcement about a corridor between Rwanda and Ghana. It allows for cross-border licensing and regulatory passporting—something Africa has historically lacked.

At GFTN, we’re also supporting Project 54—an initiative that brings regulators together to create a common payments architecture across African markets. That kind of framework will be critical for scaling.

If you enter early, before the market becomes saturated, you can build strong positioning. The key markets right now are South Africa, Nigeria, Kenya, and Egypt. But Rwanda is especially interesting.

Paulo: You mentioned Rwanda as a kind of “Singapore of Africa.” Can you expand on that?

Pat: Yes. Rwanda is becoming a model hub for the region. It’s building strong regulatory frameworks, long-term plans for FinTech, and it’s focused on becoming a center of innovation.

What’s more, there’s increasing talent mobility. When we visited, we even saw a few Singaporeans living and working there—which was a surprise.

You’ve also got the Gates Foundation, Clinton Foundation, and other global institutions based there. Rwanda is building everything from infrastructure to digital services in a way that mirrors Singapore’s early trajectory.

Paulo: And what advantages do Southeast Asian startups have in entering Africa?

Pat: Many markets in Africa are five to ten years behind Southeast Asia in FinTech development. That gives Southeast Asian companies a playbook advantage.

If you’ve succeeded in lending, payments, or B2B services in your home market, you can replicate that—with some adaptation—in parts of Africa.

Payments is the obvious area. But there’s also opportunity in transforming banks. Many banks are looking for open banking solutions and digital modernization.

Countries like Rwanda are a good soft landing. Ghana and Kenya are promising too. Once you gain traction in one market, you can expand across others.

Look at what Liquid Group, FOMO Pay, and Protera are doing—they’ve built real positioning ahead of the curve.

Insights from the European FinTech Scene

Paulo: Let’s shift to Europe—far from Southeast Asia, but closer to home for you.

People have counted Europe out in recent years. But for Southeast Asian founders, what can be learned from Europe’s approach to financial services regulation and FinTech?

Pat: It’s a tough time in Europe. We’re facing geopolitical and macroeconomic challenges, with a lot of political transitions due to ongoing elections and conflicts.

But Europe is still home to FinTech. London remains a central hub, and France—particularly Paris—is rising fast. Germany, surprisingly, is still underachieving.

The regulatory framework in Europe is among the strongest globally, especially for consumer protection. That can slow innovation, but it also builds trust.

If you want to enter Europe, partnerships are key. That’s what Nium did. They acquired Ixaris to gain a foothold and built from there.

For Southeast Asian fintechs, one big lesson is in user experience. European challenger banks like Monzo, Starling, and Revolut have set a high bar for design, UX, and customer engagement.

Monzo, for example, is widely loved for its UI. It’s profitable and consistently ranked among the best in consumer banking.

If you’re in B2B or infrastructure, you can study these apps. Learn how they engage users and build loyalty. That level of consumer centricity is something Southeast Asia can definitely take inspiration from.

Singapore’s FinTech Future

Paulo: Let’s bring it back to your second home—Singapore. This year marks the 10th anniversary of the Singapore FinTech Festival. Congratulations!

It’s been quite a decade. What’s next for Singapore when it comes to FinTech and working with startups?

Pat: Thank you! It’s an important milestone.

I think we’re entering the next era for FinTech hubs. The concept of a FinTech hub—what Level39 was to London in 2011, or the hubs we saw across Asia in 2015—is evolving.

Right now, we’re at an inflection point. There’s still a funding winter in certain sectors. We’re seeing down rounds. And FinTech itself is going through some fundamental shifts.

At GFTN, we’re adapting to this. We’re not just running forums—we’ve added advisory, platforms, and soon, a fund.

We’re building cross-border corridors through our programs. These corridors allow fintechs to meet regulators, investors, and partners. They serve as soft landings for market entry and strategy validation.

So whether it’s in Japan, Australia, or Rwanda—we bring a cohort of Southeast Asian and South Asian fintechs with us and provide the scaffolding to scale globally.

The next 10 years will be defined by how Web3 and foundational technologies reshape the industry.

Just as Web2 was driven by mobile, social, and cloud—Web3 will be defined by AI, quantum computing, and decentralized networks.

Those who can adapt to this new reality—whether as startups or FinTech hubs—will be the winners of the next decade.

Conclusion and Future Conversations

Paulo: We’ve just spent the past hour mapping corridors from Africa to Australia, from Europe to Japan.

As more fintechs build on stablecoin rails and AI tools, where do you see the competitive edge forming?

Pat: The biggest edge will be regulatory relationships.

In the early FinTech days, licenses weren’t required. But over the past five years, regulators and policymakers have become more involved—and more influential.

Founders who build strong ties with regulators and understand their playbooks will gain a serious advantage.

Second, the tech stack. The next generation of fintechs—especially out of Silicon Valley—are AI-first. They do more with less. Fewer people, faster customization, and radically lean operations.

That’s what will disrupt the last 10–15 years of fintech players. This new wave is already starting to outpace the old guard.

Paulo: A great note to end on.

If you’re interested in any of the markets we’ve covered—or want to attend GFTN’s events—Pat and his team are the people to speak to. I’ll leave his LinkedIn and GFTN’s website in the description.

Thank you again, Pat, for sharing a truly global perspective on the future of FinTech.

And thank you all for listening. Stay tuned for more conversations with leaders like Pat here on On Call with Insignia.

Pat: Thank you so much.