The Singapore FinTech Festival 2025 kicked off on 12 November, and as usual, the buzz wasn’t just about new apps, AI tools, or shiny payment solutions. This year, geopolitics muscled its way into the spotlight.
One of the earliest panels we attended set the tone for the rest of the festival. With a lineup that included Professor Kishore Mahbubani, former Kenyan central bank governor Dr Patrick Njoroge, former Indian High Commissioner Jawed Ashraf, and George Lee from Goldman Sachs, the conversation quickly moved from the usual fintech chatter to big-picture, important questions: How do global tensions shape the flow of money and technology?
The session — titled “Geopolitics: Can Finance and Technology Support Globalisation Amid Fragmentation” — explored everything from de-dollarisation to the strategic dance between China and the US. Heavy topics, yes, but incredibly relevant for anyone wondering how these power shifts might affect investments, trade, and even everyday financial decisions.
Photo Credit: Singapore Fintech Festival
Here are the major ideas and discussions that surfaced, and why they matter for the rest of us.
Fragmentation In A G2 World of Big-Power Competition?
A recurring theme during the panel was the growing tug-of-war between the US and China, a rivalry that’s no longer happening quietly in the background but is now steering global politics and markets in very real ways.
The speakers pointed out that this competition isn’t fading anytime soon. In fact, it’s expected to intensify over the next decade. And because both countries play such outsized roles in global trade, technology, and finance, their moves inevitably shape how the rest of the world has to respond.
This year’s trade war, triggered by the US, stood out as a turning point. What surprised many policymakers was how forcefully China responded. Some panelists noted that this was the first time since as far back as the Opium War of 1842 that China pushed back in a way that made Washington take notice, and accept Beijing as an equal negotiating partner.
The result? We’re now operating in what can be described as a “G2 world”. It’s not an official alliance, but rather a reality: two superpowers setting the tone for everyone else. Their policies, restrictions, alliances, and disagreements ripple outward, influencing everything from supply chains to currency choices to where companies choose to invest.
For businesses and investors in Singapore and the region, this means operating in a more fragmented environment where the (existing) global rules feel less predictable. But understanding the dynamics of this G2 world can help us better interpret policy changes, market swings, and why certain technologies or strategies suddenly become geopolitical chess pieces.
ASEAN’s Quiet Advantage: Stability Through Diversity
The panel also highlighted something closer to home — ASEAN’s surprisingly durable strengths. Yes, the bloc often gets criticised for being slow or divided. But the speakers argued that this very diversity is part of what makes ASEAN valuable on the global stage.
Because no single superpower dominates the region, ASEAN has earned a rare level of trust from almost everyone. The US and Europe see it as a reliable partner; China, Russia and India are comfortable engaging with it too. In a world where suspicion is rising and alliances shift quickly, this neutrality is a precious asset.
With more than 30 years of diplomatic capital under its belt, ASEAN has learned how to keep lines of communication open even when major powers aren’t on speaking terms. This ability to maintain dialogue — not just agreements — is what helps stabilise trade routes, negotiations, and regional cooperation.
Interestingly, ASEAN has also weathered the US–China trade war better than many might expect. Compared to other regions, Southeast Asian economies saw smaller tariff impacts, and in some cases even benefited from companies diversifying their supply chains.
For people living in the region, this matters. Stability encourages investment, keeps trade moving and helps protect jobs. And in an era where global politics feel increasingly shaky, ASEAN’s role as a steady middle ground could become even more important.
Regulation In A Multipolar Tech World
Another key theme from the panel was how the global economy has shifted into a truly multipolar landscape, especially when it comes to technology. Instead of one or two countries setting the direction, innovation now comes from many places at once. That sounds exciting, but it also makes coordination more complicated.
We are already seeing global value chains split into smaller, more regional clusters. Still, the speakers stressed that even as countries build their own systems, we can’t afford to lose interoperability. Whether it’s digital payments or data standards, there must be enough common ground for systems to talk to one another. Otherwise, consumers and businesses end up paying the price in the form of friction, delays and higher costs.
Crypto was another topic that came under the spotlight. It’s no longer a fringe idea but an asset class that is here to stay. But being “here” doesn’t automatically mean it’s effective. The panel pointed out the familiar risks: regulatory gaps, potential financial instability and the challenge of protecting consumers who may not fully understand the products they are buying.
That’s why cross-border trust and collaboration matter more than ever.
Singapore’s PayNow linkages were cited as an example of what’s possible when countries work together to make everyday financial tasks simpler and safer. Even if globalisation is slowing, our interconnectedness isn’t. Money, data, and people still move across borders every day, and the systems behind them need to keep up.
A big takeaway was the importance of regulators and innovators working hand in hand. Technology alone can’t drive inclusion; it needs guardrails that evolve at the same pace as new ideas. When regulation lags too far behind innovation, consumers get exposed. When it moves too far ahead, progress stalls.
The sweet spot lies in responsible governance, where oversight is firm but flexible, and where tech is allowed to grow in ways that genuinely help people access better, fairer financial services.
De-Dollarisation? More Like Dollar “De-Risking”
The panel couldn’t avoid one of the hottest topics in global finance today: de-dollarisation. With more countries looking for ways to reduce their reliance on the US dollar, especially after the Ukraine–SWIFT episode, where Russia was cut off from key payment networks, it’s understandable why the idea is gaining traction.
But the speakers were quick to draw a distinction. Yes, countries are exploring alternatives, but instead of a mass exodus, what’s really happening is “de-risking”. Countries are trying to spread their exposure so they’re not overly dependent on a single currency. It’s a bit like diversifying your investment portfolio, you don’t dump your biggest asset, but you make sure you have backups.
And trust remains the key ingredient. Currencies aren’t just about economics; they’re about confidence. The fact that 99% of stablecoins today are backed by the US dollar says a lot. Even in the fast-moving digital asset world, where you’d expect experimentation, the dollar remains the anchor.
For investors and everyday consumers, this means the greenback is still likely to dominate global finance for years to come. Even as geopolitical tensions rise and alternatives emerge, the dollar continues to play the role of “safe harbour”, whether in traditional banking or the crypto space.
Read Also: 3 Main Themes That Dominated Discussions On Day 1 Of The Singapore FinTech Festival 2025
