Fintech Fact-Finding Mission to Singapore

Singapore is the centre of the booming South East Asian fintech industry. The city-state has established itself into a formidable powerhouse, hosting nearly half of the fintech firms in ASEAN, with players having built competencies in all major fintech areas and playing the role of springboard to the region. 

The country owes its prominent role to the government’s effort to turn the country into the technology hub of Asia, investing into digital capabilities and initiatives as well as building an open and innovative regulatory environment. Such initiatives enabled the country to become a global financial services hub and establishing itself as a clear leader in terms of the legal and regulatory frameworks in place for fintech companies to operate. 

However, it should also be highlighted that private players in Singapore have also established numerous innovation labs that provide support in a variety of forms to start-ups, ranging from the provision of working spaces, mentorship, and funding. Today, the country counts more than 40 innovation labs for fintechs, established by leading financial institutions.

Consequently, Singapore has taken the lead in South East Asia’s fintech funding which has been important for the growth of the city-state’s fintech ecosystem, with foreign angel investors, venture capitalists, and private equity funds setting up offices in the country. Today some of the most important actors driving the sector’s growth include internet players, banks, insurance companies, fund managers, as well as the Monetary Authority of Singapore (MAS), which has launched a series of fintech projects, other in collaboration with partners in the region.