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Fintech Companies in Singapore Face Growing Challenges with Compliance and Regulatory Issues

Importance of Data Governance Highlighted in Thomson Reuters Report

SINGAPORE - A recent report by Thomson Reuters Regulatory Intelligence has highlighted the increasing challenges fintech companies operating in Singapore are facing when it comes to compliance and regulatory issues. The report, titled “Fintech, Regtech and the Role of Compliance in 2022”, emphasizes the importance of data governance for fintech firms.

Data Governance as a Vital Strategic Asset

According to experts, data is now considered a vital strategic asset, and companies must build a business-specific approach to data governance to reap its benefits. This includes embracing the fact that data is a strategic asset and building a business-specific approach to data governance.

Challenges in Implementing Effective Data Governance

However, implementing effective data governance is not without its challenges. Fintech companies need to invest in more specialist technological skills to ensure their digital solutions are resilient to any disruption. The report also notes that third parties play a crucial role in the development of many fintech applications, and firms must ensure they have adequate controls in place to mitigate risks.

Adopting a Proactive Approach to Compliance

To overcome these challenges, firms must adopt a proactive approach to compliance and regulatory issues. This includes:

  • Embracing the fact that data is a strategic asset and building a business-specific approach to data governance
  • Investing in more specialist technological skills to ensure digital solutions are resilient to any disruption
  • Ensuring adequate controls are in place to mitigate risks when working with third-party vendors

Full Report Available for Download

The full special report is available for download, providing insights from Senior Regulatory Intelligence Experts Susannah Hammond and Mike Cowan on the challenges fintech firms are facing and how they can overcome them.

Compliance and Regulatory Landscape for Fintech Companies in Singapore

Thomson Reuters Regulatory Intelligence’s report provides a comprehensive overview of the compliance and regulatory landscape for fintech companies in Singapore. The report highlights the importance of:

  • Data governance
  • Digital resilience
  • Third-party risk management
  • Investing in more specialist technological skills to stay ahead of the competition

Staying Ahead of the Competition with Compliance Frameworks

With increasing scrutiny from regulators and investors, fintech companies operating in Singapore must ensure they have a robust compliance framework in place to mitigate risks and stay ahead of the competition.