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Innovators Shaping the Future of FinTech: Why Singapore is Leading the Way

As the world becomes increasingly digital, innovators in the financial technology (FinTech) sector are more important than ever. According to Derek White, Vice President of Global Financial Services at Google Cloud, “innovators who are shaping and propelling the industry forward are more important than ever.”

A Hub for FinTech Innovation

Singapore is home to a vibrant start-up community and innovation cluster, housing over 100 start-ups, venture capitalists, and incubators. The Singapore FinTech Association (SFA) was established in 2016 to facilitate collaboration between ecosystem players, providing resources for FinTechs and certification to qualify for certain grants.

  • The SFA has partnered with the Monetary Authority of Singapore (MAS) to launch initiatives such as the FinTech Festival, which attracts over 60,000 attendees each year.
  • The festival brings together innovative ideas and solutions from around the world, featuring global speakers and hours of content and talks.

Regulatory Strengths

Singapore’s regulatory environment is widely recognized as one of the most supportive for FinTechs. In 2019, Singapore was ranked second easiest place in the world to do business, thanks to its:

  • Ease of business establishment
  • Foreign equity ownership
  • Tax frameworks
  • Contract enforcement, including intellectual property protection

The MAS has also been proactive in embracing digital innovation, launching initiatives such as:

  • SingPass: a single digital identity for individuals
  • CorpPass: a similar initiative for corporates
  • The national digital identity initiative, aiming to provide a public digital infrastructure for the digital economy

Industry Recognition

FinTechs surveyed by the SFA-OW FinTech Survey 2020 recognized Singapore’s regulatory framework as one of its strongest advantages. A staggering 86% of respondents believed that Singapore outperforms other Southeast Asian markets in terms of its regulatory framework and ease of setting up a business.

  • Interviewees praised the MAS for its forward-thinking approach, with one CEO stating, “The regulator is very open to discuss new ideas, they listened and actually made it possible.”
  • Another FinTech founder noted, “Regulatory stability in Singapore is important for FinTechs. The thoughtfulness, thoroughness, and credibility of the regulator helps with international expansion.”

Conclusion

Singapore’s commitment to innovation and regulatory support has established the country as a global hub for FinTech innovation. As the industry continues to evolve, it is clear that innovators who are shaping and propelling the industry forward will play a critical role in shaping the future of finance.

With its supportive regulatory environment, vibrant start-up community, and forward-thinking approach to digital transformation, Singapore is well-positioned to remain at the forefront of FinTech innovation for years to come.