Singapore is considered to be second to the UK as a leading global fintech hub, home to 1,100 fintech companies that comprise 39% of all fintechs in the ASEAN (Association of Southeast Asian Nations).
In 2019, Singapore set a new record of $1.2B invested in fintech startups, more than doubling the amount invested in 2018. A key contributor to this growth is the MAS (Monetary Authority of Singapore), who has set aside $225 million (US$165 million) to develop the sector over the next five years. MAS also hosts the annual Singapore Fintech Festival, the world’s largest fintech gathering attracting 45,000 participants from over 120 countries.
Key to all this is a regulatory approach that encourages experimentation while ensuring risk management safeguards are in place, and that any new regulations should be in response to material risks and be proportionate in magnitude.